Tehelka reveals black money list; government sends notices

 Finance Minister Pranab Mukherjee today said the government has served notices to 17 persons related to the Swiss Banks black money trail, but it is not possible to reveal their names.

"We have received a few names and already served notices on 17 persons and prosecution has begun," he said.

He said the government cannot reveal the names of account holders who have stashed their money away in Swiss banks as the information can only be used for taxation purposes.

"The government, suo motu, cannot reveal the names because according to treaty we can only use the information for taxation purposes. We can only reveal the details in the open court when the matter comes up for hearing," Mukherjee said.

Names of 15 Indians who have stashed away wealth in offshore banks have been made public by Tehelka magazine in its latest issue.

Tehelka claimed it has in possession two more names, but were holding them back for verification. One name is alleged to be that of a prominent politician and the other chairman of a leading company.

The 15 names include Manoj Dhupalia, Rupla Dhupalia, Mohan Dhupalia, Hasmukh Gandhi, Chintan Gandhi, Dilip Mehta , Arun Mehta, Arun Koohar, Gunwanti Mehta, Rajnikant Mehta, Prabodh Mehta, Ashok Jaipuria, Raj Foundation, Urvasi Foundation and Ambunova Trust.

According to information with ET, a member of a promoter family of a reputed Chennai-based business group and some diamond traders also figure in the full list furnished by German authorities to the Indian government two years ago.

The German government purchased the data from an ex-employee of LGT Bank, the flagship bank of Liechtenstein , a country viewed by global banking groups as one of the major tax havens in the world.

Germany handed over the list on March 18, 2009, but the Government had refused to divulge the names as it had to honour the commitment given under tax treaties. Under provisions of the tax treaties, information exchanged is to be used only for the purpose for which it is sought.

Therefore, the government is not in a position to make these names public, but only recover tax on the unaccounted income.

The amount of money stashed away in Liechtenstein's is minor, compared to the size of the black money stashed in several other offshore banks.

As per an estimate by Tax Justice Network, an NGO, the volume of money lying in these banks could be over $11 trillion.

Black money holders in Swiss Bank to be exposed

New Delhi, Jan 18: Following the news that WikiLeaks has been empowered with secret data about 2,000 Swiss Bank accounts and some Asians were among those account holders in the bank, now it is expected that some Indians will be exposed soon with their black Citing the stirring news, the main Opposition party Bharatiya Janata Party (BJP) on Tuesday, Jan 18 asked the government to make the names of the Indians in public.

BJP spokesperson Ravi Shankar Prasad stated, "We are interested in the names from India and the entire country expects that those who have looted public money and invested abroad in Swiss bank accounts, their names should also be exposed."

Prasad alleged that the UPA government had shown reluctance to reveal these names to the Supreme Court though "Germany has already sent the names to it".

"Therefore, we expect that this should come about quickly and let the nation know who has done what service for the nation or personal enrichment," he said.

On Jan 17, WikiLeaks' founder Julian Assange was handed over the documents of the bank accounts by a former banker Rudolf Elmer and the whistleblower also claimed that the names in the documents came from "US, Britain, Germany, Austria and Asia -- from all over," and include "business people, politicians, people who have made their living in the arts and multinational conglomerates -- from both sides of the Atlantic."
money.

Black money trail: Can't disclose names, says Finance Minister Pranab Mukherjee.........but why??????

On the back foot over black money, the UPA has turned to its chief trouble-shooter Pranab Mukherjee to explain the government's plan for retrieving billions of dollars stashed in Swiss banks and other European tax havens.

"The government has nothing to hide. Let us understand the issue. No information can be made available unless there is a legal framework," said Pranab Mukherjee.

The government has names of Indian account holders in Liechtenstein's LGT Bank and information given by German banks, but the Finance Minister said the government cannot reveal the names right now because of the secrecy clause.

"One of the conditions is the secrecy. We have given names to Supreme Court in sealed cover," Pranab said.
According to conservative estimates, India has lost 462 billion dollars since Independence.

The government says these are just estimates and that it has formed a committee of experts to give report on the volume of black money.

But the Opposition is far from satisfied.

"Mr Pranab Mukherjee's comment is delightfully vague and conspicuously evasive," BJP spokesperson Ravi Shankar Prasad said.

"USA and certain other European countries have been able to get this information from the Swiss authorities about their nationals holding accounts in Swiss banks," CPM leader Sitaram Yechury said.

Explaining the government's position of retrieving black money was always going to be a difficult task. Finance Minister Pranab Mukherjee might have explained a five-pronged strategy to curb the generation of black money. But the question still remains about whether the government will be able to ever retrieve the black money that is kept in foreign banks. http://www.livehindustan.com/

some useful words by history creator "Nitish Kumar" on black money.

Bihar Chief Minister Nitish Kumar today said Prime Minister Manmohan Singh's "helplessness" to bring back black money stashed away in foreign banks will encourage corruption in the country.

"The helplessness stemming from Prime Minister's language about the Supreme Court's move to bring back black money stashed away in foreign banks will boost the morale of corrupt people," Kumar said addressing a gathering after laying the foundation stone for development projects for Maoist-hit Jehanabad district under a government programme at Sarkaria village.

He said though the Supreme Court had ruled that black money stashed in banks abroad be brought back, the PM's statement shows that it is a difficult task to reveal names of those who have deposited the money or take steps to bring the money back.

Prime Minister Manmohan Singh had said on January 19 that there was "no instant solution" to bring back black money stashed away in foreign banks and that information made available by foreign banks to the government could not be made public due to treaty obligations.

His statement came in response to the Supreme Court's comment that the Government should not withold the names of those who had indulged in "theft" and "plunder" of national wealth by stashing away black money in foreign banks.

Shocking facts revealed by swiss bank.

"Indians r poor but India is not a
poor country".
Says one of the swiss bank directors.
He says tat "280 lac crore" of Indian money is deposited in swiss banks which can be used for 'taxless' budget for 30 yrs.
Can give 60 crore jobs to Indians From any village to Delhi 4 lane roads.
Forevr free power suply to more than 500 social projects.
Evry citizen can get monthly 2000/- for 60 yrs.
No need of World Bank & IMF loan
Think how our money is blocked by politicians.
V have full right agnst corrupt politicians.
Itna forwrd karo ki pura INDIA padhe.
Take this seriously, u can forwrd jokes, then why not this

Their should be some change for the betterment of our country

Amend laws to bring back black money: Naidu

TDP president N Chandrababu Naidu has demanded that the existing diplomatic laws should be amended to bring the back the black money stashed in tax havens.
Objecting to the statement of Prime Minister Manmohan Singh that the laws would not permit the country to bring back the black money to the country, Naidu said: “this was nothing but inefficiency on the part of the Prime Minister. If needed, the diplomatic laws should be amended to bring back the black money. All the countries, which are facing the problem, should collectively wage a war against countries allowing the corrupt politicians to stash their money in tax havens,” Naidu said.
Naidu was addressing a massive dharna organised today at the Indira Park to protest against the spiraling prices of essential commodities.
Naidu alleged that several politicians, who earned huge money through illegal means in the country, parked their money in Swiss and other banks. “The Congress government is shirking its responsibility to bring back the money, as it feared that names of their big leaders will come to light,” Naidu alleged.
He said that ` 73 lakh crore black money belonging to the country was stashed in tax havens. Corruption is the main evil responsible for the price rise, he added.
He said that the prices of essential commodities have increased from 100 per cent to more than 300 per cent in the last six years.
On the petro-price hike, Naidu demanded the Centre to roll back the prices and the state should reduce the VAT. “The state government should reduce the tax on the sale of petroleum products existed in 2004. Set 2004 tax structure as a cut-off date. Do not increase the taxes, whenever petro prices are hiked,” Naidu said.

For the growth of country we have to first stop the corruption and illegal activities. in the way of removing corruption we have to first bring all the black money of India. regarding the black money some the facts that has been revealed among the world. these are really shocking facts.........


Swiss bank revealed India has more money than rest of the world 

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 pressurize 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 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 ...???? 
if India is doing like this the annual tern over will be less and our market will have to close down (BSE\NSE) 

we have to trace out the black money when the polities have kept ? where there they use ? but they don't have correct tax details . all are illegal only