Monday, March 15, 2010

L.K Advani wants to get back black money from Swiss accounts

Here is your chance to comment in the blog and urge Mr Advani to generate pressure on the government to recover lost assets rightfully belonging to the Indian people. Corruption is the root cause of disproportionate assets in India and this is a way to fix it. Here is a link to Mr Advani's blog. Apart from Switzerland there are hundred other places where one can launder money. In this age of the internet it is not hard to know where all money can be stashed. Just the other day UBS released a statement of data theft of account names and numbers which were stolen by an employee. HSBC reported a similar theft few days ago. In this age there is no privacy and employees can be easily swayed by easy money to get hold of critical account data. Banks will try to tighten security policies and restrict access but to a motivated data thief, getting few megabytes of data is a cake walk.

We are going to see a lot of skeletons tumble from the black money cupboard. Its not a question of 'IF, its a question of 'WHEN'.

13 comments:

Anonymous said...

This Black money must be brought to India as it belongs to India and its citizens. The money would be of great help in India's progress and social welfare.
Alongwith bringing the black money back following steps also must be taken to avoid creation of black money.
1) Prevent corruption and have strict laws and punishments for anybody found accepting bribe etc.
2) Slowly phase out Rs. 1000/- denomination. Big denominations like Rs. 1000/- makes it easier to deal in cash and creates black money. Largest denomination should be Rs. 500/-
3) Land and Real Estate purchase records must be stored online and Real Estate must be strictly regulated by a Real Estate Regulator and a new Real Estate Framework. Because Real Estate and Land dealings are the biggest creators of black money.

Anonymous said...

What about prostitution/ Their rates must be fixed and regulated.All transactions must be by DD with receipt.
Also film starlets rates must be published and must be resonable ( A illion per night ,then it is only for superrich!) ....as lot of netas do bhadavagiri we must have minipimp ( minister of pimping!)

Pandurang said...

Who is going to bring the money hoarded in swiss banks ? Advani ?

He is playing a electoral gimmick. The people who promise to bring swiss money are the people hoarding it. What makes anybody think that these guys will donate the money to the nation out of patriotism. Even if someone is able to bring part of it to India, there are umpteen people ready to grab it and stack it back in their account in some offshore banks.

Who know how many billions advani family has deposited in this banks.
As I see it, only some sort of social revolution and harsh punishment might put an end to black money. In US tax evasion attracts harsh prison sentences and therefore very few people take the risk of having a clandestine bank accounts and when these people are caught, most of theit assets are consficated for enterprise corruption and spend their life time in US prisons

Pandurang said...

Let us take a small hypothetical example of the real estate black money portion. A new posh Raheja complex in Malad in Mumbai has 500 apartments and the average price of an apartment is 1.2 Cr, out of which 40% black. Each apartment has generated $1m black.e total amounts to $500m black ($Half billion). After bribing the politicians, reserve babk, income tax depts etc, the builder will be still left with at least $ 300 m black. Part of it he pumps to offshore banks and the rest pump into the indian market to generate further black.

In a third country like ours with a per capita of $2000, apartments cost in excess of a million dollar whereas a in a developed country you may be able to get it for 10% of the price you pay in India.

Hamara Bharat Mahan!!

Jai Hind , Jai Sonia, Jai Advani and Jai corruption

Pandurang said...

Let us consider the quality of apartments in Mumbai which sell for 1.2~ 1.5 cr . I'm an unlucky owner of such an apartment in Malad. My apartment is supposed to be 1400 sq ft but barely i have 800 s ft living space that includes the toilets. There are no built in wardrobes and the washrooms are cramped.

The scenery from my balcony is fantastic.During the day light I see people defecating, men/women/children in the open ground in front of the building. Night time., I get the stench of Khadi combined with hydrogen sulfide.

There is a common swimming pool and the builder has been maintain g it so far. Once the society takes over, I dont think anybody will use it for fear of contracting water borne diseases.

To make it short, I'm proud to say that I own an posh apartment surrounded by slums and open defecating grounds

Anonymous said...

Pandurag, What prompted you to buy such an apartment ?

Anonymous said...

tall promises by the builders, I am sure.

Vinod Baptist said...

Heres my attempt at spreading some information about why it doesnt make sense to buy at the current prices.

http://housingbubbleindia.blogspot.com/2010/03/housing-bubble-in-india.html

Have also created a mailing list on yahoo groups. Please join the group by sending a mail to

housingconsumerinterest-subscribe@yahoogroups.co.in

The plan is to self help and educate other buyers.

Laloo Prasad Yadav said...

rcieHi Vinod Baptist ..
why are trying to snatch customers from Vik. Here Vik also doing the same.. ( spreading the awareness)..
if u really want to do some thing... post ur analysis or information from other sources...
don't confuse the readers too much...

Vik said...

No problems Laloo Yadav. As long as Vinod makes rational arguments it is good. However I would caution users before releasing their true identity and personal information to yahoo groups. There are reports that even the FBI is using fake facebook id's to gather information. So protect your personal information as much you can

Pandurang said...

@Anonymous 1.38pm

I sold my inherited 1 b/r kitchen at shivaji park and with that money bought this shitty place. Everyone said that was a good idea but i this is the worst decision i've made in my life and will keep on regretting until rest of my life.

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