Black money flowing out of India is more than fiscal deficit

Discussion in 'Politics & Society' started by parijataka, Nov 10, 2012.

  1. parijataka

    parijataka Senior Member Senior Member

    Joined:
    Oct 15, 2011
    Messages:
    4,893
    Likes Received:
    3,688
    Location:
    Bengaluru
    Around 45% of the black money that went out of India since 1948 was after 2004.

    Black money flowing out of India is more than fiscal deficit

     
  2.  
  3. asianobserve

    asianobserve Elite Member Elite Member

    Joined:
    May 5, 2011
    Messages:
    7,308
    Likes Received:
    2,976
    This is the fault of Churchill... Damn that guy. No wonder India has been impoverished even after independence...
     
    natarajan likes this.
  4. opesys

    opesys Regular Member

    Joined:
    Aug 25, 2012
    Messages:
    279
    Likes Received:
    138
    It's a feel good factor for helpless people to take it on Churchill.. don't take that away from them.
     
    asianobserve likes this.
  5. panduranghari

    panduranghari Senior Member Senior Member

    Joined:
    Jan 2, 2012
    Messages:
    1,790
    Likes Received:
    1,245
    In dick measuring contests, eunuchs should not compete. So please stay out.
     
  6. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

    Joined:
    Nov 28, 2010
    Messages:
    6,207
    Likes Received:
    6,497
    I have said it many times before, and I say it again.

    Black money going out of the country is a killer. It lies dead in Switzerland or Cayman Islands or Lichtenstein, etc. It is futile to talk about "bringing back the money". It is just simplistic talk for the consumption of the gullible janata. Even if the money is "brought back", the inefficient hands of the government will just make a mess of that money, with all the usual leakage etc.

    What is the solution? Allow FDI in real estate and construction from these tax havens, with minimal monitoring. The money will flow in such a torrent that the rupee will go up to Rs. 40/$ in less than a year, and the RBI will have to intervene to prevent it from gaining further. Bangalore, Mumbai, Delhi, Hyderabad, Chennai and Kolkata will have skylines comparable to Dubai, Hong Kong, Singapore, Shanghai, NYC, Chicago, etc.

    One very important thing is, the FDI in real estate should be allowed only for large constructions, above certain built-up area. There should be a strict ban on purchase of land through FDI for speculative real-estate investment. No "layout development" should be allowed - that shit where people buy agricultural land 10 km outside the city, get it converted (after paying a bribe of course), and split it into small sites, and sell it to the public.
     
  7. Daredevil

    Daredevil On Vacation! Administrator

    Joined:
    Apr 5, 2009
    Messages:
    11,613
    Likes Received:
    5,670
    Much of this wealth is not actually tax-evasion money but the Ill-gotten wealth through corruption and crony capitalism which cannot be declared to the tax authorities.
     
  8. Singh

    Singh Phat Cat Administrator

    Joined:
    Feb 23, 2009
    Messages:
    20,305
    Likes Received:
    8,270
    Location:
    011
    Black money flowing out, means the economy is not doing well.

    Even private companies are sitting on huge piles of cash, because they don't want to invest in India.

    We need reforms 2.0
     
  9. Daredevil

    Daredevil On Vacation! Administrator

    Joined:
    Apr 5, 2009
    Messages:
    11,613
    Likes Received:
    5,670
    There is lot of scope in real-estate but the real-estate prices so hyper inflated that it is not possible for doing soem genuine infrastructure building in city.
     

Share This Page