1456 BILLION US DOLLARS OR 70,00,000 CRORE RUPEES BLACK MONEY PARKED IN LIECHTENSTEIN BANKSAND...
INDIA....A Great county...having its own great mark among the nations...with great culture and great history...BUT...Suffering to become one of the richest countries in the world...Its a devoleping country?...nothing done bst after getting da indipendence 4rm british rulers...But the fact is...RICHER PEOPLE are becoming MORE RICH...POOR remeining as they are...WHAT IS THE REASON FOR THIS?
GERMANY OFFERS BLACK MONEY INFORMATION BUT SURPRISINGLY INDIAN GOVERNMENT IS SILENT.....
INDIA....A Great county...having its own great mark among the nations...with great culture and great history...BUT...Suffering to become one of the richest countries in the world...Its a devoleping country?...nothing done bst after getting da indipendence 4rm british rulers...But the fact is...RICHER PEOPLE are becoming MORE RICH...POOR remeining as they are...WHAT IS THE REASON FOR THIS?Recently i have got a information from a friend...Expalining the cause for this situation..."ITS OUR FAULT"....Suirprisingly...there is huge BLACK MONEY...deposited in the foreign banks...And very surprisingly...The government not responding...When Germany offered to give the full details of the money...Which was depiosited there...to hide from the Tax payments...I wana give you the story...share this with your friends...as iam sharing with u...
Investigators in India might have had their best chance yet to trace those Indians who have stashed away billions in the tiny tax haven of Liechtenstein, a small landlocked country between Austria and Switzerland, provided the Manmohan Singh government asked for the information on offer.
The dope on hundreds of rich Indians who have black money parked in Liechtenstein could be made available to the authorities here as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names. The German federal government has been willing to do this free of charge since February, 2008.
Several countries including the US, the UK, Canada, Italy, Norway, Sweden, Finland and Ireland have already used the opportunity to zero in on their citizens who have evaded taxes and smuggled their wealth to the principality, the sixth-smallest country in the world. But Transparency International says India has maintained “a stoic silence over the issue and has not approached the German government for this data”.
Expressing concern over th
e India’s lackadaisical attitude in getting after offenders who have cheated the tax authorities of billions of dollars is quite surprising and the Indian chapter of Transparency International — an international organization campaigning to reduce corruption— had urged the government to take all necessary steps to seek the data.
Admiral R H Tahiliani, chairman of TI India and a former navy chief, said: “This money belongs to the people of India and it is possible that it has been tucked away in this distant country by those who have acquired it illegally.”
“There should be complete transparency and accountability about this money and it is for the government to find this out and inform people,” Admiral Tahiliani, said, referring to the black money stashed away abroad.
Indeed, the offer looks too good to refuse. It is a bit like being served secrets on a platter and if the government does not waste time looking a gift horse in the mouth, it could get data that might otherwise never be accessed given the laws that protect tax havens that often require specific proof of criminality. Suspecting that the government’s chariness could stem from fears that politicians and industrialists might be compromised by the data, TI has, in a statement, said: “It is alleged that this money belongs to rich and powerful politicians, industrialists and stock brokers and that is why the reluctance on the part of Government of India (to get details from Germany).”
2 Liechtenstein: Paradise for tax evaders
Liechtenstein, like Switzerland, St Kitts, Canary Islands, Antigua and Bahamas, has been a haven for wealthy people to hide their ill-gotten wealth away from the prying eyes of tax authorities. Referring to reports, TI mentioned that German intelligence agency - BND - has details of about 800 clients of LTG Bank - run by Liechtenstein’s ruling dynasty - and prosecutors are using this information to target suspected tax evaders.
“The Indian ministry of finance and PMO have, however, not shown much interest in finding out about those who have their lockers on the secret banks of Liechtenstein which prides itself in its banking system,” TI said.
Referring to such banking systems, TI also said that secretive and non-transparent tax havens could be used for money that is related to drugs and terrorism. These accounts have been frequently used to channel money for purchase of arms.
In February, 2008 the head of Deutsche Post, Klaus Zumwinkel, was forced to resign after being accused of stashing funds away in Liechtenstein. On February 25, Germany said the details of the 800 non-German account-holders would be given to their respective countries free of cost.
Government must not think twice before accepting the offer from Germany to reveal the names of those who have illegally stashed away money in Liechtenstein. Many, if not most, of the account holders are likely to be corrupt politicians and others hiding wealth obtained by dubious means, as Transparency International has rightly pointed out. If the government is serious about cleansing public life in India, the least it can do is accept such fortuitous offers with alacrity. The citizens have a right to know who is secreting away public money into personal accounts and the government has a duty to get that information if it can.
Public loot since 1947: Let us 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 striped 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.
We are at the end of year 2008 and still there is no further movement. The nation has been fooled for 60 years now and it can see through the silence of its politicians. It is time that Indians including NRIs must take action to bring back this enormous wealth back to the country.
The dope on hundreds of rich Indians who have black money parked in Liechtenstein could be made available to the authorities here as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names. The German federal government has been willing to do this free of charge since February, 2008.
Several countries including the US, the UK, Canada, Italy, Norway, Sweden, Finland and Ireland have already used the opportunity to zero in on their citizens who have evaded taxes and smuggled their wealth to the principality, the sixth-smallest country in the world. But Transparency International says India has maintained “a stoic silence over the issue and has not approached the German government for this data”.
Expressing concern over th
e India’s lackadaisical attitude in getting after offenders who have cheated the tax authorities of billions of dollars is quite surprising and the Indian chapter of Transparency International — an international organization campaigning to reduce corruption— had urged the government to take all necessary steps to seek the data.Admiral R H Tahiliani, chairman of TI India and a former navy chief, said: “This money belongs to the people of India and it is possible that it has been tucked away in this distant country by those who have acquired it illegally.”
“There should be complete transparency and accountability about this money and it is for the government to find this out and inform people,” Admiral Tahiliani, said, referring to the black money stashed away abroad.
Indeed, the offer looks too good to refuse. It is a bit like being served secrets on a platter and if the government does not waste time looking a gift horse in the mouth, it could get data that might otherwise never be accessed given the laws that protect tax havens that often require specific proof of criminality. Suspecting that the government’s chariness could stem from fears that politicians and industrialists might be compromised by the data, TI has, in a statement, said: “It is alleged that this money belongs to rich and powerful politicians, industrialists and stock brokers and that is why the reluctance on the part of Government of India (to get details from Germany).”
2 Liechtenstein: Paradise for tax evaders
Liechtenstein, like Switzerland, St Kitts, Canary Islands, Antigua and Bahamas, has been a haven for wealthy people to hide their ill-gotten wealth away from the prying eyes of tax authorities. Referring to reports, TI mentioned that German intelligence agency - BND - has details of about 800 clients of LTG Bank - run by Liechtenstein’s ruling dynasty - and prosecutors are using this information to target suspected tax evaders.
“The Indian ministry of finance and PMO have, however, not shown much interest in finding out about those who have their lockers on the secret banks of Liechtenstein which prides itself in its banking system,” TI said.
Referring to such banking systems, TI also said that secretive and non-transparent tax havens could be used for money that is related to drugs and terrorism. These accounts have been frequently used to channel money for purchase of arms.
In February, 2008 the head of Deutsche Post, Klaus Zumwinkel, was forced to resign after being accused of stashing funds away in Liechtenstein. On February 25, Germany said the details of the 800 non-German account-holders would be given to their respective countries free of cost.
Government must not think twice before accepting the offer from Germany to reveal the names of those who have illegally stashed away money in Liechtenstein. Many, if not most, of the account holders are likely to be corrupt politicians and others hiding wealth obtained by dubious means, as Transparency International has rightly pointed out. If the government is serious about cleansing public life in India, the least it can do is accept such fortuitous offers with alacrity. The citizens have a right to know who is secreting away public money into personal accounts and the government has a duty to get that information if it can.
Public loot since 1947: Let us 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 striped 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.
We are at the end of year 2008 and still there is no further movement. The nation has been fooled for 60 years now and it can see through the silence of its politicians. It is time that Indians including NRIs must take action to bring back this enormous wealth back to the country.
Our Indians’ Money - 70,00,000 Crores Rupees In Swiss Bank
1) Yes, 70 lakhs crores rupees of India are lying in Switzerland banks. This is the huge black amount parked in foreign Bank, as India is the champion of Black Money among all 180 countries of the world.
2) German Government officially wrote a letter to Indian Government that they (German Government) are willing to inform the details of holders of 70 lakh crore rupees in foreign Banks, if Indian Government officially asks them.
3) On 22-5-08, this news already published in The Times of India and other Newspapers based on German Government’s official letter to Indian Government.
4) But the Indian Government did not send any official enquiry to Germany for details of said money which are sent outside India between 1947 to 2008. The opposition party is also equally not interested in doing so because most of the amount is owned by these dirty, sinful and traitor politicians.
5) This money belongs to our country. From these funds we can repay 13 times of our country’s foreign debt. The interest alone can take care of the Centre’s yearly budget. People need not pay any taxes and we can pay Rs. 1 lakh to each of 45 crore poor families.
6) Let us imagine, if Swiss Bank is holding Rs. 70 lakh crores, then how much money is deposited in other this kind of 69 Banks in foreign? How much they have deprived the Indian people after freedom? More over if the account holder dies the Bank become the owner of the funds in his account.
7) Are these people totally ignorant about the philosophy of Karma? What will this ill-gotten wealth do to them and their families when they own/use such corrupted and sinful money ? It will ruin their family and their future generation.
8) Indian people read and discussed these facts. But the tired and helpless people have neither time nor inclination to do anything in the matter. This is like “a new freedom struggle” and we will have to fight.
9) This is the money of our people’s sweat and blood. This big money can be used for fighting terrorism, for our defence upgradation, for repayment of foreign debts and for social welfare of our poor people. We must bring back our money at any cost.
10) As a service to our motherland please circulate at least 10 copies of this note among your friends to convert it into a mass movement.
1) Yes, 70 lakhs crores rupees of India are lying in Switzerland banks. This is the huge black amount parked in foreign Bank, as India is the champion of Black Money among all 180 countries of the world.2) German Government officially wrote a letter to Indian Government that they (German Government) are willing to inform the details of holders of 70 lakh crore rupees in foreign Banks, if Indian Government officially asks them.
3) On 22-5-08, this news already published in The Times of India and other Newspapers based on German Government’s official letter to Indian Government.
4) But the Indian Government did not send any official enquiry to Germany for details of said money which are sent outside India between 1947 to 2008. The opposition party is also equally not interested in doing so because most of the amount is owned by these dirty, sinful and traitor politicians.
5) This money belongs to our country. From these funds we can repay 13 times of our country’s foreign debt. The interest alone can take care of the Centre’s yearly budget. People need not pay any taxes and we can pay Rs. 1 lakh to each of 45 crore poor families.
6) Let us imagine, if Swiss Bank is holding Rs. 70 lakh crores, then how much money is deposited in other this kind of 69 Banks in foreign? How much they have deprived the Indian people after freedom? More over if the account holder dies the Bank become the owner of the funds in his account.
7) Are these people totally ignorant about the philosophy of Karma? What will this ill-gotten wealth do to them and their families when they own/use such corrupted and sinful money ? It will ruin their family and their future generation.
8) Indian people read and discussed these facts. But the tired and helpless people have neither time nor inclination to do anything in the matter. This is like “a new freedom struggle” and we will have to fight.
9) This is the money of our people’s sweat and blood. This big money can be used for fighting terrorism, for our defence upgradation, for repayment of foreign debts and for social welfare of our poor people. We must bring back our money at any cost.
10) As a service to our motherland please circulate at least 10 copies of this note among your friends to convert it into a mass movement.
Germany offers black money data, India dithers
May 22, 2008
New Delhi: Investigators in India might have their best chance yet to trace those Indians who have stashed away millions in the tiny tax haven of Liechtenstein, a small landlocked country between Austria and Switzerland, provided the Manmohan Singh government asks for the information on offer.
The dope on hundreds of rich Indians who have black money parked in Liechtenstein could be made available to the authorities here as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names.
Several countries including the US, the UK, Canada, Italy, Norway, Sweden, Finland and Ireland have already used the opportunity to zero in on their citizens who have evaded taxes and smuggled their wealth to the principality, the sixth-smallest country in the world. But Transparency International says India has maintained ‘a stoic silence over the issue and has not approached the German government for this data’.
Expressing concern over the Indian government’s apparently lackadaisical attitude in getting after offenders who have cheated the tax authorities of millions of dollars is quite surprising and the Indian chapter of TI - an organization campaigning to reduce corruption - has urged the government to take all necessary steps to seek the data.
Admiral R H Tahiliani, chairman if TI India and a former navy chief, said: ‘’This money belongs to the people of India and it is possible that it has been tucked away in this distant country by those who have acquired it illegally and are now evading taxes.
“There should be complete transparency and accountability about this money and it is for the government to find this out and inform people,” Admiral Tahiliani, said, referring to the black money stashed away abroad.
Indeed, the offer looks too good to refuse. It is a bit like being served secrets on a platter and if the government does not waste time looking a gift horse in the mouth, it could get data that might otherwise never be accessed given the laws that protect tax havens that often require specific proof of criminality.
In fact, the dice is invariably loaded against investigators - for example the Hindujas were able to delay proceedings in the Bofors case by challenging each application filed by CBI.
Suspecting that the government’s chariness could stem from fears that influential politicians and industrialists might be compromised by the Liechenstein data, TI has, in a statement, said: “It is alleged that this money belongs to rich and powerful politicians, industrialists and stock brokers and that is why the reluctance on the part of government of India (to get details from Germany).” Liechtenstein, like Switzerland, St Kitts, Canary Islands, Antigua and Bahamas, has been a haven for wealthy people to hide their ill-gotten wealth away from the prying eyes of tax authorities. Referring to reports, TI mentioned that German intelligence agency - BND - has details of about 800 clients of LTG Bank - run by Liechtenstein’s ruling dynasty - and prosecutors are using this information to target suspected tax evaders.
“The ministry of finance and PMO have, however, not shown much interest in finding out about those who have their lockers on the secret banks of Liechtenstein which prides itself in its banking system,” TI said.
Referring to such banking systems, TI also said that secretive and non-transparent tax havens could be used for money that is related to drugs and terrorism. These accounts have been frequently used to channel money for purchase of arms.
Source: Times of India
As reported by Vishwa Mohan of TNN in Times of India, Hyderabad Edition, on 21 May 2008:
Welcome
India silent on tax cheats
Germany Ready To Reveal List Of Indians With Funds In Tax Haven
Vishwa Mohan TNN
New Delhi: Investigators in India might have their best chance yet to trace those Indians who have stashed away millions in the tiny tax haven of Liechtenstein, a small landlocked country between Austria and Switzerland, provided the Manmohan Singh government asks for the information on offer.
The dope on hundreds of rich Indians who have black money parked in Liechtenstein could be made available to the authorities here as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names. The German federal government has been willing to do this free of charge since February.
Several countries including the US, the UK, Canada, Italy, Norway, Sweden, Finland and Ireland have already used the opportunity to zero in on their citizens who have evaded taxes and smuggled their wealth to the principality, the sixth-smallest country in the world. But Transparency International says India has maintained “a stoic silence over the issue and has not approached the German government for this data”. Expressing concern over the India’s lackadaisical attitude in getting after offenders who have cheated the tax authorities of millions of dollars is quite surprising and the Indian chapter of TI— an international organization campaigning to reduce corruption— has urged the government to take all necessary steps to seek the data.
Admiral R H Tahiliani, chairman of TI India and a former navy chief, said: “This money belongs to the people of India and it is possible that it has been tucked away in this distant country by those who have acquired it illegally.”
Indeed, the offer looks too good to refuse. It is a bit like being served secrets on a platter and if the government does not waste time looking a gift horse in the mouth, it could get data that might otherwise never be accessed given the laws that protect tax havens that often require specific proof of criminality. In fact, the dice is invariably loaded against investigators— for example the Hindujas were able to delay proceedings in the Bofors case by challenging each application filed by CBI. Suspecting that the government’s chariness could stem from fears that politicians and industrialists might be compromised by the data, TI has, in a statement, said: “It is alleged that this money belongs to rich and powerful politicians, industrialists and stock brokers and that is why the reluctance on the part of Government of India (to get details from Germany).”
Liechtenstein: Paradise for tax evaders
In February, the head of Deutsche Post, Klaus Zumwinkel, was forced to resign after being accused of stashing funds away in Liechtenstein. On February 25, Germany said the details of the 800 non-German account-holders would be given to their respective countries free of cost.
PMO blinks at Indians’ slush money abroad
New Delhi: The list of rich Indians who have black money parked in Liechtenstein, a tax haven, could be made available to the Indian authorities as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names. German federal government has been willing to do this free of charge since February.
Liechtenstein, like many other countries including Switzerland, St Kitts, Canary Islands, Antigua and Bahamas, has been a haven for wealthy people to hide their ill-gotten wealth away from the prying eyes of tax authorities.
Referring to certain reports, the Transparency International (TI) mentioned that German intelligence agency —BND — has details of about 800 clients of LTG Bank — run by Liechtenstein’s ruling dynasty. “The Indian ministry of finance and PMO have, however, not shown much interest in finding out about those who have their lockers in the secret banks of Liechtenstein which prides itself in its banking system,” TI said.
Times View
Government must not think twice before accepting the offer from Germany to reveal the names of those who have illegally stashed away money in Liechtenstein. Many, if not most, of the account holders are likely to be corrupt politicians and others hiding wealth obtained by dubious means, as Transparency International has rightly pointed out. If the government is serious about cleansing public life in India, the least it can do is accept such fortuitous offers with alacrity. The citizens have a right to know who is secreting away public money into personal accounts and the government has a duty to get that information if it can.
Public loot since 1947: Let us bring back our money
M R Venkatesh
April 15, 2008
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 striped 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-1970s. 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.
What is to be noted here is that most of the wealth of Indians parked in these tax havens is illegitimate money acquired through corrupt means. Naturally the secrecy associated with the bank accounts in such places is central to the issue, not their low tax rates as the term ‘tax havens’ suggests. Remember Bofors and how India could not trace the ultimate beneficiary of those transactions because of the secrecy associated with these bank accounts?
But this piece is not about Western conspiracy. Rather it is all about recovering out own wealth from these countries. And in this initiative, for obvious reasons, one can expect absolute stonewalling by our own government as well as foreign ones.
Naturally this has to be a public initiative — an initiative by you and me, jointly ensuring that our government acts decisively. And in this process there can be no place for any debate — either you are with this initiative or against it.
May 22, 2008
New Delhi: Investigators in India might have their best chance yet to trace those Indians who have stashed away millions in the tiny tax haven of Liechtenstein, a small landlocked country between Austria and Switzerland, provided the Manmohan Singh government asks for the information on offer.
The dope on hundreds of rich Indians who have black money parked in Liechtenstein could be made available to the authorities here as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names.
Several countries including the US, the UK, Canada, Italy, Norway, Sweden, Finland and Ireland have already used the opportunity to zero in on their citizens who have evaded taxes and smuggled their wealth to the principality, the sixth-smallest country in the world. But Transparency International says India has maintained ‘a stoic silence over the issue and has not approached the German government for this data’.
Expressing concern over the Indian government’s apparently lackadaisical attitude in getting after offenders who have cheated the tax authorities of millions of dollars is quite surprising and the Indian chapter of TI - an organization campaigning to reduce corruption - has urged the government to take all necessary steps to seek the data.
Admiral R H Tahiliani, chairman if TI India and a former navy chief, said: ‘’This money belongs to the people of India and it is possible that it has been tucked away in this distant country by those who have acquired it illegally and are now evading taxes.
“There should be complete transparency and accountability about this money and it is for the government to find this out and inform people,” Admiral Tahiliani, said, referring to the black money stashed away abroad.
Indeed, the offer looks too good to refuse. It is a bit like being served secrets on a platter and if the government does not waste time looking a gift horse in the mouth, it could get data that might otherwise never be accessed given the laws that protect tax havens that often require specific proof of criminality.
In fact, the dice is invariably loaded against investigators - for example the Hindujas were able to delay proceedings in the Bofors case by challenging each application filed by CBI.
Suspecting that the government’s chariness could stem from fears that influential politicians and industrialists might be compromised by the Liechenstein data, TI has, in a statement, said: “It is alleged that this money belongs to rich and powerful politicians, industrialists and stock brokers and that is why the reluctance on the part of government of India (to get details from Germany).” Liechtenstein, like Switzerland, St Kitts, Canary Islands, Antigua and Bahamas, has been a haven for wealthy people to hide their ill-gotten wealth away from the prying eyes of tax authorities. Referring to reports, TI mentioned that German intelligence agency - BND - has details of about 800 clients of LTG Bank - run by Liechtenstein’s ruling dynasty - and prosecutors are using this information to target suspected tax evaders.
“The ministry of finance and PMO have, however, not shown much interest in finding out about those who have their lockers on the secret banks of Liechtenstein which prides itself in its banking system,” TI said.
Referring to such banking systems, TI also said that secretive and non-transparent tax havens could be used for money that is related to drugs and terrorism. These accounts have been frequently used to channel money for purchase of arms.
Source: Times of India
As reported by Vishwa Mohan of TNN in Times of India, Hyderabad Edition, on 21 May 2008:
Welcome
India silent on tax cheats
Germany Ready To Reveal List Of Indians With Funds In Tax Haven
Vishwa Mohan TNN
New Delhi: Investigators in India might have their best chance yet to trace those Indians who have stashed away millions in the tiny tax haven of Liechtenstein, a small landlocked country between Austria and Switzerland, provided the Manmohan Singh government asks for the information on offer.
The dope on hundreds of rich Indians who have black money parked in Liechtenstein could be made available to the authorities here as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names. The German federal government has been willing to do this free of charge since February.
Several countries including the US, the UK, Canada, Italy, Norway, Sweden, Finland and Ireland have already used the opportunity to zero in on their citizens who have evaded taxes and smuggled their wealth to the principality, the sixth-smallest country in the world. But Transparency International says India has maintained “a stoic silence over the issue and has not approached the German government for this data”. Expressing concern over the India’s lackadaisical attitude in getting after offenders who have cheated the tax authorities of millions of dollars is quite surprising and the Indian chapter of TI— an international organization campaigning to reduce corruption— has urged the government to take all necessary steps to seek the data.
Admiral R H Tahiliani, chairman of TI India and a former navy chief, said: “This money belongs to the people of India and it is possible that it has been tucked away in this distant country by those who have acquired it illegally.”
Indeed, the offer looks too good to refuse. It is a bit like being served secrets on a platter and if the government does not waste time looking a gift horse in the mouth, it could get data that might otherwise never be accessed given the laws that protect tax havens that often require specific proof of criminality. In fact, the dice is invariably loaded against investigators— for example the Hindujas were able to delay proceedings in the Bofors case by challenging each application filed by CBI. Suspecting that the government’s chariness could stem from fears that politicians and industrialists might be compromised by the data, TI has, in a statement, said: “It is alleged that this money belongs to rich and powerful politicians, industrialists and stock brokers and that is why the reluctance on the part of Government of India (to get details from Germany).”
Liechtenstein: Paradise for tax evaders
In February, the head of Deutsche Post, Klaus Zumwinkel, was forced to resign after being accused of stashing funds away in Liechtenstein. On February 25, Germany said the details of the 800 non-German account-holders would be given to their respective countries free of cost.
PMO blinks at Indians’ slush money abroad
New Delhi: The list of rich Indians who have black money parked in Liechtenstein, a tax haven, could be made available to the Indian authorities as the German government, which has obtained a list of account holders at Liechtenstein’s LTG Bank, is willing to part with the names. German federal government has been willing to do this free of charge since February.
Liechtenstein, like many other countries including Switzerland, St Kitts, Canary Islands, Antigua and Bahamas, has been a haven for wealthy people to hide their ill-gotten wealth away from the prying eyes of tax authorities.
Referring to certain reports, the Transparency International (TI) mentioned that German intelligence agency —BND — has details of about 800 clients of LTG Bank — run by Liechtenstein’s ruling dynasty. “The Indian ministry of finance and PMO have, however, not shown much interest in finding out about those who have their lockers in the secret banks of Liechtenstein which prides itself in its banking system,” TI said.
Times View
Government must not think twice before accepting the offer from Germany to reveal the names of those who have illegally stashed away money in Liechtenstein. Many, if not most, of the account holders are likely to be corrupt politicians and others hiding wealth obtained by dubious means, as Transparency International has rightly pointed out. If the government is serious about cleansing public life in India, the least it can do is accept such fortuitous offers with alacrity. The citizens have a right to know who is secreting away public money into personal accounts and the government has a duty to get that information if it can.
Public loot since 1947: Let us bring back our money
M R Venkatesh
April 15, 2008
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 striped 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-1970s. 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.
What is to be noted here is that most of the wealth of Indians parked in these tax havens is illegitimate money acquired through corrupt means. Naturally the secrecy associated with the bank accounts in such places is central to the issue, not their low tax rates as the term ‘tax havens’ suggests. Remember Bofors and how India could not trace the ultimate beneficiary of those transactions because of the secrecy associated with these bank accounts?
But this piece is not about Western conspiracy. Rather it is all about recovering out own wealth from these countries. And in this initiative, for obvious reasons, one can expect absolute stonewalling by our own government as well as foreign ones.
Naturally this has to be a public initiative — an initiative by you and me, jointly ensuring that our government acts decisively. And in this process there can be no place for any debate — either you are with this initiative or against it.
It's the story of facts...Hope Indians may realise this situation...Govern
ment must need to take action against these tax avaders...This huge amount may usefull to the people...Really facing the poverty...Hope the best days may come...Hope these Black money people may help to build the better palce...better INDIA..
Yours...
Homosapien.
