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The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the ban
Bankers are meeting from Monday to finalise their next course of action on six of the 12 bad loan accounts for immediate r
The ED today filed its first charge sheet against liquor baron Vijay Mallya and others in connection with its money launde
Country's largest lender SBI has expressed apprehensions that demonetisation may continue to result in slowing down of the
Maharashtra Chief Minister Devendra Fadnavis today announced what he termed as "biggest-ever" farm loan waiver, though som
The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an
Targeting 500 million customers by 2020, digital payments firm Paytm today launched its payments bank with 4 per cent inte
The largest lender State Bank of India will introduce new facility that would enable withdrawal of cash through ATMs using
The Supreme Court today questioned the Centre for making Aadhaar mandatory for procuring Permanent Account Number (PAN) ca
The 50 largest US companies, including Apple, Microsoft and Wal-Mart, are parking about USD 1.6 trillion in offshore tax h
March 16: CPM Manifesto says (if it came to power): it would “launch a drive to unearth black money, especially those (sic) stashed in Swiss banks and other tax havens”
March 27: Sharad Yadav of Janata Dal (United) says there is 1.47 trillion dollars hidden by Indians in Swiss banks -- enough to repay the entire foreign debt of India
and leave enough to abolish all taxes for many years.
March 29: LK Advani quotes the Wikipedia to say "they [illicit money in Swiss banks] totaled $ 2.6 trillions (Rs. 130 lakh crores in today’s exchange rate) in 2001. In 2007, they were believed to be about $5.7 trillions (Rs. 285 lakh crore), a staggering 80% increase in six years." and: "It is equally well known that many wealthy Indians have deposited their illicit monies in secret Swiss bank accounts and tax havens elsewhere around the world. As per credible estimates, these amounts range between $500 billion (Rs. 25,00,000 crore) and $1400 billion (Rs. 70,00,000 crore).
April 2 & 3, the redoubtable S. Gurumurthy stepped in to corroborate Mr Advani's figures: It is undisputed that the Nehruvian socialist model forced huge sums out of India. So the amount of Indian black wealth secreted away in the last 60 years — estimated at from $500 billion (Rs 25 lakh crore) to $1400 billion (Rs 70 lakh crore) — does not seem to be wide off the mark. Economists callit flight of capital. This is the people’s money stolen from them. [See here and here]
But by then a reality check was in place. Bibek Debroy was the first off the mark, in the Indian Express who traced the genesis of all these figures to an email circulating for the last two years or so. After examining various claimed sources, his conclusion:
What we are thus left with is a maze of figures, some concocted, others real, but sometimes quoted out of context. That doesn’t mean the issue is unimportant... These are issues we should talk about, not so much the pull of tax havens. But first, let us get the figures right. [Read more here]
And now, Ashok Desai, writing in the Telegraph concludes that these "are someone’s guesses, driven by powerful wishful thinking" and:
So even if Advani becomes an iron Prime Minister, he will not bring a single illicit penny home. He was only diverting attention from the Varun affair.
Read the full piece here: Avaricious Dreams
In 2006, Indian nationals reportedly held the largest quantity of illegally stashed money in Swiss banks. The amount was as high as $1,456 billion. The more prominent stragglers were crooks from Russia ($470 billion), the United Kingdom ($390 billion), Ukraine ($100 billion) and China (US $96 billion). Money stored away by Indians in numbered bank accounts in Switzerland actually exceeded the total deposits by nationals from all other countries of the world taken together.