Blackmoneyv4 090427075312-phpapp01
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Is India really a poor country or those ruling this country keeping it poor? ...

Is India really a poor country or those ruling this country keeping it poor?

Do they have guts make public of their leaders assets?

How much money their leaders are holding in Swiss Banks?

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Blackmoneyv4 090427075312-phpapp01 Blackmoneyv4 090427075312-phpapp01 Presentation Transcript

  • Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Rs. 25 Lac-crores kitna hota hai? (ROAD) Pradhan Mantri Gram Sadak Yojana (PMGSY) makes 1 km concrete road for avg. cost of Rs. 20 lacs ($40,000) With Rs. 25 Lac-crores, India can build 1.25 cr kms of road ( 33 times the distance between Earth & Moon) Everything you wanted to know about the Overseas Black Money issue Overseas Black money … the curse that stops India from developing The painting is 4feet by 4feet acrylic on canvas titled “Aspirations of a rising people” made by Vishal V. Sharma in 2007
  • What are Tax Havens?
    • Small countries like Switzerland, Angola, Bermuda, etc that act as places of registration for overseas non-resident companies.
    • They have zero or very low income tax.
    • They ask no questions on the origins of the money coming into their banks.
    • They keep all banking records secret and cooperate very little with other countries.
    • They have no contribution to the world, except as points on the world-map where ‘dirty’ money is kept safely.
    • Avg. size of 34 such point-countries = 17 kms by 17 kms.
    Rs. 25 Lac-crores kitna hota hai? (POWER) 1 MW of Thermal power plant costs India Rs. 4 crores ($800,000) With Rs. 25 Lac-crores, India can build 6 lacs MWs of power, and provide 24x7 3-phase power to all villages. Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • Money involved
    • Total dirty money in tax-havens = $11.5 trillion (Rs 7.5 crore-crore)
    • Annually $1 trillion (Rs 50 lac-crore) being added
    • 50% of this money belongs to the developing countries like India
    • Estimated Indian black money in foreign banks $500 billion (Rs 25 lac-crores)
    • 2002-2006 (5 years) $137.5 billion Indian black money deposited (Rs 68,750 crores)
    • Source of info: Capitalism's Achilles' Heel: Dirty Money, & How to Renew the Free-Market System.“ (2005) by Raymond W. Baker, MBA (Harvard) & Brooking’s Scholar
    • Henry, James S., "The Blood Bankers: Tales from the Global Underground Economy."
    Rs. 25 Lac-crores kitna hota hai? (NANO) 1 Nano costs Rs. 1 lacs ($2,000) With Rs. 25 Lac-crores, 25 crores Indians can be gifted one Nano car each. Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • Role of Switzerland
    • Swiss ambassador, “Switzerland was accused of giving shelter to black money and there has been a lot of inflow of such wealth from India….” [NDTV Profit 15-03-2008]
    • Switzerland has 1/3rd global private funds.
    • Switzerland must follow Germany’s model which is willing to give the details of all Indian names in the LGT Bank secret records.
    • Switzerland is not cooperating fully. It is reluctant to give full access to its banking records.
    Rs. 25 Lac-crores kitna hota hai? (FIGHTER PLANE) 1 Sukhoi-30 fighter plane costs $37million (Rs 185 crores) With Rs. 25 Lac-crores, India can have more than 13,000 such Sukhoi fighters Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • G20 stance
    • At the London G20 summit on 2 April 2009, G20 countries agreed to define a blacklist for tax havens.
    • Germany & France have threatened tax-havens like Switzerland
    • with BLACKLISTING them, if they don’t co-operate.
    • Switzerland is under serious pressure to risk black listing or cooperating.
    • At first UK did not support this, but public criticism forced UK PM Gordon Brown to change tracks & issue a statement, “This is the start of the end. The era of banking secrecy is over.”
    • Unfortunately, India has kept quiet.
    Rs. 25 Lac-crores kitna hota hai? (DEFENSE BUDGET) Indian annual defense budget is about Rs 90,000 crores ($20 billion) With Rs. 25 Lac-crores can finance India’s defense budget for 27 years. Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • Pressure to blacklist Switzerland
    • The US IRS (Internal Revenue Service) fines Switzerland’s biggest bank UBS to give
    • records of 300 top tax evaders.
    • UBS had to pay a fine of $800 million (Rs 4,000 crores).
    • US has asked for 52,000 more such account details. Germany & France threaten to blacklist Switzerland. India must act similarly.
    Rs. 25 Lac-crores kitna hota hai? (HOSPITALS) 1 state-of-art 100-bed hospital costs about Rs. 30 crores ($6million) With Rs. 25 Lac-crores, India can build a world class hospital in every of its 1 Lac villages (100,000 villages). Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • Swiss laws ‘protect’ the guilty
    • Switzerland is reluctant to amend its laws.
    • The Swiss “Federal Act on international mutual assistance in criminal matters” (1983) and other Swiss laws permit access to bank records only if proved that the money stored is used for criminal activities.
    • Richard Murphy, famous British anti-tax haven consultant, “The information exchange agreements don’t really make it practical to get information unless you know the name and a/c number of the person…”
    • India must join other countries and build pressure on Switzerland.
    Rs. 25 Lac-crores kitna hota hai? (KALPASAR YOJANA) Kalpasar Yojana (tidal energy harnessing project) would cost Rs. 55,000 crores ($11 billion) With Rs. 25 Lac-crores, India can make 45 such Kalpasar Yojanas! Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • Congress’ inaction or opposition?
    • Congress is already rattled by the huge public response to the BJP’s initiative.
    • Jairam Ramesh, “(BJP’s) entire edifice of numbers on the black money issue is a total hoax.” Congress party must stop attempts to trivialize the issue.
    • Has done little against, if not encourage, such illegal transfers – case in point is the unfreezing of accounts of the prime accused in the Bofors Scandal, Ottavio Quattrocchi, the Italian middle-man and a family friend of Sonia Gandhi
    • “ Though the Center (UPA) was in possession of the sensitive information (names of 50 wealthy Indians with money stashed away in the tax-haven Liechtenstein), it was unwilling to come out in the open despite being pushed to the wall by the BJP" - Mail Today on 26 th April 2009
    Rs. 25 Lac-crores kitna hota hai? (FOOD) 1 kg of rice costs Rs. 20 ($0.4) Rs. 25 Lac-crores can give 110 crores Indians 6 kg rice every month for 17 years. (No one will sleep hungry) Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • BJP’s promise
    • World respects a powerful domestic opinion on global issues, BJP will build national consensus on the issue through massive opinion building exercise as was done by Narendra Modi in Gujarat.
    • BJP will work with other countries, such as the US, UK, Germany and France to build international consensus and pressurize tax-havens to disclose account details of illegal Indian money.
    • BJP has already created a task-force to make this happen and a detailed plan has already been outlined.
    • The money will be redeployed for the progress of the country as detailed in various BJP Vision documents.
    Rs. 25 Lac-crores kitna hota hai? (EDUCATION) A world-class institute, like an IIT, costs 760 crores to setup With Rs. 25 Lac-crores, India can build 3,300 new such IIT-like educational institutes Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • The great Indian silence
    • Germany & France threaten blacklisting of Switzerland. India keeps quiet.
    • Germany and France take the issue of secret banks and tax havens in the G20 preparatory meeting at Berlin In February 2009. India keeps quiet.
    • These two nations and supported by UK and the US raise the voice against secret banks and tax havens in London in April 2009, India keeps quiet.
    • German govt. offers to open secret names of the account holders in LGT Bank of Liechtenstein. India keeps quiet.
    • Why India has not effectively worked to get the names of several Indians believed to be in the secret records?
    Rs. 25 Lac-crores kitna hota hai? (CANCER TREATMENT) It costs a middle-class Indian family 12 years’ income to provide cancer treatment for 1 patient Rs. 25 Lac-crores can provide free top quality cancer treatment to more than 2 crores Indians. Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • India must act
    • Develop national will & agenda against black money in foreign banks.
    • Get immigration details of the 25,000 frequent travellers to tax havens.
    • Upgrade Financial Action Task Force (FATF) membership to full.
    • Make specific anti-tax haven laws.
    • Publicize entire economic history of overseas account holders.
    • Demand LGT Bank of Liechtenstein's secret records
    • Ensure India friendly global anti-secret banking rules
    • Appoint a special emissary to Germany & Switzerland.
    • Develop a proper Institutional infrastructure to fight the flight-of-capital .
    Rs. 25 Lac-crores kitna hota hai? (RIVER INTERLINKING PROJECT) Inter-linking of all Indian rivers would cost Rs 5.6 Lac-crores, but it would provide water everywhere. Rs. 25 Lac-crores can provide finance more than 4 times Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue
  • Some tax havens that benefit from Indian money 1/3
  • Some tax havens that benefit from Indian money 2/3
  • Some tax havens that benefit from Indian money 3/3
  • Flight of Capital
    • “ The flight-of-capital is a ‘conspiracy’ of the western world against the developing world, that has permitted the movement of much needed scarce capital from the developing world into the developed world.”
    Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms) Avg. population of 34 tax haven countries = 1 Lac people only Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores) Everything you wanted to know about the Overseas Black Money issue Rs. 25 Lac-crores kitna hota hai? (VIDARBHA FARMER SUICIDES) Average farmer suicide loans in Vidarbha Rs 10,000 ($200) With Rs. 25 Lac-crores no farmer in India will ever commit suicide for loan repayment – And that’s a promise!
    • Thank you for your time
    • Bharat Mata ki jai
    • (*Due to the prevalent secrecy in protecting ‘dirty’ money by the tax havens, and absence of adequate laws to ensure 100% disclosures. All figures are believed estimates. As someone has said there is a need to focus on the fact-of-the-loot, rather than on the math-of-the-loot)