Sunday, January 30, 2011

[Janshakti] Global Financial Integrity: $104 billion Indian black money in foreign banks during 2000-2008

[Janshakti] Global Financial Integrity: $104 billion Indian black money in foreign banks during 2000-2008

-- Global Financial Integrity reports $104 billion black money has been taken out 
of India between 2000 and 2008. Last years, CWG, 2G, etc don't figure in it. 
Estimates are $2000 billion of Indian black money has taken outside the country. 
The question is, "who is richest in the world?" Choose among Raul Khan (Rahul 
Gandhi), Antonio Maino (Sonia Gandhi), Bill Gates, and two Ambanis together. 
Fool Indians keep on voting for subjugation by foreigners. Few days ago, they 
unfurled Pakistan's flag at Shri Nagar's Lal Chowk, but this goverment won't 
allow Indian flag to be unfurled there on the Republic Day. Sonia is openly 
destroying Hinduism and Bharatiya culture, but Indian slaves keep on touching 
her feet.

 R. Singh 
$104 billion black money taken out of country
Abhijit Patnaik, Hindustan Times
Washington, January 18, 2011
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First Published: 12:08 IST(18/1/2011)
Last Updated: 16:00 IST(18/1/2011)
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A new report by Global Financial Integrity (GFI),a US-based think tank,states 
that illicit financial flows from India between 2000-2008 were approximately 
$104 billion (approx Rs. 4.8 lakh crore). This figure comes close on the heels 
of the Supreme Court instructing government authorities to

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disclose the names of Indians with money deposited in foreign banks, renewing 
the interest in bringing back Indian money stashed in foreign accounts. 

To put it into perspective, the figure is ten times the government of India's 
total allocation to education in 2010-11. 

"Politicians, bureaucrats and businessmen who benefit most from the black 
economy are also the ones in power, hence there is no urgency to check this," 
says Arun Kumar, professor at Jawaharlal Nehru University and author of "The 
Black Economy in India". 

The report ,titled " Illicit Financial Flows from Developing Countries: 
2000-09", states that the proliferation of high net worth individuals in the 
post economic reform period drove these flows, given the absence of an 
improvement in public and corporate governance. Trade liberalization, which 
resulted in more openness, also provided more opportunities for parties to 
misprice trade and shift billions of dollars in illicit capital from the 
India, which was the fifth largest exporter of illicit capital in the 2008 
version of the report, is now ranked 15th among developing countries. But there 
is little reason to cheer. India's improvement in the country rankings has 
nothing to do with policies and conditions required for the curtailment of such 
outflows. Illicit outflows from several oil producers such as the United Arab 
Emirates, Kuwait, Venezuela, Indonesia etc outpaced those from India. There were 
substantial inflows of illicit capital into India that were not accounted for in 
the figures. and Finally, United Arab Emirates and Qatar, which have the sixth 
and ninth highest average illicit outflows respectively, were excluded from the 
2008 report due to lack of data. 

Another report released in 2010 by GFI estimated that from 1948-2008, India has 
lost a total of $462 billion in such illegal flows. Between 1991-2008, 
deregulation and trade liberalization accelerated the outflow of illicit money 
from the Indian economy. Expansion of the global shadow financial 
system—particularly island tax havens like the Cayman Islands and Mauritius 
"Even after over 40 committees, thousands of recommendations and hundreds being 
implemented, the size of the underground economy has grown from 4-5% of GDP in 
1955-56 to 50% of GDP today.This clearly shows weak governance and lack of any 
real political will. A lot of noise is made every time figures like this come 
out, but this is to divert the public's attention" says Kumar. 

"The question on who will bell this cat clearly remains", he added.
Illicit financial flows from India during 2000-2008 were $104 billion as per the 
report by Global Financial Integrity. Allegedly Sonia Gandhi tops the list of 
persons who looted India during this period. Due to this reason U.P.A government 
does not want to disclose the names of those 50 individuals listed in the German 
list given to India. Most of the congress politicians, NCP leaders and top 
businessmen are on the list. 

Like ReplyReply 
* disqusbharatian 2 days ago 
Updated figures per the Swiss Banking Association report 2008. Indian black 
money in Swiss bank is $1891 billion, while Russia has $610 billion, China has 
$213 billion, UK has $210 billion, Ukraine has $140 billion and the rest of the 
world has $300 billion. The account holders are 1 Raul Vinci alias Rahul Gandhi, 
2 Edvige Antonia Albina Maino Alias Sonia Gandhi 3.Sharad Pawar 4 Vilas Rao 
Deshmukh 5 Y Samuel Rajasekhara Reddy 6 M. Karunanidhi 7 Jayalalitha 8.R R Patil 
9Ratan Tata, 10 Dawood Ibrahim 11. Raheja 12. Digvijay Singh etc This list is 
endless and cover Judges, politicians and smugglers, builders, terrorists. There 
was a report that Rahul Gandhi met Dawood Ibrahim in one such financial 
arrangement in Swiss bank. 

with absolutely no development in Kashmir, where all the allocated money have 
gone. The khans mentioned in the bank account revealed must be the father and 
daughter of kashmir.Guess who are they 

6 people liked this. Like ReplyReply 
* riaz kashmiri 5 days ago 
Believe me, actually it is worse than this! 
Your own 1% elites are making fools of 99% Main Street and treating you all as 
slaves, please believe me 

4 people liked this. Like ReplyReply 
* soumalya 6 days ago 
and this under corrupt cong govt.guess they did not stop looting the country 
after all.what else could be expected from a family dynasty? Mike
* I really worry about poors. I don't have much funds but I still donate $ 100 
per month through Vision Asia.

Palash Biswas
Pl Read:

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