Could you guess the fall out of the double-tax treaty signed with the Swiss government by India?

This was expected to happen when the subject of leak of lists started. Many discerning critics had spoken as highlighted in select media, including Tehelca!

The govt is buying time because it is itself manned by the suspects hoarding large amount of black money and feeding the parallel economy run by speculators, scamsters and anti socials! The fist family of the biggest national party itself has been indicted of having large deposits in the Swiss and other tax havens and they had least reacted to clear the cloud surrounding them in and beyond our territory, at global level! How would the govt act? Is it not run by bureacrats subordinate to the dubious leaders at the helm?!

The govt is only pretending to take some action disinterestedly to cheat people. The official data quoted by the source should either be contested or seriously followed up, once the media had exposed the grim situation. But neither the opposition nor the major media had still come out with their protests! May be an expert article appear leisurely in the sunday magazines and left with that!

After all the major media people are no Aam Aadmi walleh! They would be big investors, perhaps with significant deposits in some of the tax havens, who knows? If not why not they come out with their protests to Govt to explain the serious discrepancies in finacial figures threatening to jeopardise our economy?!

Bala and you could read and understand. we are here with hidden identities.

Kotak securities will be closed own and equitymaster ( is that Ajit Dayal's site?) will be burnt .

Pity, you people bring in Anna, Raja , hasan ali into this. an indian mind starts in an ocean and ends up in a mountain spring.

anna has own agenda, raja was a foolish agent, hasan ali is areal guy !!!

This country is flooded with so much black money since 1947 that swiss money is a droplet and LKA dries out his throat for that.

what about land mafia, smugglers, fixers....... they run this country !

In an article in Feb 2011, Tehelca said:

The German government had paid as much as €5 million, or $7.4 million, for information on German account holders in Liechtenstein on a disk provided by an informant to the German Federal Intelligence Service, or BND.

After this, Germany and England had launched massive investigations into the suspected tax evasions and have since prosecuted dozens of their citizens on charges of tax evasion and concealment of income.

The German Government alone had initiated action against over 600 of its tax payers.

Besides taking action against its own citizens, the German Government had also shared this information with other countries including India.

-----------

Contrast the proactive German Govt that got the list of tax evaders, with our govt that had not even used the details given by the Germans to launch action on the basis of the list, even after two years!

Prime Minister Manmohan Singh was saying: "Investigations are on" Just like the raids on the Raja and the Maran's houses after years of the leak of their scams! Nothing would be found tangibly!

so had it happened with Swiss as revealed in the article cited by you!

said the Tehelca further:

But the Indian names figuring in LGT Bank list are only a tip of the iceberg. Experts estimate that Rs 65 lakh crores of ill-gotten wealth earned by Indians is stored in Swiss banks alone.

According to R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bengaluru, the average amount stashed away by Indians in offshore tax havens between 2002 and 2006 was $136.5 billion. “These illegal funds lying in tax havens are not just related to the issue of tax evasion. It is capital flight from India and part of a corrupt nexus between politicians, bureaucrats and corporate companies,” says Vaidyanathan.

In yet another article (interview) Tehelca quotes the former Punjab DGP, Mr KPS Gill went to court on the issue of black money being stashed abroad:

There was a time in our recent history when the taxation regime was unfair to those earning high incomes. That is when, I think, money started being sent out through over-invoicing, under-invoicing and other illegal means. But that was just one aspect. However, what started out as an attempt to escape being taxed heavily is assuming more dangerous forms.

Now black money in secret accounts constitutes blatant money laundering and huge amounts of it is being used to fund terrorist activities against India. The use of this money for such purposes seriously jeopardises India’s security.

My guess is that the government will be more interested in getting the money back without much criminality being attributed to those who have stashed such money abroad. The government would be looking to get the money and investing it in infrastructure projects in India. They would also be wary of passing legislation that may discourage investors from outside India from pumping in money in development projects.

Then it will have to be ensured that when the money is back, it is invested carefully so that it does not lead to inflation and price rise in the economy. In this matter I see the Supreme Court more competent in handling the issue. The court can set up a committee to suggest ways of getting back this money without affecting the economy adversely.

Hassan Ali case - Why is that man not being prosecuted?

Because there is no proof. His money is also linked to some politician or the other. Proving it becomes the problem. Those who are corrupt know the system and use it to circumvent and cheat.

The money has to be recovered. But a difference has to be made between tax evaders and criminals who are hurting the country.

------------

similarly lot of experts have been writing about timely and tactful action to retrieve the money but govt had not been either proactive or even reactive to the voice of critics and experts!