Comments on: India can now follow the black money http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/ Perspectives on South Asian politics Thu, 02 Jun 2016 08:03:22 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: booklover1999 http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-29735 Fri, 25 Apr 2014 20:17:27 +0000 http://blogs.reuters.com/india/?p=3606#comment-29735 In India, Black money refers to funds earned on the black market, on which income and other taxes has not been paid. The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total exceeding US$1.4 trillion are stashed in Switzerland. Other reports, including those reported by Swiss Bankers Association and the Government of Switzerland, claim that these reports are false and fabricated, and the total amount held in all Swiss banks by citizens of India is about US$2 billion.

In February 2012, the director of the Central Bureau of Investigation said that Indians have $500 billion of illegal funds in foreign tax havens, more than any other country. In March 2012, the Government of India clarified in its parliament that the CBI Director’s statement on $500 billion of illegal money was an estimate based on a statement made to India’s Supreme Court in July 2011.

As Schneider estimates, using the dynamic multiple-indicators multiple-causes method and by currency demand method, that the size of India’s black money economy is between 23 to 26%, compared to an Asia-wide average of 28 to 30%, to an Africa-wide average to 41 to 44%, and to a Latin America-wide average of 41 to 44% of respective gross domestic products. According to this study, the average size of the shadow economy (as a percent of “official” GDP) in 96 developing countries is 38.7%, with India below average.

Source & some useful links:
http://en.wikipedia.org/wiki/Indian_blac k_money
http://www.livemint.com/Politics/v2y9T6A 2EHiXrcgZ8IjtxM/Black-money-India-threat ens-to-take-action-against-Switzerl.html
http://24by7publishing.com/
http://www.chakreview.com/Politics/India n-Money-in-Swiss-bank-can-change-economy
http://www.ipetitions.com/petition/black money/

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By: hdhakhdjak1257 http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-18802 Sat, 08 Oct 2011 17:12:09 +0000 http://blogs.reuters.com/india/?p=3606#comment-18802 Now it is the most shameful matter for any country to top the list of ‘black money holders’. The lump sum is mainly the Indian politicians money in Swiss bank which is the property of Indian nation. This amount is almost 13 times heftier than the total foreign debts of the country. Also is equivalent to 40% of the annual GDP of India. Now the amount increases every year in leaps and bounds. The Indian Govt has remained silent over such a sensitive matter for years despite the fact that if retrieved, this amount can change the overall socio-economical scenario of the country overnight!

More on: http://www.chakreview.com/Politics/India n-Money-in-Swiss-bank-can-change-economy

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By: janagan http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-16995 Fri, 18 Feb 2011 05:31:52 +0000 http://blogs.reuters.com/india/?p=3606#comment-16995 Indian people have to decide to whom they will elect as rulling party, Congs as well as BJP are corrupted party and they will do nothing.

so what is the solution?

left? 1962 they supported china
New Party? Is it Possible?

I think Indian media and supreem court has major role on this issue

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By: bokaredg2001 http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-16637 Sun, 26 Dec 2010 07:25:44 +0000 http://blogs.reuters.com/india/?p=3606#comment-16637 Black money is now overtaking the official or white money economy. This has become a global problem. This black money economy is the best for ‘free cometition’, employment without any minimum wages, all in family can join the work, zero unemployment, no official records and government inspection or audits, no taxes at all, quick punishment decisions upto death penalty, ethical and moral binding on all the participants in business,etc. Earn as per your capability. If that is so, why not make the entire economy like that? Is it possible to do this? Is there any economic theory for this?
Lot of study has gone into finding such a theory that would abolish all direct and indirect taxes from the economy within a period of about two decades. Surprised? Utopia? Day dreaming? Not at all.
Read The Taxless Economy book written in August 2010 by an Indian economist who was also a former Vice Chancellor of an Indian University. All what we need to do is to implement real ‘free economy’ (not to get confused by present day monopoly market system), zero-interest loans and deposits as a state policy, use of deficit finance by printing currency notes to balance annual budgets of the state, etc. Results: No inflation, no unemployment, no taxes,no poverty, no widening rich-poor gap, etc etc. Still don’t believe? Read the book that is available from www.pothi.com
We have the experience of ideological war between capitalism and communism. It is now over after the collapse of USSR in 1990s. A war between known enemies is simple. However, warfare between the government and its enlightened citizens is intractable. Tax revolt is the tip of iceberg. The pathology is known to us. It is carcinogenic. It will destabilize the economy and civil society. Roman Empire had fallen due to this. There was a tax revolt in the USA in the past. Eliminating taxes is its therapy. If we refuse to mend, we are waiting for the toll of present civilization.
Cummunist economies have collapsed and now we are experiencing the collapse of capitalist economies soon. If this is right, there are alternative courses to avoid this. Either we helplessly wait the collapse of the present industrial civilization or we take steps to systematically dismantle the same. The former will bring unexpected catastrophe and pains. The latter will prepare us for change and safety. Choice is of mankind. The taxless economy is the choice.

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By: rspatro http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-16635 Fri, 24 Dec 2010 16:55:35 +0000 http://blogs.reuters.com/india/?p=3606#comment-16635 Subject: Bring black money back to India

Dear all!

Just think one second what are we giving to our smiling kids? What are we giving to our future generations? Don’t we want to give our future generation a clean environment and a developed nation? One thing always comes to my mind, for the last 60 years, we have been calling Indian as developing nation, can I ever see India as a developed nation in my lifetime. This question really bothers me every second.

With the recent scams in every department, the ground is cracking under our feet and we are losing ground to corrupt politicians. Some think that they are living happily in their homes and why they need to think about country. Just think, if the country suffers, you will also suffer, your children will suffer. We know what is happening in our neighboring countries. Come let us pledge today to do something to save our nation. You may be thinking is this possible? Yes this is possible. When a person like Obama against all odds can become president of America, we can also change this country’s fortune. Yes we can change if we fight united.

To send a satellite to space the cost is 176 crores (satellite GSat-5 Prime costs 176 core), just imagine how many satellites can be sent with 176,000 crores (1.76 lakh crores 2G scam), 1000 satellites. Black money lying in foreign banks 73,00000 crores (73 lakh crores). Hope you imagined how big an amount this is.

We have started a petition-signing program on bringing the Black Money back to India. I would request to all the people of India to sign this petition and also send this link to their friends and relatives to sign it. Lets save our country!!!

http://www.ipetitions.com/petition/black money/

Jai Hind

Video Links to support my petition:

1. http://www.youtube.com/watch?v=BQ7BSx511 uk
2. http://www.youtube.com/watch?v=7A5DtNI9Y Y4&feature=related
3. Also watch Rajiv Dixit videos on black money.

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By: bokaredg2001 http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-16618 Wed, 15 Dec 2010 14:49:21 +0000 http://blogs.reuters.com/india/?p=3606#comment-16618 We have the experience of ideological war between capitalism and communism. It is already over. A war between known enemies is simple. However, warfare between the state and its enlightened citizens is intractable. Tax revolt is the tip of iceberg. Black money flowing into underground economy and in tax haven countries is increasing across the world. Underground economy is overtaking the official economy. The pathology is known. It is carcinogenic. It will destabilize the economy. Eliminating taxes is its therapy. If we refuse to mend, we are waiting for the toll of present civilization.
An economic theory has been developed for the first time in the history of organized human civilization and presented to the world economists in August 2010. No one will be able to bring back black money from tax haven places and also from underground economy into official economy till we have excessive taxes. reduction in taxes is not going to be possible. Today, law makers have become tax evaders. Only solution to stop this anarchic conditions in any economy due to tax evasion is to eliminate all the taxes from the economy over a period of a couple of decades.This is the first such theory produced by an economist from India. His book The Taxless Economy is worth studying for solving this menace of tax avoidance. The book is now available from www.pothi.com

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By: ceekay http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-16496 Fri, 19 Nov 2010 08:22:50 +0000 http://blogs.reuters.com/india/?p=3606#comment-16496 In the name of secrecy there are different standard. With USA becoming strict Swiss bank UBS gave list of 4000 American accounts for investigation purpose of tax evasion.

All the swiss secrets accounts are by and large in the name of individuals. The figure of black money are just wild guess without any base. Global Finacial Integrity figure of 23/27 billion of dollars in illicit money on yearly basis is simply a guess. Tomorrow some other agency will give some reports.

Most of these illicit money is the product of corruption where there are two sides one receiver and one giver. Both are equally guilty. I would rather put the giver more guilty than the receiver.
To start with and for a practical solution we have to have stricter faster actions against the giver and receiver.

The Swiss authorities should give list of say a 5 (five) percent of the accounts. The five percent name can be drawn randomly by a computer program. This list should be available publicly. The name on the list should be asked to prove the source of money. Prior to drawing of the names a chance could be given to the secret account holder to come out voluntarily and transfer the money in a separate special account. After the draw the balance 90% be given a chance to transfer money in the special account. Once the exercise is over the names of balance account holders name be made public. handing over the names to Government of the effected country may result in some secrecy of the secret account of the vested interests.
A committee of persons of eminence who are not connected with any politicians, govt officials etc be formed to tackle the whole problem.

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By: pereiraarvindin http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-15904 Fri, 29 Oct 2010 19:00:13 +0000 http://blogs.reuters.com/india/?p=3606#comment-15904 on one hand, fake currency comes from Nepal and Burma route, real currency gets stashed away into swiss banks, there is a in flow and an out flow of currency, net effect is that, there is some amount of currency in the economy, by re-introducing the currency which is in the swiss banks will only push inflation, if Pak militants want to destabilise the economy, that will become a reality, its in the best interest of our nation not to touch that money, however, the fake currency seems to be in the wrong hands, so does the black money, nothing seems to reach the masses and the lower middle class, there is a high inflation in the nation, we need well thought out soultions.

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By: pereiraarvindin http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-15901 Fri, 29 Oct 2010 16:49:01 +0000 http://blogs.reuters.com/india/?p=3606#comment-15901 Rina, Pakistan has been pumping fake currency into the economy, this money being stashed away makes sence to counter that, if this money comes into the economy, then the economy will suffer from hyper inflation.

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By: chanchalmantri http://blogs.reuters.com/india/2010/08/31/india-can-now-follow-the-black-money/comment-page-1/#comment-15281 Sun, 12 Sep 2010 03:42:07 +0000 http://blogs.reuters.com/india/?p=3606#comment-15281 Its India and all BLACK from world is put in indian real estate as there is no regulation and common people crying hard for buyinh 1bhk home. FDI in real estate came 50% from mauritius.

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