1 US Dollar equals Indian Rupees:
7.69 Jan. 1973
12.5 Jan. 1985
25 Jan. 1991
50 Jan. 2003
60.36 July 2013
In 40 years since 1973, the rupee has been devalued from Rs. 7.69 to a dollar to Rs. 60.36 to a dollar.
Since its Independence in 1947, India has faced two major financial crises and two consequent devaluations of the rupee: In 1966 and 1991. The present crisis of 2013 is entirely the creation of SoniaG UPA allowing the wealth of India to be stashed abroad.
Restititution of this wealth will immediately result in the appreciation of the value of the rupee vis-a-vis the dollar and be a major contributor to the path of abhyudayam of the nation if the restituted wealth is deployed wisely and for the benefit of the people of India.
Under Article 39 of the Constitution, an ordinance should be issued for nationalisation of illicit wealth of Indians stashed abroad to be used for "distribution of the ownership and control of the material resources of the community to the common good."
Such a dramatic move, comparable to the nationalisation of Private Banks under Indira Gandhi regime will restore the faith of people of India in the democratic system of governance.
Every political party should include an agenda in their manifesto to fight the Lok Sabha Polls to make such a move to nationalise illicit wealth stashed abroad to ensure restitution of this wealth for the benefit of Indians, Indian institutions and Indian financial system.
Kalyanaraman