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  1. 1. Ronak joshi 06.06.2011 I S I NNDDIIAA P OOOORR ??? A sk Swiss Bank For Black Money ( INR 6300000,00,00,000)  Indian Accounts with Swiss Bank.. Dishonest Industrialist , scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them. This amount is about 6.67 times larger than the country’s foreign debt. With this amount every indian gets Rs.50,000. Once this huge amount of black money and property comes back to India, the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 5 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of the interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably. Some 80,000 people travel to Switzerland every year, of whom 25,000 travel very frequently. “Obviously, these people won’t be tourists. They must be travelling there for some other reason,” believes an official involved in tracking illegal money. And, clearly, he isn’t referring to the commerce ministry bureaucrats who’ve been flitting in and out of Geneva ever since the World Trade Organisation (WTO) negotiations went into a tailspin! Just read the following details and note how these dishonest industrialists, scandalous politicians, corrupt officers, cricketers, film actors, illegal sex trade and protected wildlife operators, to name just a few, sucked this country’s wealth and prosperity. This may be the picture of deposits in Swiss banks only. What about other international banks? Black money in Swiss banks -- Swiss Banking Association report, 2006 details bank deposits in the territory of Switzerland by nationals of the following countries: RONAK JOSHI [email_address] 91-9327485658 91-9558391087 Silvassa,D&NH 1 96 China 100 Ukraine 390 UK 470 Russia 1456 India Billion $ Country Top five
  2. 2. 2 Now do the maths - India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world combined. Public loot since 1947: Can we bring back our money? It is one of the biggest loots witnessed by mankind -- the loot of the Aam Aadmi (common man) since 1947, by his brethren occupying public office. It has been orchestrated by politicians, bureaucrats and some businessmen. The list is almost all-encompassing. No wonder, everyone in India loots with impunity and without any fear. What is even more depressing in that this ill-gotten wealth of ours has been stashed away abroad into secret bank accounts located in some of the world’s best known tax havens. And to that extent the Indian economy has been stripped of its wealth. Ordinary Indians may not be exactly aware of how such secret accounts operate and what are the rules and regulations that go on to govern such tax havens. However, one may well be aware of ’Swiss bank accounts,’ the shorthand for murky dealings, secrecy and of course pilferage from developing countries into rich developed ones. In fact, some finance experts and economists believe tax havens to be a conspiracy of the western world against the poor countries. By allowing the proliferation of tax havens in the twentieth century, the western world explicitly encourages the movement of scarce capital from the developing countries to the rich. In March 2005, the Tax Justice Network (TJN) published a research finding demonstrating that $11.5 trillion of personal wealth was held offshore by rich individuals across the globe. The findings estimated that a large proportion of this wealth was managed from some 70 tax havens. Further, augmenting these studies of TJN, Raymond Baker -- in his widely celebrated book titled ’Capitalism’s Achilles Heel: Dirty Money and How to Renew the Free Market System’ -- estimates that at least $5 trillion have been shifted out of poorer countries to the West since the mid-1970. It is further estimated by experts that one per cent of the world’s population holds more than 57 per cent of total global wealth, routing it invariably through these tax havens. How much of this is from India is anybody’s guess. I S I NNDDIIAA P OOOORR ??? A sk Swiss Bank For Black Money
  3. 3. 3 Reasons of Black Money.. ~ The people do not pay their taxes. Even if they pay taxes, they are not in correct proportions to their incomes. The tax evasions by corporate and industrial houses are to the tune of billions of rupees. These firms are able to make clever usage of the income tax rules and hence, they save taxes. This tax evasion leads to the generation of black money. ~ The black money is earned by gifts, hawala transactions and illegal foreign exchange deals. These deals are not scrutinized by the government simply because these are without any documentary evidences. ~ The procedures of over billing or under billing and exaggeration of expenses lead to the generation of black money. The sale and purchase of assets also lead to the generation of black money. The value of the property is shown to be very low in the documents whereas it has a very high value in the actual transaction. The businesses are conducted in other sectors of economy in the same manner and non-billed amounts are retained by the individuals and the firms as black money. Black money is harming our national economy. Black money is the chief inhibiting factor in the process of national economic development. The menace of black money has also increased the rich poor divide. The poor families are unable to afford even the square meals whereas the rich and the neo-rich are enjoying the luxuries of life. The Indian society has become poorer. Only the few sections of the society, which account for fifteen percent of the total population, have been able to enjoy the highest standards of living in this subcontinent. Therefore, the real poverty has increased and not decreased over a period of fifty years. The black money menace started during the seventies and it is now at its peak and the masses have suffered due to rising prices, inflation in business, poor exports and industrial recession. The rich few, however, have not felt the heat and continue to lead luxurious lives at the cost of their poor countrymen. It has suggestion for which you have to exercise care and caution by utilizing your brain for converting a portion of black money or the entire money by converting into white money on a piece meal basis. In this form, you will be able to avoid the rigors of economic measures including taxation. Black money could be curbed only through the strict efforts of the state and this is for the benefit of the masses as well. We should disclose our real incomes and must pay taxes regularly. We should avoid unhealthy means of making money. The nation must get out of the evil net of black money. Only the honest Indians could save the nation. I S I NNDDIIAA P OOOORR ??? A sk Swiss Bank For Black Money
  4. 4. 4 Problems of Black Money.. Even after 61 years of independence, our country is faced with poverty and numerous economic ills. Even though socialistic pattern of society has been accepted in the constitution, our country is far away from socialism and her economy is in the grip of private enterprises. In fact, India has unlicensed economy which has given birth to corruption, inflation and black money. The concept of mixed economy has been harmful to both private and public enterprises. It has jeopardized our economy and hit the common man below the belt. The poor man has been becoming poorer and rich richer just because of the economic ills like inflation and black money. Black money which runs a parallel currency in wealth which is made overnight in violation of the rules and provisions stipulated by the state and a collusion with the state officials does not go unchecked. This kind of money is earned setting aside all human and moral values. There are many sources of black money. Chief among these areas follows: • Import licenses. • Selling of cement licenses, steel and iron. • Transactions in heavy industries • Transaction in public sector. • Release of industrial licenses. • Government and commercial transactions. • Forged and face currency. Today the making of black money has become factor in our society because palatial houses, and cars, and in arranging cocktail parties and recreations in big hotels. Moreover, it helps a person getting everything done in time and to his best satisfaction. There are many causes of converting genuine profit into black money. The chief among them are: • Inflation. • General and mid-term election. • Tax evasion. I S I NNDDIIAA P OOOORR ??? A sk Swiss Bank For Black Money
  5. 5. 5 The government itself is responsible for the creation of black money. The exorbitant rates of taxation on income, sales, wealth production and revenue inevitably lead to tax-evasion. The taxes on income and wealth are so high that an honest person will be left with little after he pays his due taxes. Many taxes on income and wealth are so high that an honest person will be left are encouraged by the government’s taxation policy to look for loopholes in order to refrain from reporting their income. Thus, the money earned as profit remains unaccounted for an unreported and is converted into white money by investing it in big houses, luxury items, gold ornaments, and showy marriages. The government has full knowledge about the quantum of black money which is pumped into our economy every year, but the government measures to check the growth and increase of unaccounted wealth has been ineffective. The missing element has been the will to strike at the root of the evil. That has been the sad story all these years. The customary ritual of declaring war on tax evasion at conferences of income-tax commissioners is faithfully performed every year. The public is told as usual that black money will be unearthed and evaders duly punished. Some operations of the income-tax department get wide popularity. The income-tax officials put themselves on news when the flat of a film star is auctioned or legal action taken against an industrial tycoon. But the problem of black money cannot be solved in this manner. The political system itself breeds black money. The democratic system which means unlicensed freedom is largely responsible for the growth of corruption and black money. When political parties accept unaccounted money for election campaigns they not only heap generate black money but also protect the hoarders of ill-gotten wealth. It will be a major blow against the parallel economy, if it is made mandatory to audit the books of political parties. Such financing of elections could be also considered. The drive against the parallel economy will never be effective unless the nexus between politics and black money is broken. Thus, black money is growing unabated and it has become almost a parallel economy. People hoarding black money are trying to convert it into white money and thus causing inflationary pressure and high cost economy. One school of thought is of the view that the parallel economy has come to stay and it need not be disturbed because it plays a useful role. Condemnation of what is illegal goes against the grain of good administration and no government will be justified in pampering black marketers and tax evaders. I S I NNDDIIAA P OOOORR ??? A sk Swiss Bank For Black Money
  6. 6. <ul><li>he list released by Tehelka contains the names of 12 individuals and three foundations without their addresses and the business they are involved in as also the amounts they have allegedly stashed in these accounts. </li></ul><ul><li>The list released by the magazine contains the following names: </li></ul><ul><li>1. Manoj Dhupelia </li></ul><ul><li>2. Rupal Dhupelia </li></ul><ul><li>3. Mohan Dhupelia </li></ul><ul><li>4. Hasmukh Gandhi </li></ul><ul><li>5. Chintan Gandhi </li></ul><ul><li>6. Dilip Mehta </li></ul><ul><li>7. Arun Mehta </li></ul><ul><li>8. Arun Kochar </li></ul><ul><li>9. Gunwanti Mehta </li></ul><ul><li>10. Rajnikant Mehta </li></ul><ul><li>11. Prabodh Mehta </li></ul><ul><li>12. Ashok Jaipuria </li></ul><ul><li>13. Raj Foundation </li></ul><ul><li>14. Urvashi Foundation </li></ul><ul><li>15. Ambrunova Trust </li></ul><ul><li>The magazine said it had approached each of the individuals involved and was awaiting their response pending which it is not giving details though it had given the names. </li></ul><ul><li>According to the magazine, the name of the chairman of a major Indian corporation was on the list but it had decided to hold back the name because it was awaiting &quot;his full version&quot;. </li></ul><ul><li>CNN-IBN channel has named four trusts as belonging to Indians — Ambrunova Trust, Marline Management SA, Marnichi Trust and Socalo Stiftung. </li></ul>I S I NNDDIIAA P OOOORR ??? A sk Swiss Bank For Black Money U Have more information about it. Please give me details. On [email_address] . Best Regard, Ronak joshi