- Login | Register
- Current Issue
- Most Read
- Back Issues
A complaint has been filed with the Enforcement Directorate against Karnataka Minister D K Shivakumar seeking a
Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detecti
The Enforcement Directorate (ED) on Friday filed a chargesheet against Rashtriya Janata Dal (RJD) supremo Lalu Prasad Yada
A Bharatiya Janata Party (BJP) delegation led by senior party leader Sushil Modi will today meet the Election Commission s
A day before CBI interrogates Tripura Social Welfare Minister Bijita Nath in connection with the Rose Vally chit fund scam
Narada News CEO Mathew Samuel on Wednesday appeared before the Central Bureau of Investigation (CBI) in Kolkata in connect
The Central Bureau of Investigation (CBI) on Saturday issued notice to Tripura's Social Welfare and Social Education Minis
The CBI on Monday went to Delhi health minister Satyendar Jain's residence to seek clarifications from his wife in connect
Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong, says a gr
Pakistan Prime Minister Nawaz Sharif's younger brother and Punjab chief minister was today questioned by a Joint Investiga
New Delhi, May 15 (PTI) Sacked Delhi minister Kapil Mishra today broke his fast and was discharged from the hospital where
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.