| Topic : Creative Improvisation: Key To Indian Innovations |
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Activity:
Question posted: 10 06 2010 12:54:42 +0000,
39 answers, 3971 views, last activity
08 16 2011 12:02:24 +0000
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According to a survey - "Indian Black Money in Swiss Bank" In 2006, the most recent Global Financial Integrity study, shows that the average amount stashed away from India annually during 2002-06 is $27.3 billion (about 136,466 crore). It means that during the five-year period the amount stashed away is 27.3x5=136.5 billion (about 692,328 crore). It is not that all these amounts went to Swiss banks. It has gone to different tax and secret shelters. The share of Swiss banks in dirty money being a third of the global aggregate, some $45 billion out of the 136.5 billion stashed away from India would have been hoarded in these years in Swiss banks. The important point is that this is only for five years. More amounts were stashed away during the Nehruvian regime. So the loot for 55 years will be several times higher. In fact, in those days the rupee commanded a better value per dollar. So fewer rupee could get more dollars. So the estimation that the Indian money stashed away may be of the order of $1.4 trillion (about Rs 71 lakh crore).
Here my question is this is a very few crores we cant even imagine for the total Black money,,,in India ... Please suggest the ways (possible) to get this money back or convert it into White...
If all that money comes back to India, the consequences can be disastrous. I think, its better off for that money to be where it is. The present financial structure of the country may not be able to sustain such huge liquid cash to be in any Banks. And primarily, such a thing of that money coming back to India may not be actually possible. Sir Hans Rudolf Merz of the Swiss had already requested the PM in this matter and I have not heard about any advancements so far concerning the issue of black money.
And I am not very sure of that 80% of Black money coming back to India during the elections at any time. We do not have a real Idea of what is already INSIDE this Country. The other thing being, the development of the country should rather not be linked with the Black money coming back to India. Even if it had come back to the country, would not really benefit the poor in any way is what I fear and I hope bringing back such huge amounts of money would not cause Inflation.
And about Government ceasing all the politicians' Black money can be possible only when some body can identify quantifiable amount of Money from the individual politician and prove it legally that it is his illegal money or property or any body for that matter.
And this can be only mythical. I am sorry, but in the present reality, that is the Truth. Growth being the need of the hour, it would be better if We all use productively the time available in thinking towards it.
Thank you.
I apologize for the late response to this.
Some of us here agree not to bring any money into the country. I was reading an article by Warren Buffett. It is nothing about India or its Corruption as such but he highlighted a brilliant point regarding the economic condition (and I think its a lesson that we in our country must learn. We copied the Law from the world, though we have the brains to manufacture new technology we borrow it.. We have borrowed many very good things, good, not so good things from the outside world.) Let us look at what he says for a moment. The following line has a meaning and a tonne of weight to it.
"If you make money from money, tax bills are lower; if you earn money from job, it's higher", he says. Instead of trying to get money though our own from the ones who don't want to give it, we can create more opportunities with in India. Kumar Mangalam Birla in his article on ET some days ago said that India is lagging behind because we are not producing anything indigenous. We are copying the inventions blindly. Most of us do not or sometimes cannot(incapable) of thinking out side the box/room/situation.
This is one big reason why our leaders are corrupt. They are corrupt not because they want to be corrupt but they are lazy to look around. We as a collective group of individuals are making them corrupt because we do not question. Or we put the wrong question to the wrong person and make a scene out of it when he/she fails to answer. We pick wrong people for the right job.
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. Why talk about the corruption of the country. Let us talk about running a small company of your own. Imagine you have built a small scale company which manufactures soaps which runs with 20 employees. You are doing considerably well with the business. It is time for you to expand/change your location. In any case, when you were to appoint a branch manager(Not even an AVP), How many people would you like to interview? In that interview, how many questions and tests would you like to put to every single individual that you call for the interview?
It is a small scale company which you just started.. You are so very careful. Imagine you go for an IPO. You would be much more careful and your involvement and seriousness increases exponentially in case you are planning to go global.
Now, imagine you are running an organic group of individuals of over 110 crores and systems, Geographies, Demographics, business segments, resources, plans and options, how much more careful you as an individual are supposed to be...
If you are not, what will happen to the organization? It will be infested with malice, distress, dis harmony, etc,. etc,. That is what is happening to our country now. We are very very negligent in choosing our leaders. We are negligent about everything that there is in the system. We are not responsible, yet we complain of black money, corruption, disease and war. Who dares to go against the will of 100 crores of population when they are intelligent, educated, healthy and most importantly when they are together. Who would??? Now, the question is how on Earth is this harmony can be brought about. Answer to this. Answer to it. Let us all be responsible and realistic.
Can we do it ?
@sreekrishna well can it be brought back in stages?,however the decision lies with higher authorities and those who have it
Perhaps Mr. Anna Hazare can help in this matter as otherwise no leader will be interested to start probe for Swiss Bank Accounts. It can be done forcefully only.
same as we are taking our money back from our customers one is legal ways take proper action find out only Indians whose having bank Accounts out on India and working in India rade by income tax as per the money range second one either you give or i will take govt make a circular if we find any one Account out of India with out permission and information we will arrest the person and capture his all money in India and abroad
This is a serious note. As for the common man we had to do the job to earn but it is really painful when I saw that the amount of Black Money is 1.5 trillion.
India is never a poor country due to some greedy people the poor are getting poorer. We should force the Government to bring the Black Money back and support the person who are fighting for this cause. Please people respond so that everyone can unite together.
Lets the number count.
I am the 34th person here for requesting government to bring back the black money.
"it's only known to our politicians"
and thats what you call a typical indian question .......how to convert black money into white.. ???
In India, Anything doing for himself only not for country. when they start to do something for country then they can change and we can achive the goel.
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Ok, readin all the arguments below, and been in different states as I belong to a family of deffence background, I would like to add my views here, I surely agree that no one from our ancestor had taken efforts during 1950's when they were establishing... |
if its true then we stand no where to stop it, and its natures will, I think its better to start living than worrying for the end, |
hey darshana thanks... keep sharing.. |