Black money in India

sob

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The Black Money story never goes away. This is a haemorrhage loss that our nation can ill afford.

Despite the efforts of the Government the figures are ballooning and need to be controlled. An average of US $ 12 Billion per year during the last decade is too big a figure, to not to focus on. This is an national scandal.

India lost $123 bn in black money in a decade - The Economic Times

India lost a whopping USD 123 billion in black money in 2001-2010, making it the eight largest victim of illicit financial outflow, a US-based research and advocacy organisation said in a report.

However, India's black money loss of USD 123 in 10 years is far less that China, which according to the report suffered a loss of USD 2.74 trillion during the same period (2001 to 2010), followed by Mexico (USD 476 billion), Malaysia (USD 285 billion), Saudi Arabia (USD 201 billion), Russia (USD 152 billion), the Philippines (USD 138 billion) and Nigeria (USD 129 billion).

India is the eight largest victim of black money loses, said the report 'Illicit Financial Flows from Developing Countries: 2001-2010,' released by Global Financial Integrity (GFI). India is the only South Asian country to figure in the top 20 list of such nations.

In 2010 alone, the Indian economy suffered USD 1.6 billion in illicit financial outflows.

"USD 123 billion is a massive amount of money for the Indian economy to lose," said Dev Kar, GFI lead economist and co-author of the report.

"It has very real consequences for Indian citizens. This is more than USD 100 billion which could have been used to invest in education, healthcare, and upgrade the nation's infrastructure. Perhaps last summer's electrical blackout would have been avoided if some of this money had remained in India and been used to invest in the nation's power grid," he said.

While progress has been made in recent years, India continues to lose a large amount of wealth in illicit financial outflows, said GFI director Raymond Baker.

"Much focus has been paid in the media on recovering the Indian black money that has already been lost. This focus is for naught as long as the Indian economy continues to hemorrhage illicit money. Policymakers and commentators should make curtailing the ongoing outflow of money priority number one," he said.
 

Patriot

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The Black Money story never goes away. This is a haemorrhage loss that our nation can ill afford.
Not to worry, now FDI in retail has been approved recently so politicians & their pets shall convert it to WHITE & taxes are supposed to paid by salaried middle class only:taunt1:.
 

sob

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@ Patriot, once the money is gone is gone. whether it comes back from Mauritius or Singapore, it is no longer in the control of the GOI and more over it is white money.

Think about the opportunity cost lost in the last 5-6 decades. We could have had done so much with the taxes on this money.
 

Patriot

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@ Patriot, once the money is gone is gone. whether it comes back from Mauritius or Singapore, it is no longer in the control of the GOI and more over it is white money.

Think about the opportunity cost lost in the last 5-6 decades. We could have had done so much with the taxes on this money.
With out doubt it is humongous loss to our nation. But the govt. is not ready to take action. IMO the only solution to this is make tax evasion/theft by these means or so as an act of treason against the nation
 
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nrupatunga

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Centre names 3 black money account holders in affidavit to SC
The Union government has named three persons who are black money account holders in an affidavit to the Supreme Court, TV reports said.

According to television reports on Monday, the three persons named are Pradip Burman, director of the Burman Group, Pankaj Chimanlal Lodya, a Rajkot-based bullion trader and Radha S Timblo, a Goa-based miner and owner of Timblo Pvt Ltd.

The television reports also indicated that four members of the Congress party, including a former minister of the previous UPA regime, are under investigation, and added that their names may be revealed after the probe is completed. Among the four Congress party members are two belonging to powerful political families in the state of Maharashtra, the television reports further stated.

Last week, it was revealed that the Centre was likely to tell the apex court the names of the people against whom strong evidence exists of stashing away black money in Swiss banks in a major step in its crackdown on India's parallel economy.

On Monday, Attorney General Mukul Rohatgi is reported to have submitted a supplementary affidavit in the apex court detailing plans to submit the list of names in a sealed envelope.

The court is due to continue hearings on a petition on black money the following day.

Prime Minister Narendra Modi's government is moving fast to repatriate hundreds of billions of dollars in slush funds or black money stashed abroad, as part of a wider clampdown on corruption that he promised during his election campaign.

The government is building pressure particularly on Switzerland, seeking details of Indians who have parked unaccounted for money in Switzerland's highly secretive banks. It has quickly implemented a Supreme Court directive to set up a high-powered special investigation team, headed by retired judge M B Shah, to look into the issue.

While there are no official estimates, Global Financial Integrity (GFI), a Washington-based think-tank, has estimated that Indians had parked USD 462 billion in overseas tax havens between 1948 and 2008.

Black money arises mainly from incomes not disclosed to the government usually to avoid taxation, and, sometimes, because of its criminal links. About a third of India's black money transactions are believed to be in real estate, followed by manufacturing and shopping for gold and consumer goods.

Earlier, the BJP government had told the apex court that it could not disclose the names of those who have deposited money in banks abroad as it this would jeopardize tax agreements with nations providing those names to India.

There were murmurs of protest within the ruling BJP that not disclosing names would hurt the party's image after it had made bringing back black money, a key issue in a general election that it won by a landslide. The Centre's stand also drew a strong response from the Congress, which accused it of hypocrisy.

Turning the tables on the Congress, finance minister Arun Jaitley had recently said the disclosing of names of people holding black money accounts will embarrass the opposition party.

The Congress had hit back, daring the government to come out with complete information without indulging in "selective leaks" and pointing out that "the Congress is not going to be blackmailed under any such threat".
 

nrupatunga

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So all the buzz of congress names like preneet kaur(wife of amarinder singh), narayan rane were just hype??

======

Rediff uvacha

Kejriwal: Why weren't Dabur, Birla or Ambani raided? : Why weren't Dabur or Birla or the Ambanis raided? Pranab Mukherjee may be President but he must answer, says Arvind Kejriwal.

The government may on Monday file an additional affidavit in the Supreme Court over the black money issue, stating clarification on its earlier stand of not revealing the names of those account holders who have deposited money in foreign banks.
Dabur owners Burmans has Rs 25 crore, Jet's Naresh Aggarwal has Rs 80 crore, Arvind Kejriwal tells ABP News
Burman Group: Every person having foreign bank account is painted with same brush: Burman Group responds: "Unfortunate that every person having a foreign bank account is being painted with the same brush. Followed all laws & complete details regarding a/c hv been voluntarily filed with the IT Dept & appropriate taxes paid. Account was opened when he (Pradip Burman) was NRI, and was legally allowed to open this account."
Wasn't dabur group also involved in ipl?? rajasthan royals??
 
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hitesh

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Now on I boycott all Dabour product ,there chawnprash,hair oil , hajmola:mad:
 

Ray

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Why only the traders named?

What about the real goats - the politicians?

Who is the Congress to get embarrassed about, Mr Jaitley?

Spill the beans.
 

nrupatunga

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Key facts about the 3 businessmen named in black money case
The three businessmen whose names were submitted are Pradip Burman, former executive director of the Dabur group, Pankaj Chimanlal Lodhiya, a bullion trader, and Radha Timblo, director of Goa-based company Timblo Pvt Ltd.

So, who are these businessmen?

Radha Timblo, one of the names disclosed by the Centre, has been linked to illegal iron ore mining in Goa. The mining lease involved also has a Pakistani connection.

A Times of India report of December 2012, quoting a Central Empowered Committee (CEC) report on illegal Goa mining, noted that "the mining lease was granted in the name of an individual who had migrated to Pakistan and died there. He was never involved in operating the mining lease or seeking renewal of it."

Instead, the lease was allowed to be "operated illegally by a partnership firm comprising Timblo Pvt Ltd, Ms Radha S Timblo and others. The mining lease has been renewed by the Goa government in favour of the partnership firm owned and controlled by the Timblo family by disregarding and in blatant violation of Rule 37 of Mineral Concession Rules, 1960."

Raman Kirpal, a Firstpost editor at that time, wrote an extensive story on this mining lease as far back as September 2011. This is what he wrote.

"Mavani's mining lease was not given to anyone till 2004, when Kamat's Directorate of Mines contended that the Timblo family had entire possession and control of the Mavani mining lease since 1957. It was also contended that there was no documentary evidence proving that Badrudin Mavani had lost Indian citizenship when he moved to Pakistan.

You can read more on Timblo here.

Pankaj Chimanlal Lodhiya is the proprietor of Shreeji Trading Company, a bullion trading company established in 1997 based in Rajkot, Gujarat.

The company, with the long track record, is a dominant player in the Rajkot market. The site notes 'trust, purity and honesty' as the group's motto.

Lodhiya denied to the media that he held accounts in Switzerland. He told CNN-IBN that that he has disclosed everything to the Income Tax Department. He also said he was shocked to see that his has figured in the list submitted by the government. He told TimesNow that he did not have any political connections.

You can read more about Lodhiya here.

Pradip Burman served as an Executive Director at Dabur India Ltd from 1 May, 2007 until 31 January, 2012.

As of 30 September 2014, Pradip Burman holds 3.94 lakh shares of Dabur India whose current worth is at Rs 8.16 crore at a current price of Rs 207 per share.

Reacting to the news of Pradip Burman being named by the government in the black money case, a Dabur spokesperson said the account was opened when he was an NRI.

You can read more about Pradip Burman here.
 

kvj

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I didn't understand why only few names ??
What happens if all the names revealed ?? All these are illegal accounts ?? How the money goes into these accounts if it is illegal ?? is there no mechanism in India to control this ??
What is the embarrassment to announce all the names publicly ?? why this game of few names to the court ??
 

nrupatunga

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^^^

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SADAKHUSH

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The names have been named. Let us see who packs up to flee the country and who stays back to face the music.
 

nrupatunga

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The problem is, nobody expects or believes jaitley to do anything. At max, he will return to RS as LoP again, what will he loose??? But people expect modi to do things, people voted for modi not jaitley (who lost elections even though there was a bjp sweep).
 

nrupatunga

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Am not sure if this belongs here or not. Just guessing that the reason may be related(?).

People are saying that a certain atul chordia, a pune based businessman has committed suicide. He was supposed to be very "close" to sharad pawar.
 
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