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PostPosted: Thu Nov 18, 2010 2:59 pm 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
Indians top Swiss bank's black money list-
Demands of bringing back Indian black money deposited at Swiss Bank have been raised in the past several times but it will get further boost with the latest revelation.

According to the Swiss Bank Association, Indians have topped the list of black money depositors at the famous Union Bank of Switzerland (UBS).

Indians have deposited 65 thousand 223 billion amount in the Swiss Bank. Surprisingly, Communist countries like Russia and China are also in the list of leading depositors.

Russia stands second in the list while China has grabbed the 5th position.

In the general election 2009, BJP leader LK Advani and yoga guru Baba Ramdev had raised the issue of black money deposited in Swiss bank.

But it is the first time when the exact amount has been revealed by the Swiss Bank Association.

If Indian government manages to bring this amount back, it will be a major boost for country’s economy as far as foreign currency is concerned. But it will be a mammoth task for the Central government to bring back the money.

After the disclosure, it will be interesting to see what action will be taken by the Indian government in this regard.

However, experts believe that it will also raise the inflation if such a huge amount comes to India. Experts suggest that government should invest this black money in the share market and other development projects.

Ironically, in a country like India where several people die of poverty and starvation every year, such a huge amount is being transferred to Swiss Bank.

Government should put pressure on Swiss Bank Association for details of the depositors, so culprits should be brought to justice.

http://english.samaylive.com/nation-new ... -list.html

Last edited by kmoksha on Thu Nov 18, 2010 3:01 pm, edited 1 time in total.

PostPosted: Thu Nov 18, 2010 3:00 pm 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
http://www.lost2angels.com/2010/10/19/w ... wiss-bank/

PostPosted: Thu Nov 18, 2010 5:38 pm 
Site Admin

Joined: Wed Nov 04, 2009 9:47 pm
Posts: 38
Can anyone put a link to DIRECT quote from Swiss bank/govt official that Indians have Rs X in swiss banks?

PostPosted: Thu Nov 18, 2010 10:16 pm 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
This is an estimate made by Prof. Vaidyanathan and World Bank

http://election.rediff.com/interview/20 ... he-top.htm

and this is an link from economic times-

http://economictimes.indiatimes.com/art ... 580223.cms

The link below will tell you that 1.4 trillion dollars worth Indian black money was lying in the swiss banks in 2006...

Read the last para in the report -
Money lying in Swiss banks may hit markets via P-notes- Analysis-Markets-The Economic Times

Updated figures per the Swiss Banking Association report 2008

Deposits In Swiss Bank ~

Top 5
India---- $1891 billion
Russia----- $610 billion
China------ $213 billion
UK-------- $210 billion
Ukraine ----------- $140 billion
Rest of the world ----$300 billion

Source: Swiss Banking Association report 2008

PostPosted: Fri Nov 19, 2010 12:31 am 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
India`s total external debt as of 2009 is Rs. 12 lakh crore.
http://www.economywatch.com/indianecono ... ation.html

India`s loans during 2009-10 is Rs. 4 lakh crore.

India`s total receipts during 2009-10 is Rs 6 lakh crore.

India`s planned expenditure during 2009-10 is Rs 3 lakh crore.

India`s unplanned expenditure during 2009-10 is 7 lakh crore.

Total budget during 2009-10 is 10 lakh crore.

Why is India`s unplanned expenditure so high?

Our former prime minister, Rajiv Gandhi said that 85% of budget goes in corruption, that is 8.5 lakhs crore went away in corruption.


One trillion dollars equals to 50 trillion rupees equals to 50 lakh crore rupees.
which is said to be the amount lying in Swiss banks.
If you consider that total budget in one year is 10 lakh crore and in more than 60
years will be 400 to 500 crores.
Then , the reported Swiss bank money is only 10% which is quite possible. I think the black money in Swiss banks should be more considering Rajiv Gandhi`s statement.

Even if we are able to reduce this non planned expenditure and stop taking loans, it will do us a lot of good.

Last edited by kmoksha on Fri Nov 19, 2010 4:03 pm, edited 2 times in total.

PostPosted: Sun Nov 21, 2010 9:50 pm 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
Please see this link-
http://www.gfip.org/storage/gfip/execut ... 1-5-09.pdf
These are estimates of illegal money flowing out of India yearly from 2002-2006
which are estimated to be USD 22,000 million.

Considering this volume over more than 60 years, the value of one trillion USD seems true.
India lost 462 bln dollars through tax evasion, crime and corruption since 1948: Report-
http://in.news.yahoo.com/139/20101119/3 ... h-t_1.html

Rahulbhai, how can we stop this money from going out of the country and
if we suceed to stop the present outflow of one lakh crore rupees going out, will we not able to put that in development?

PostPosted: Mon Nov 22, 2010 3:43 pm 
Site Admin

Joined: Wed Nov 04, 2009 9:47 pm
Posts: 38
kmoksha wrote:
how can we stop this money from going out of the country and
if we suceed to stop the present outflow of one lakh crore rupees going out, will we not able to put that in development?

We should reduce income tax, and focus more on to wealth tax. Please see chap-25 of 301.pdf . Also, when a person is taking dollars out of India, he is selling goods or lands in India, We should prohibit sale of land to foreigners. This will reduce wealth from going out.

PostPosted: Wed Nov 24, 2010 5:59 pm 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
Who will probe first family's billions?: New Indian Express


Updated on Friday, May 01, 2009, 00:00
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New Delhi, May 01: Mrs Antonia Maino (aka Sonia) Gandhi has finally broken her silence on the Indian slush money abroad. She told her party workers in Mangalore on April 27, 2009 that "the Congress was taking steps to address the issue of untaxed Indian money in Swiss banks".

The delayed response of the first family of the Congress party, troubled by the issue from the word go, is understandable. But, the Swiss money has already become an electoral issue.

That is what has finally forced the family to speak so that the party is not any further seen as being in denial and cynical about the Indian slush funds abroad. It is the family's silence, and the party's denial, that turned the issue into an election agenda. Shorn of the allegations normal in election time, all that L K Advani had said on March 29 was this: 'Mr Prime Minister, vigorously take up the issue of Swiss type secret banking and tax havens in the G20 meeting of April 2'.

Had the PM told Advani that that was precisely what he was intending to do, that would have been the end of the BJP effort to make an issue of it. A Congress party, unburdened by its first family's anxieties, would have done precisely that, particularly when elections are round the corner. But neither the PM nor the party officials would dare do that. Why? Read on for the underlying drives.

The first family has other, perhaps bigger, reasons to worry, apart from about the Bofors slush money. Two more stunning exposures — but not as well-known as the Bofors scam — make the first family a target for investigation on slush money. Now on to the heart of the story which has three limbs.

The shocking exposure came from Switzerland itself. The most popular magazine of Switzerland, Schweizer Illustrierte, [dated November 11, 1991] did an expose of 14 politicians of developing nations who, it said, had stashed their bribes in Swiss banks. The title of the expose in German read “Fluchgelder — Die Schweizer Konten der Dictatoren”.

In English it meant, “Curse of money — The Swiss bank accounts of the Dictators”. Rajiv Gandhi figured in the expose as one with slush funds in secret accounts. Schweizer Illustrierte is not some rag. It is the Number One Swiss magazine and sells some 2,10,000 copies. Its readership is 9,18,000 — some 15 per cent of Swiss adults. The magazine had mentioned specific amounts in secret Swiss accounts of different leaders with their pictures alongside.

The report under the picture of Rajiv Gandhi, translated into English, read: "2.5 billion francs on the Indian secret accounts in Switzerland" of "Rajiv Gandhi, Indian". Today the amount of 2.5 billion Swiss Francs equals 2.2 billion US Dollars. But as Rajiv was no more by then, it must become the family inheritance. The other leaders captured by the magazine were: Suharto of Indonesia (25.5 billion), Haile Selassie of Ethiopia (22.5 billion), Mobutu of Zaire (6 billion), Shah Pehlvi of Iran (5.7 billion), Saddam Hussein of Iraq (800 million), and Nicolas Ceausescu of Romania (500 million). The figures of slush money mentioned were in milliarden (meaning ‘billions’) units of Swiss Francs. Had Rajiv been alive then, the expose would have caused a political tsunami in India.

The box item above shows the pictures and the amounts of the leaders as appearing in the magazine.

More than the slush money charge it is the family's silence about it, which is baffling. The number one magazine in Switzerland had made the damning charge that Rajiv Gandhi had left behind slush funds of $2.2 billion and yet the family has kept mum for 18 years now. How could any honest person tolerate such a serious charge? Well, one could say that the family might not have challenged it because it was published in far away Switzerland. But Dr Subramanian Swamy had included the Schweizer Illustrierte expose in his write-up “Do You know your Sonia?” in his party, the Janata Party, website, seven years ago, in 2002. It is still on the Party's website. Photocopies of the expose in the Swiss magazine are shown at pages 51 to 53 of Dr Swamy's write-up; also an e-mail from the magazine addressed to Dr Swamy on February 22, 2002 at page 50. The e-mail confirms what the magazine had reported.

PostPosted: Wed Nov 24, 2010 6:00 pm 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
September 21, 2005
Sonia Gandhi's Reluctant War on Terror

http://www.americanthinker.com/2005/09/ ... _on_1.html

By N. S. Rajaram

[The first of two articles]

India, along with Pakistan, is one of the key battlegrounds in the struggle against Islamist terror for the future of civilization. The largest democracy in the world, India has suffered its own severe Jihadist terror attacks, albeit little—reported in American mass media. However, the position and influence of one person, Italian—born and female, may adversely constrain India's ability to play its role to the fullest degree in combatting this worldwide threat.

Sonia Gandhi is one of India's most influential politicians, but her power and positions are little—known overseas. She is the leader of the Congress Party that leads the coalition government presently in power in India. Though not a formal member of the government headed by Prime Minister Manmohan Singh, she is probably India's most influential politician.

While Pakistan's General Musharraf is comparatively well—known to Americans, what little they may know about Sonia Gandhi is limited to the fairy tale romance of her marriage to Rajiv Gandhi, the scion of India's most powerful political dynasty. Considering her position in Indian politics and India's key role in the war on terror, this is a highly unsatisfactory situation. This article and its second part are written to fill this void.

According to official records, Sonia Gandhi was born Antonia Maino in December 1946 to working class parents in Orbassano, Italy, an industrial suburb of Turin. Very little is known of her early life before she met Rajiv Gandhi in Cambridge in 1965, and married him in 1968. They both moved to New Delhi and took up residence with Rajiv's mother Indira Gandhi who was then prime minister of India.

Rajiv, then working as a commercial pilot, seemed to have no political ambitions at the time. Indira Gandhi's assassination in 1984 at the hands of Sikh militants drastically changed the picture. It vaulted Rajiv to the position of India's prime minister as his mother's successor. Sonia suddenly found herself one of the most privileged women in the world.

Rajiv Gandhi's five—year term as prime minister was rocked by corruption scandals over kickbacks in what is known as the Bofors deal, involving the purchase of howitzers for the Indian Army. The scandal resulted in his defeat in the 1989 elections. His administration was also embroiled in a costly military adventure in Sri Lanka. It was Rajiv Gandhi's Bay of Pigs, but with a deadly outcome. In May 1991 he was blown up by Sri Lankan LTTE suicide bombers, non—Islamist terrorists who long have bedeviled South Asia.

The loss of two of her closest relatives, her husband Rajiv and her mother—in—law Indira Gandhi, to sectarian violence seems to have left a permanent scar on her and may account for her extreme reticence on the subject of Jihadi terrorism.

Her husband's untimely death left Sonia Gandhi extremely wealthy. The true extent of her wealth became known only when the Soviet archives were thrown open following the collapse of the Soviet Union. KGB archives revealed that as far back as 1982, when Indira Gandhi was still prime minister, Soviet trading agencies were channeling funds into a company controlled by her son and future Prime Minister Rajiv Gandhi.

This was brought to light by the Harvard Russian scholar Yvgenia Albats in her book The State Within A State: The KGB and Its Hold on Russia. The Swiss newsmagazine Schweizer Illustrierte (November 11, 1991) provided more details. Citing newly—opened KGB records, it reported that Sonia Gandhi, widow of the former Prime Minister Rajiv Gandhi, was controlling a secret account worth 2.5 billion Swiss francs (about 2 billion dollars at current exchange rates) in a Swiss bank in her minor son's name. This was reported also by the Indian columnist A.G. Noorani in 1998.

In addition to assets in foreign banks worth in the billions of dollars, Sonia Gandhi controls at least as much within India, in the form of trusts, funds and foundations in the names of Nehru and Gandhi. Soon after Rajiv's assassination, a sympathetic nation voted her a billion rupees (about 22 million dollars at today's exchange rate) to set up a foundation in her husband's memory. All this gives her the power to dispense political favors and patronage on a vast scale.

Sonia Gandhi today has two major assets: identification with the greatest political dynasty in India — the Nehru—Gandhis — and enormous wealth. She is not related to Mahatma Gandhi. Rajiv was Nehru's grandson. The Gandhi name comes from Nehru's daughter Indira's marriage to Feroz Gandhi, unrelated to the Mahatma. The impact of the Nehru—Gandhi name in India, especially to earlier generations, may be compared to that of a hypothetical Washington—Jefferson dynasty to Americans 200 years ago.

The source of Sonia Gandhi's power today is her great wealth rather than the name. The Congress Party she heads is not now the force it once was in India. Her own performance after she entered politics ten years ago has been lackluster. She twice tried to assume power as prime minister but failed on both occasions.

In 2004, after President Abdul Kalam declined to invite her to form the government, she claimed that she is not interested in power but only in serving the country. This is belied by facts. In 1999, when the government lost its majority, she approached the then President K.R. Narayanan with the false claim that she had enough support in the parliament to form a government. The President rejected her claim.

Following her second failure, she chose the distinguished economist and former chief of the Reserve Bank (India's Federal Reserve) Manmohan Singh to head the coalition government. But even without official position, as the leader of the largest coalition partner, she wields considerable power in the government headed by her hand—picked Prime Minister.

Sonia Gandhi's main responsibility is to keep the coalition together. This means keeping her alliance partners happy. As a result of this peculiar arrangement, she finds herself in the situation of power without responsibility and responsibility without power. Within the Congress Party, she has total power but no responsibility, as she is not a member of the government. As the coordinator of the ruling coalition, she has the responsibility for keeping it together, but with no power over the Communists and other non—Congress parties and leaders.

Thus, for all her enormous resources, she is unable to control other members of the coalition. They can at any time withdraw support and bring the government down. This means she cannot afford to take a stand against her principal allies who keep the coalition afloat. Her largest allies are the Communists and regional satraps from the two most populous states— Bihar and Uttar Pradesh. These two states contain significant Muslim populations. They can exert pressure on Mrs. Gandhi through their power brokers whose support she cannot do without.

In a strange way, Mrs. Gandhi finds herself in a position quite similar to General Musharraf's. Just as Musharraf has to keep his Islamist allies happy, Sonia Gandhi too feels that she has to keep her Muslim power brokers happy in order for the government to survive. She and her family now enjoy security guards provided by the government. She will lose this protection once the coalition government falls. This has made her soft in the face of provocation by Islamic fundamentalist forces. This vulnerability and its potential impact on the global war on terror is something that Americans need to know and understand. Part 2 will examine this influence of private citizen Sonio Gandhi.

N. S. Rajaram divides his time between Bangalore, India and Oklahoma City.
on "Sonia Gandhi's Reluctant War on Terror"

PostPosted: Tue Nov 30, 2010 2:30 pm 

Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
Telecom Minister A Raja has been indicted by the CAG in the 2G spectrum scam, which resulted in a loss of about Rs 170,000 crore (Rs 1.7 trillion), says a report in The Economic Times.

The report submitted to the Prime Minister's Office nails Raja for gross mismanagement in the 2G allocation.

Raja ignored the advice of the finance ministry, the law ministry and the Telecom Commission while allocating the spectrum, says the CAG report.

The report also slams TRAI for being a 'helpless spectator'. It also indicts the Department of Telecom for flouting eligibility norms.
Last month, the Supreme Court slammed the Central Bureau of Investigation for its "slipshod" investigations into the 2G spectrum allocation scam, in which the alleged role of Telecom Minister A Raja has come under the scanner, saying "the same minister is still continuing today".

"You (CBI) have not done anything. The matter is serious. The same minister is still continuing today. Is that the way the government functions?" the Supreme Court asked.

When asked about the SC report, "I do not want to talk on whatever happened in the Supreme Court as the matter is now sub-judice and it is not proper for me to comment," Prime Minister Manmohan Singh said.
Earlier in June, Communist Party of India (Marxist) demanded sacking telecom minister A Raja at least during the period of the probe.

Alleging that the exchequer has lost a staggering Rs 190,000 crore (Rs 1.9 trillion from the 2G spectrum), senior CPI (M) leader Sitaram Yechury said the issue of 2G spectrum licence to private telcos "lacked" fairness and transparency.

"If we use the recent 3G auction price to benchmark the spectrum price for 2G as Trai has recently suggested, the loss is of the order of a whopping Rs 190,000 crore," Yechury said, adding Raja's argument that 2G was priced at a low Rs 1,650 crore (Rs 16.5 billion) per operator with a view to keep the prices of services to the consumer low "does not hold water".
The opposition parties have been demanding the resignation of A Raja since 2009.

Calling it the largest scam in independent India, the Bharatiya Janata Party in 2009 said there were irregularities in allotting wireless radio spectrum and licences by the telecom ministry to nine private operators in 2007.

The government had in 2007 recommended an 'open licence regime'. "Applications for telecom licences were invited setting Oct 1, 2007, as the deadline. An artificial cut-off date, Sep 25, 2007, was created and applications received between Sep 25 and Oct 1 were summarily rejected. Rules of the game were changed after the game had begun," the BJP charged.
The BJP alleged that "all friendly applicants, mostly real estate companies, had been advised to put in their applications before Sep 25".

The licences and the spectrum allocation were then allotted to nine operators at a price of Rs 1,650 crore (Rs 16.50 billion) per operator. This price was not taken on the basis of the 2007 market value but on the basis of an auction held in 2001.

The value of the licence and spectrum in 2007 could not be the same as in 2001 as the telecom market has grown phenomenally during this period.
The CPI (M) said that the United Progressive Alliance government had given away scarce spectrum at a fraction of the market price leading to heavy revenue losses to the nation and that Raja must quit.

However, Raja has continued to refute allegations of wrongdoing and also denied his role in a telecom spectrum scam.

He stated that the licenses and spectrum had been allocated in conformity with the government's telecom policy.
After bagging the licences in a biased allocation process, the companies, Swan Telecom sold 45 per cent stake to the United Arab Emirates-based Etisalat group for Rs 4,195 crore (Rs 41.95 billion), Unitech Wireless sold 67 per cent to Norway-based Telenor group for Rs 6,120 crore (Rs 61.20 billion).

Chennai-based STel group allegedly sold 49 per cent to Betel for nearly $225 million, while Shyam Teleservices sold 70 per cent to the Russian firm Sistema.

The government allowed new licensees to sell their stake without any roll-out obligations. Raja is now attempting to dilute the issue by a fresh three-year lock-in period clause.

Turkcell, a leading Turkish telecom company and Europe's third largest operator, is in talks to buy 51 per cent stake in Datacom Solutions. The CPI(M) has pointed out promoters of the companies allocated spectrum on 'first come first served' basis are either unknown or shadow companies or even real estate firms!
http://www.rediff.com/business/slide-sh ... 101110.htm

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