https://www.youtube.com/watch?t=38&v=UmkX93ljk6o (48:07) Published on Apr 25, 2015
Dr Subramanian Swamy gave an elaborative speech on the Black Money Bill to a standing ovation from an overflowing audience while speaking at a seminar organised by Moneylife Foundation in Mumbai
Introduced by Debashis Basu of Moneylife Foundation, with a remarkable, detailed account of a rare politician Dr. Subramanian Swamy's accomplishments, expertise in economics and impeccable integrity in public/political life.
Mirror: http://www.misleddit.com/p/345daa/
Dr. Swamy makes the presentation in three parts:
1. Description of the Black Money Bill. Kudos to NaMo govt. for setting up SIT
2. Will this bill bring back black money abroad and end blackmoney menace within the country -- no new generation of black money? What is the way to make this happen
3. Why black money is a cancerous development in our economy
On 12 May 2015, Dr. Swamy will lead arguments in Hon'ble Supreme Court.
An estimate of kaalaadhan: Rs. 120 lakh crore rupees, equal to 60 years of IT revenue. 70 countries with secret banking.
The Bill has no measures to bring the kaalaadhan back and incomplete to meet the electoral promise of bringing kaalaadhan back.
It is an IT Bill related to declaration of monies held abroad and de facto amnesty scheme. Amnesty part of the Bill is likely to be struck down.
Four ways traversed by several countries of bringing kaalaadhan back:
1. DTAA Double Taxation Avoidance Act, small part of kaalaadan on exchanging information between sovereign tax authorities. Only future violations will be attracted by this way.
2. Germany and France found out about tax avoidance by their tax payers. They adopted secretive means to get the information on accounts held in tax havens like Leichenstein Bank or Hongkong Shanghai Bank. The CD obtained by Germany listed nationals of 23 countries who held such secret accounts. Only India did not write back to get info. from the CD. SC directed to get those lists and have not been given to the general public but given in a secret envelope to the SC. HSBC had a list of 800 Indians holding accounts.
3. American way. 5671 names of Americans having bank accounts in Credit-Suisse and Union Bank of Switzerland which had branches in Washington. Under Espionage Act, top officers of the banks were arrested and jailed and got the 5671 names. Both banks have branches in Mumbai and such a method can be adopted by India.
4. Fali Nariman's method. Based on 2005 resolution of UN General Assembly on corruption, a section was adopted that if any country identifies a secret banking country and has an ordinance or act passed by Parliament that all citizens having accounts in these 70 countries are nationalised and should be handed to India. This method was adopted for Mubarak and Gadhafi and earlier done for Marcos by Philippines. This preferred method will get back all kaalaadhan within 2 to 3 years.
5. ED has a vast amount of intelligence on who has accounts abroad. Sarasin Bank in Zurich, Pictet Bank in Switzerland had secret bank accounts of SoniaG and RahulG. Info. available with ED. SIT has not so far acted on it and will be presented to SC on 12 May 2015. Macao Bank, Vatican Bank accounts.
Plugging the creation of kaalaadhan. Facilitators of kaalaadhan laundering and biggest generator of kaalaadhan: Participatory Notes (PNs) recommended to be abolished by Tarapore Committee. Utter violation of Know your Client financial propriety principle. Played in the stock market, PNs get encashed into dollars. No capital gains if he one-dollar company is the Mauritius route for such PNs being brought in. Same with Singapore route. How can these small countries provide for more investments than USA in the country's financial markiet.
New economic reforms needed to dis-incentivize kaalaadhan creation: abolition of personal income tax, reducing the number of goods subjected to Excise duty, e-governance.
Demonstration effect of catching the big-sized launderers. Deterrent effect will be phenomenal on small-time kaalaadhan dealers. Catch the big fish and salutary effect will be increase in the honesty levels of the rest.
Greed takes root, corruption becomes inevitable. Our society was based on the principle of respecting those who sacrifice and money is not everything in life or status in society.
Kalyanaraman
Introduced by Debashis Basu of Moneylife Foundation, with a remarkable, detailed account of a rare politician Dr. Subramanian Swamy's accomplishments, expertise in economics and impeccable integrity in public/political life.
Mirror: http://www.misleddit.com/p/345daa/
Dr. Swamy makes the presentation in three parts:
1. Description of the Black Money Bill. Kudos to NaMo govt. for setting up SIT
2. Will this bill bring back black money abroad and end blackmoney menace within the country -- no new generation of black money? What is the way to make this happen
3. Why black money is a cancerous development in our economy
On 12 May 2015, Dr. Swamy will lead arguments in Hon'ble Supreme Court.
An estimate of kaalaadhan: Rs. 120 lakh crore rupees, equal to 60 years of IT revenue. 70 countries with secret banking.
The Bill has no measures to bring the kaalaadhan back and incomplete to meet the electoral promise of bringing kaalaadhan back.
It is an IT Bill related to declaration of monies held abroad and de facto amnesty scheme. Amnesty part of the Bill is likely to be struck down.
Four ways traversed by several countries of bringing kaalaadhan back:
1. DTAA Double Taxation Avoidance Act, small part of kaalaadan on exchanging information between sovereign tax authorities. Only future violations will be attracted by this way.
2. Germany and France found out about tax avoidance by their tax payers. They adopted secretive means to get the information on accounts held in tax havens like Leichenstein Bank or Hongkong Shanghai Bank. The CD obtained by Germany listed nationals of 23 countries who held such secret accounts. Only India did not write back to get info. from the CD. SC directed to get those lists and have not been given to the general public but given in a secret envelope to the SC. HSBC had a list of 800 Indians holding accounts.
3. American way. 5671 names of Americans having bank accounts in Credit-Suisse and Union Bank of Switzerland which had branches in Washington. Under Espionage Act, top officers of the banks were arrested and jailed and got the 5671 names. Both banks have branches in Mumbai and such a method can be adopted by India.
4. Fali Nariman's method. Based on 2005 resolution of UN General Assembly on corruption, a section was adopted that if any country identifies a secret banking country and has an ordinance or act passed by Parliament that all citizens having accounts in these 70 countries are nationalised and should be handed to India. This method was adopted for Mubarak and Gadhafi and earlier done for Marcos by Philippines. This preferred method will get back all kaalaadhan within 2 to 3 years.
5. ED has a vast amount of intelligence on who has accounts abroad. Sarasin Bank in Zurich, Pictet Bank in Switzerland had secret bank accounts of SoniaG and RahulG. Info. available with ED. SIT has not so far acted on it and will be presented to SC on 12 May 2015. Macao Bank, Vatican Bank accounts.
Plugging the creation of kaalaadhan. Facilitators of kaalaadhan laundering and biggest generator of kaalaadhan: Participatory Notes (PNs) recommended to be abolished by Tarapore Committee. Utter violation of Know your Client financial propriety principle. Played in the stock market, PNs get encashed into dollars. No capital gains if he one-dollar company is the Mauritius route for such PNs being brought in. Same with Singapore route. How can these small countries provide for more investments than USA in the country's financial markiet.
New economic reforms needed to dis-incentivize kaalaadhan creation: abolition of personal income tax, reducing the number of goods subjected to Excise duty, e-governance.
Demonstration effect of catching the big-sized launderers. Deterrent effect will be phenomenal on small-time kaalaadhan dealers. Catch the big fish and salutary effect will be increase in the honesty levels of the rest.
Greed takes root, corruption becomes inevitable. Our society was based on the principle of respecting those who sacrifice and money is not everything in life or status in society.
Kalyanaraman