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IS INDIA A POOR COUNTRY? (Must Read)

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esumitkumar

Call me Sumit
IS INDIA A POOR COUNTRY?
by M R Venkatesh

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Revelation of Swiss bank accounts

This is so shocking.......If black money deposits was an Olympics event.... India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined!

Recently, due to international pressure, the Swiss government agreed to disclose the names of the account holders only if the respective governments formally asked for it. Indian government is not asking for the details.......no marks for guessing why?

We need to start a movement to pressurise the government to do so! This is perhaps the only way, and a golden opportunity, to expose the high and mighty and weed out corruption!

Please read on......and forward to all the honest Indians to.....like somebody is forwarding to you.......and build a ground-swell of support for action!

Is India poor, who says? Ask the Swiss banks. With personal account deposit bank of $1,500 billion in foreign reserve which have been misappropriated, an amount 13 times larger than the country's foreign debt, one needs to rethink if India is a poor country?

DISHONEST INDUSTRIALISTS, 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 13 times larger than the country's foreign debt. With this amount 45 crore poor people can get Rs 1,00,000 each. This huge amount has been appropriated from the people of India by exploiting and betraying them. 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 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of 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 following countries:

TOP FIVE



INDIA
$1,456 BILLION
RUSSIA
$470 BILLION
U.K.
$390 BILLION
UKRAINE
$100 BILLION
CHINA
$96 BILLION

Now do the math's - India with $1,456 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.

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?

IS THERE ANYONE WHO CAN SAVE INDIA?
 

pc_game_lover2004

~Beating Toughest Games~
Bro you know that i always wished to publish this article on my blog but never had a chance to write about the indian money in swiss banks...
after the account holders die the money remains on the foreign land..
so i used to think that what if our indian government just stop putting those stupid taxes and investigations so that indian money remain in india...then even if the account holders die it is for india to claim that money not the swiss government
I think something should be seriously done about it..
the corrupt leaders or industrialists who have kept their money outside due to fear of the indian rules and regulations should be surely be kept in faith that if they keep the same money in india nothing will be asked for of their money..
moreover you never know that then we may also have accounts from foreign provinces as in swiss bank

I think
"This article should be published along with the explanation as mine on as many forums and blogs as possible so that sometimes if by chance some officials read it they may think of such a bank in India too.."
 

rhitwick

Democracy is a myth
Long ago I got this in a fwd mail.
I ignored it as there are so many such topics which spread in fwd mails.

But, as u guys are taking it seriously, can u tell me which facts, provided here, can be believed?
 

RCuber

The Mighty Unkel!!!
Staff member
Sumit .. the source please.. if this is from a chain mail then its unrealiable.
 

pc_game_lover2004

~Beating Toughest Games~
Sumit .. the source please.. if this is from a chain mail then its unrealiable.

Long ago I got this in a fwd mail.
I ignored it as there are so many such topics which spread in fwd mails.

But, as u guys are taking it seriously, can u tell me which facts, provided here, can be believed?

You guys doubting this one..
well then i must say that even if the above person don't have an evidence or source to support it or let it be the so called chain mail even then you people can't deny the fact Indians have their hell lot of money in swiss banks and moreover it is left there when they die because nobody is left behind then to claim that very money..
you can deny the figures but you can't deny the idea od indian money in swiss banks
 

Sathish

Debian Gnu/Linux User
hackers community can only be help in this matter.. they should try to hack the swiss bank a/c info and release name-wise details of investers to all social networking sites/media..
but our people does not care about anything and put their votes to the useless politician..
 
OP
esumitkumar

esumitkumar

Call me Sumit
Well Charan ..I got this in a fwd mail ..wasnt expecting a debate to take place ;)

and Mrinmay aka Mrintech thnx for pointing out source .......

I agree wid Betruger comments for taking help from hackers ..
but .......any Indian hacker can do it ??
 

RCuber

The Mighty Unkel!!!
Staff member
^^ actually .. its the swiss bank rules that interested me in this topic rather then how much money is deposited by Indians in swiss banks.. AFAIK swiss bank doesnot give these details to anyone except the account holder. thats why people open a Swiss bank account :p.
 

rhitwick

Democracy is a myth
^^ actually .. its the swiss bank rules that interested me in this topic rather then how much money is deposited by Indians in swiss banks.. .AFAIK swiss bank doesnot give these details to anyone except the account holder thats why people open a Swiss bank account :p.
Exactly. Thats d reason I ignored it first time.
Lots of novels have proudly featured this specialty in them.

Mostly used by Jeffrey Archer
25.png
 

kumarmohit

Technomancer
But wait if the Swiss bank do not divulge the bank account information to anyone other than the account holder, who conducted the study to reach to this figure.

Why do I smell another crap chain mail?
 

RCuber

The Mighty Unkel!!!
Staff member
More info on swiss bank

a quote:
Swiss bank secrecy does not protect private banking information; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients. The Swiss government views the right to privacy as a fundamental principle that should be protected by all democratic countries. While secrecy is protected, in practice all bank accounts are linked to an identified individual, and a prosecutor or judge may issue a "lifting order" in order to grant law enforcement access to information relevant to a criminal investigation

In simply words.. the bank will give the details only if its a order form a judge for a criminal investigation. else its nothing is given :p.
 
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