achilles Posted February 9, 2011 Posted February 9, 2011 8 billion is peanuts. He's worth a hell lot more than that.
Sachin=GOD Posted February 9, 2011 Posted February 9, 2011 India: $ 1.4 trillion :hahaha: Thats bullshit. Seriously' date= who believes this number here ? :wall: it might be more but most certainly won't be less than this figure.
punjabi_khota Posted February 9, 2011 Posted February 9, 2011 Any guesses abt what India's GDP is ? :rotfl:
Holysmoke Posted February 9, 2011 Posted February 9, 2011 Any guesses abt what India's GDP is ? :rotfl: oops :hysterical: OK, i was ok with the amount being ridiculous, but more than the gdp :(( Ya, now that figure seems like :hehe:
Sachin=GOD Posted February 9, 2011 Posted February 9, 2011 Any guesses abt what India's GDP is ? :rotfl: http://www.iretireearly.com/1-4-trillion-indias-black-money-stashed-in-swiss-banks.html India is at the top of this list of black money in Swiss banks.................and last year our GDP was $1.4 trillion.
urbestfriend Posted February 9, 2011 Author Posted February 9, 2011 oops :hysterical: OK, i was ok with the amount being ridiculous, but more than the gdp :(( Ya, now that figure seems like :hehe: Its not surprising that India's black-money is greater than India's GDP. 1.5 trillion is Black-money stashed away in only Swiss Bank, this could be much more than this. This is not the money stashed away in one year to compare it with GDP. This is the result of corruption/tax evasion which is happening unabatedly since 70's during Indira Gandhi's period. I was reading through "scoop" by India's acclaimed journalist Kuldeep Nayar where he gives an insight of corruption which started in Indira Gandhi's period. Especially during those lincese-raj days when Tax was 50%+,I think tax evasion could've been prevalent. And also kickback in governmental work is going on since early 70's and swiss banks have always been safe tax haven to keep these black money. Just imagine, if this guy Hasan Khan alone has 8 Billion in swiss bank which is almost 1% of total black-money, I dont think this no is exaggerated.
vaibhav_delhi Posted February 9, 2011 Posted February 9, 2011 it might be more but most certainly won't be less than this figure. yeps, if 1 guy had 8.4 billion, the 1456 billion for whole of india is not so hard to imagine.
punjabi_khota Posted February 9, 2011 Posted February 9, 2011 Dunno man, really hard to believe that number. On a related note, what's keeping one of these banks to close down one day and run with the money :D ...a few people could buy a whole country of their own with that amount. What will the Indians do in this case? Complain to the govt. of India ?
vaibhav_delhi Posted February 9, 2011 Posted February 9, 2011 Dunno man, really hard to believe that number. On a related note, what's keeping one of these banks to close down one day and run with the money :D ...a few people could buy a whole country of their own with that amount. What will the Indians do in this case? Complain to the govt. of India ? black money is greater than GDP. Quite plausible. ther is lots of FII n FDI in india too. can india simple run away with that?? it cant happen tht way.
Sachin=GOD Posted February 9, 2011 Posted February 9, 2011 Govt spells out measures to unearth black money stashed abroad NEW DELHI: Black money parked in tax havens abroad will be taxable income under the Direct Taxes Code Bill, the Centre told the Supreme Court today, spelling out a host of measures to retrieve it. The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement (TIEA) with 10 countries where the money is believed to have been stashed. The ten countries are Bahamas, Bermuda, British Virgin Island, Isle of Man, Cayman Island, British island of Jersey, Monaco, St Kitts and Nevis, Argentina and Marshall Island. It said Cabinet approval has been granted in relation to eight of these agreements. "It is submitted that the central government has proposed new provisions for unearthing black money in the Direct Taxes Code Bill by defining taxable assets as inclusive of the deposits in banks located outside India in case of individuals and such bank deposits not recorded in the books of account in case of others," an additional affidavit filed by the Ministry of Finance said. The affidavit comes in the wake of searching questions posed by a bench of justices B Sudershan Reddy and S S Nijjar on a PIL filed by eminent jurist Ram Jethmalanai and others, seeking retrieval of black money stashed in banks abroad. The government said it has initiated the process of negotiations with 65 countries to amend the existing Double Taxation Avoidance Agreement (DTAA) and broaden the scope of the article concerning exchange of information. It admitted that it did not conduct any fresh study on black money so far due to the reason that credibility of any estimate of such money was doubtful and transactions by their very nature were "unrecorded, unreported, complex and layered." "However, keeping in view the recent international and domestic developments, a study has now been proposed to be conducted by the Finance Ministry for a thorough assessment/survey of unaccounted income/wealth both inside and outside the country, particularly bringing out the nature of activities engendering money laundering with its ramifications on national security." The government submitted that in view of the stringent measures required to deal with undisclosed foreign bank accounts and cross-border transactions, the Central Board of Direct Taxes has asked the Income Tax authorities that in specified categories of cases, prosecution proceedings may be initiated immediately after completing the assessment or reassessment. "It is submitted that once prosecution is launched in such cases, the information will be available for use by other law enforcement agencies and will also become available in the public domain," the affidavit added. Link
punjabi_khota Posted February 9, 2011 Posted February 9, 2011 black money is greater than GDP. Quite plausible. ther is lots of FII n FDI in india too. can india simple run away with that?? it cant happen tht way. Kuch bhi compare karega ab ? FDI and FII is a legal investment, and who ever invested that money has done so keeping in mind the laws of their country. Whereas this money in swiss accounts is not legal investment since no taxes were paid to indian govt...hell the people whose names come up deny it, so there can't be any recourse if the money is gone forever.
vaibhav_delhi Posted February 9, 2011 Posted February 9, 2011 Kuch bhi compare karega ab ? FDI and FII is a legal investment, and who ever invested that money has done so keeping in mind the laws of their country. Whereas this money in swiss accounts is not legal investment since no taxes were paid to indian govt...hell the people whose names come up deny it, so there can't be any recourse if the money is gone forever. swiss banks to reputed hain!! its like foreigners depositing their illegal money say in icici bank, which is also a reputed private bank. can you imagine icici bank running away with money just like that? infact, its safer and more tractable to have money in a foreign bank account rather than having it as FII in various offshore companies.
urbestfriend Posted February 9, 2011 Author Posted February 9, 2011 Kuch bhi compare karega ab ? FDI and FII is a legal investment, and who ever invested that money has done so keeping in mind the laws of their country. Whereas this money in swiss accounts is not legal investment since no taxes were paid to indian govt...hell the people whose names come up deny it, so there can't be any recourse if the money is gone forever. Mate, If I understand correctly USP of swiss banks are Credibility and confidentiality. Major part of Switzerland's economy comes out of banking business which thrives on these two factors, Why on earth Bank lose their businesses by running away with this money? Moreover how does it matter for a bank in Switzerland whether tax paid in India or not? They are bound by Laws of switzerland which gives sufficient protection for the money invested in their banks.
vaibhav_delhi Posted February 9, 2011 Posted February 9, 2011 Mate, If I understand correctly USP of swiss banks are Credibility and confidentiality. Major part of Switzerland's economy comes out of banking business which thrives on these two factors, Why on earth Bank lose their businesses by running away with this money? Moreover how does it matter for a bank in Switzerland whether tax paid in India or not? They are bound by Laws of switzerland which gives sufficient protection for the money invested in their banks. looks like he doesnt still have online access to his account and goes to his bank branch to get his passbook filled every week.
kabira Posted February 9, 2011 Posted February 9, 2011 What government should do is Tell all the ppl who have black money to bring that money back to india, they can keep 20% and it will become white money, rest goes to Government. They also should not be charged. These way everyone is winner. Those who don't do it, only go after them. Quite a few years ago I think it was Rao Government or may be even before that, Manmohan Singh as a finance minister came out with a Government Bond, where ppl having black money can convert it to white money by investing in this bond. It was big hit back then
Sachin=GOD Posted February 10, 2011 Posted February 10, 2011 I've just seen on a news channel that Hasan Ali has Rs 50000 crore Tax outstanding :omg::omg:
Desi Cartman Posted February 11, 2011 Posted February 11, 2011 I feel so poor :(( TBH I am not surprised with the figure. Only one scam under one ministery has been exposed and its in 1000s of crores so imagine all the bribes and black monies stacked ONLY by the politicians.
coffee_rules Posted February 18, 2011 Posted February 18, 2011 Good news today... ----------------------------------------------------------------------------------------------------------------------------- I-T dept estimates Rs 40,000cr penalty against Hasan Ali MUMBAI: Hasan Ali Khan, the Pune-based stud farm owner alleged to be the country's biggest tax evader, appeared before income tax authorities on Friday following summons issued to him for alleged tax evasion. An I-T official maintained that the penalty against Hasan Ali could be in the region of around Rs 40,000 crore. :woot: Khan, who was "absconding" for about two years, arrived at the assessment wing of the income tax department here around noon and was there for about five hours, IT sources said. "Recovery and penalty proceedings are going on and the penalty runs into several thousand crore rupees," said a senior income tax official. The latest summons to Khan which prompted his appearance was served on Monday, the official said, adding he could be called again. In January 2007, the IT department had raided Khan's residence at Koregaon Park in Pune and seized documents that showed he allegedly had $8.04 billion in a UBS account in Zurich. The raid followed information that Khan had allegedly concealed his income and not filed tax returns since 1999. The department had also raided his properties in Mumbai and Hyderabad. According to the Enforcement Directorate(ED), as of December 8, 2006, Khan had $8.04 billion in the UBS account. The ED figure was sourced from a 2006 letter by a UBS wealth management executive which had said "Khan can withdraw $6 billion and was free to invest this amount as and when he chooses to do so and that the balance amount of $2.04 billion would remain bound with UBS until January 15, 2007, after which Khan was free to invest the same as and when he chooses to do so." The ED in Mumbai also issued a nation-wide alert in connection with Khan's dealings to obtain information about his investments and transactions in the country. The ED and the Income Tax department along with the Economic Offences Wing (EOW) of Maharashtra are probing the illegal investments and charges of money laundering against Khan. The ED, according to sources, now wants to obtain all possible information from various state and central law enforcement agencies about the finances of Khan in its probe to track his money trail. On February 11, the Supreme Court had asked the Centre to ensure that Khan did not leave the country in connection with the black money case. The UBS bank had, however, on February 16 issued a statement denying any business relationship with Khan. Read more: I-T dept estimates Rs 40,000cr penalty against Hasan Ali - The Times of India http://timesofindia.indiatimes.com/india/I-T-dept-estimates-Rs-40000cr-penalty-against-Hasan-Ali/articleshow/7522617.cms#ixzz1EKjU5It2
coffee_rules Posted February 18, 2011 Posted February 18, 2011 Good news today... ----------------------------------------------------------------------------------------------------------------------------- I-T dept estimates Rs 40,000cr penalty against Hasan Ali MUMBAI: Hasan Ali Khan, the Pune-based stud farm owner alleged to be the country's biggest tax evader, appeared before income tax authorities on Friday following summons issued to him for alleged tax evasion. An I-T official maintained that the penalty against Hasan Ali could be in the region of around Rs 40,000 crore. :woot: Khan, who was "absconding" for about two years, arrived at the assessment wing of the income tax department here around noon and was there for about five hours, IT sources said. "Recovery and penalty proceedings are going on and the penalty runs into several thousand crore rupees," said a senior income tax official. The latest summons to Khan which prompted his appearance was served on Monday, the official said, adding he could be called again. In January 2007, the IT department had raided Khan's residence at Koregaon Park in Pune and seized documents that showed he allegedly had $8.04 billion in a UBS account in Zurich. The raid followed information that Khan had allegedly concealed his income and not filed tax returns since 1999. The department had also raided his properties in Mumbai and Hyderabad. According to the Enforcement Directorate(ED), as of December 8, 2006, Khan had $8.04 billion in the UBS account. The ED figure was sourced from a 2006 letter by a UBS wealth management executive which had said "Khan can withdraw $6 billion and was free to invest this amount as and when he chooses to do so and that the balance amount of $2.04 billion would remain bound with UBS until January 15, 2007, after which Khan was free to invest the same as and when he chooses to do so." The ED in Mumbai also issued a nation-wide alert in connection with Khan's dealings to obtain information about his investments and transactions in the country. The ED and the Income Tax department along with the Economic Offences Wing (EOW) of Maharashtra are probing the illegal investments and charges of money laundering against Khan. The ED, according to sources, now wants to obtain all possible information from various state and central law enforcement agencies about the finances of Khan in its probe to track his money trail. On February 11, the Supreme Court had asked the Centre to ensure that Khan did not leave the country in connection with the black money case. The UBS bank had, however, on February 16 issued a statement denying any business relationship with Khan. Read more: I-T dept estimates Rs 40,000cr penalty against Hasan Ali - The Times of India http://timesofindia.indiatimes.com/india/I-T-dept-estimates-Rs-40000cr-penalty-against-Hasan-Ali/articleshow/7522617.cms#ixzz1EKjU5It2
CSK Fan Posted February 19, 2011 Posted February 19, 2011 Dunno man, really hard to believe that number. On a related note, what's keeping one of these banks to close down one day and run with the money :D ...a few people could buy a whole country of their own with that amount. What will the Indians do in this case? Complain to the govt. of India ? LMAO, you talk as if all the money in the banks is in cash. The baks wont even have a fraction of that money in cold cash/materials. Most of it will be in circulation
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