NaMo,
Seize the moment. Now many nations of the old G7 are in financial doldrums and are seeking to enforce decisive action against tax havens under UN Conventions on ani-corruption, moneylaundering and financing terrorism.
Bharat should not be seen to be pussyfooting on looters of the nation's wealth. The loot from 1947 has reached intolerable proportions and proved to be larger than the colonial loot. Enough is enough.
There is NO reason why accounts should be held in various convertible currencies outside the nation's financial system.
The nation's financial system has come of age with internet facilities and swift money transfers to meet the needs of financial management of any individual or Bharatiya Multinational companies with business interests outside Bharat.
It should be made mandatory that all entities should be made to operate currnency accounts within the nation's financial and banking system. If there is a specific and urgent need for temporary holding of say upto one week ONLY in a banking unit outside the nation, this transaction should be justified to the RBI and to Enforcement Direcorate of Govt. of India.
DO NOT pursue kaalaadhan under DTAA (Double Taxation Avoidance Agreements). Keeping money outside the nation's financial system should be declared a CRIME and TREASONABLE. Only exceptions as permitted by RBI and ED should be tolerated FROM NOW ON.
Give notice to all foreign account holders operating the accounts to hold illicit wealth outside the nation's financial system that the monies should be brought back into the nation's financial system ON OR BEFORE 15 April 2015. This notice should be stated upfront in the Budget 2015 Financial Bill.
The operative moves should NOT be under DTAA but under UN Anti-corruption convention, money laundering, countering financing of terrorism and drug trafficking. These Conventions have the sanction of International Law.
Any moves being made by visits to Swiss and other tax haven capitals should not be seen as a lack of resolve on the part of Govt. of India to eradicate the kaalaadhan menace within the next few months.
This should be a move comparable to the ordinance issued by the then PM Indira Gandhi nationalising Private Banks. All money earned by citizens of Bharat are monies earned for the benefit of the people, Bharatam Janam and it is the dharma of every Bharatiya to hold the wealth within the nation's financial system to promote VIKAS under the Directive Principles of State Policy (DPSP). Indira Gandhi cite DPSP when she announced nationalization of Private Banks.
NaMo should do the same in 2015 Budget Speech.
Time for action is NOW without dithering any further. SIT headed by Justices MB Shah and A Pasayat have given clear and unequivocal directions to GOI to declare KAALAADHAN a CRIME and not a tort (civil wrong).. Kaalaadhan is uncivil, anti-national and a crime. The message should go forth that NaMo governance of Swarajyam Bharatam achieved in May 2014 is loud and clear: ZERO tolerance for kaalaadhan.
There are enough legal luminaries and financial experts in the nation who can draft the appropriate writes-up in the Budget 2015 Financial Bill to achieve the restititution of wealth of Bharatiyas held illicitly in institutions outside the nation's financial and banking systems.
One last point. TIME is of the essence of this social contract with Bharatam Janam. You have seen the mounting anger of the youth of the nation against the intolerable levels of corruption eating into their hard-earned wealth. Please, please do not disappoint the youth of the nation with any wishy-washy 2015 Budget.
You made repeated statements in your campaigns that NO NEW LAWS ARE NEEDED. We have a whole littany of laws. We need to enforce them and ensure that the looters end up in Tihar jail. Budget 2015 is enough as a financial legal instrument to make the restitution of illicit wealth happen. Declare the intent unequivocally. That message will ring forth in all tax havens and particularly reach to the Politically Exposed Persons (PEPs) who are recognized and defined precisely in the UN Conventions which have the force of International Law.
Sure, pursue case by case, start with Hasan Ali loot and convince the Hon'ble SC that action is vigorously ongoing. This case by case approach is NOT enough. Time for proclamation of the imperative of protecting the nation's wealth has come. We have no time to lose. We have miles to go to get to the fair share of the world GDP which we had in 1 CE. (See Angus Maddison bar chart).
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Dhanyavaadaah.
Kalyanaraman
Seize the moment. Now many nations of the old G7 are in financial doldrums and are seeking to enforce decisive action against tax havens under UN Conventions on ani-corruption, moneylaundering and financing terrorism.
Bharat should not be seen to be pussyfooting on looters of the nation's wealth. The loot from 1947 has reached intolerable proportions and proved to be larger than the colonial loot. Enough is enough.
There is NO reason why accounts should be held in various convertible currencies outside the nation's financial system.
The nation's financial system has come of age with internet facilities and swift money transfers to meet the needs of financial management of any individual or Bharatiya Multinational companies with business interests outside Bharat.
It should be made mandatory that all entities should be made to operate currnency accounts within the nation's financial and banking system. If there is a specific and urgent need for temporary holding of say upto one week ONLY in a banking unit outside the nation, this transaction should be justified to the RBI and to Enforcement Direcorate of Govt. of India.
DO NOT pursue kaalaadhan under DTAA (Double Taxation Avoidance Agreements). Keeping money outside the nation's financial system should be declared a CRIME and TREASONABLE. Only exceptions as permitted by RBI and ED should be tolerated FROM NOW ON.
Give notice to all foreign account holders operating the accounts to hold illicit wealth outside the nation's financial system that the monies should be brought back into the nation's financial system ON OR BEFORE 15 April 2015. This notice should be stated upfront in the Budget 2015 Financial Bill.
The operative moves should NOT be under DTAA but under UN Anti-corruption convention, money laundering, countering financing of terrorism and drug trafficking. These Conventions have the sanction of International Law.
Any moves being made by visits to Swiss and other tax haven capitals should not be seen as a lack of resolve on the part of Govt. of India to eradicate the kaalaadhan menace within the next few months.
This should be a move comparable to the ordinance issued by the then PM Indira Gandhi nationalising Private Banks. All money earned by citizens of Bharat are monies earned for the benefit of the people, Bharatam Janam and it is the dharma of every Bharatiya to hold the wealth within the nation's financial system to promote VIKAS under the Directive Principles of State Policy (DPSP). Indira Gandhi cite DPSP when she announced nationalization of Private Banks.
NaMo should do the same in 2015 Budget Speech.
Time for action is NOW without dithering any further. SIT headed by Justices MB Shah and A Pasayat have given clear and unequivocal directions to GOI to declare KAALAADHAN a CRIME and not a tort (civil wrong).. Kaalaadhan is uncivil, anti-national and a crime. The message should go forth that NaMo governance of Swarajyam Bharatam achieved in May 2014 is loud and clear: ZERO tolerance for kaalaadhan.
There are enough legal luminaries and financial experts in the nation who can draft the appropriate writes-up in the Budget 2015 Financial Bill to achieve the restititution of wealth of Bharatiyas held illicitly in institutions outside the nation's financial and banking systems.
One last point. TIME is of the essence of this social contract with Bharatam Janam. You have seen the mounting anger of the youth of the nation against the intolerable levels of corruption eating into their hard-earned wealth. Please, please do not disappoint the youth of the nation with any wishy-washy 2015 Budget.
You made repeated statements in your campaigns that NO NEW LAWS ARE NEEDED. We have a whole littany of laws. We need to enforce them and ensure that the looters end up in Tihar jail. Budget 2015 is enough as a financial legal instrument to make the restitution of illicit wealth happen. Declare the intent unequivocally. That message will ring forth in all tax havens and particularly reach to the Politically Exposed Persons (PEPs) who are recognized and defined precisely in the UN Conventions which have the force of International Law.
Sure, pursue case by case, start with Hasan Ali loot and convince the Hon'ble SC that action is vigorously ongoing. This case by case approach is NOT enough. Time for proclamation of the imperative of protecting the nation's wealth has come. We have no time to lose. We have miles to go to get to the fair share of the world GDP which we had in 1 CE. (See Angus Maddison bar chart).
Dhanyavaadaah.
Kalyanaraman