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Thread: India 'loses $500bn to tax havens

  1. #16
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    Switzerland more corrupt than India?

    Where is corruption most rife: in India, the country from which, depending on your estimate, between $500bn and $1.5tr in illicit funds have been spirited overseas since 1947; or the countries in which those funds are deposited?
    That was the question raised by AP Singh, the head of India’s Central Bureau of Investigation, in a speech to the first-ever Interpol Global Programme on Anti-Corruption and Asset Recovery, which opened in New Delhi on Monday. Singh pegged the amount of illegal Indian money held abroad at $500bn, or nearly 30 per cent of India’s 2010 GDP.
    According to Transparency International’s Corruption Perception Index 2011, the answer to our question is clear. In TI’s ranking from best to worst, India clocks in at 96 out of 192 countries, while Switzerland sits pretty at number nine. (New Zealand tops the list, perceived as the world’s least corrupt country.)
    But Singh took issue with that ranking while discussing the nature of corruption and graft: does the recipient of stolen goods – in this case, tax haven countries like Switzerland, the Cayman Islands and Dubai – bear any responsibility for the theft? Is Switzerland, where Singh said Indians were the biggest foreign depositors, any less responsible for the “black money” it holds for powerful Indian politicians, industrialists and billionaires than India?

    http://blogs.ft.com/beyond-brics/201...#axzz1mNYiHFRL

  2. #17
    Amiable Scoundrel Corrupt's Avatar
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    Quote Originally Posted by hulaku View Post
    This is the fact.

    The only reason Indians move money into Swiss banks is because it is what we call "black money" ie money on which no tax is paid.

    It is only about tax dodging and nothing else.

    Most of these transactions are "Hawala" money.
    http://en.wikipedia.org/wiki/Hawala
    Wrong. Tax dodging (both legal and illegal) is just one reason. There are other legitimate reasons for using offshore accounts.

  3. #18
    Senior Member twinblade's Avatar
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    Quote Originally Posted by Corrupt View Post
    Wrong. Tax dodging (both legal and illegal) is just one reason. There are other legitimate reasons for using offshore accounts.
    There are legitimate reasons, no doubt, but a lot of Indians prefer banks from countries with strict privacy laws that do not divulge information about their customers. That money, usually obtained by avoiding taxes, large scale corruption and fraudulent business practices, is reinvested in the Indian stock markets via shell companies, more money is made and the endless cycle goes on.

  4. #19
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    Quote Originally Posted by joethesixpack View Post
    If the money is earned outside of India, where the tax should be paid- in India or the country where the profit was made. How to difine the origin of profit? It is easy just pair everybody as a tax cheat without investigation.
    There are certain tax agreements with between India and certain Nations regarding these. It covers where the tax has to be paid, wether the tax has to be paid?? this is for some Gulf countries where there are no taxes. But there are a lot of grey areas.

  5. #20
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    Quote Originally Posted by sunnysandy View Post
    There are certain tax agreements with between India and certain Nations regarding these. It covers where the tax has to be paid, wether the tax has to be paid?? this is for some Gulf countries where there are no taxes. But there are a lot of grey areas.
    Keep Switzerland out of your tax etc. mess.
    Check it out.
    http://www.businessworld.in/business...e-Sept-FM.html
    What is more interesting "....
    Mukherjee said India's Tax Information Exchange Agreement (TIEA) with four sovereign entities, namely Bahamas, Bermuda, British Virgin Islands and Isle of Man was already in force....". So it's not about ival swiss, but about incompetence and complacency of indian authority who don't really bother using available information.
    Check out how thing should be done:
    http://www.bloomberg.com/news/2011-1...mer-names.html

    And please stop with these fantasies about "privacy" and stuff.
    Anything which goes through SWIFT, can not be private. I doubt that these indians also use their money in Bermudas.

  6. #21
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    Quote Originally Posted by DS73 View Post
    Keep Switzerland out of your tax etc. mess.
    Check it out.
    http://www.businessworld.in/business...e-Sept-FM.html
    What is more interesting "....
    Mukherjee said India's Tax Information Exchange Agreement (TIEA) with four sovereign entities, namely Bahamas, Bermuda, British Virgin Islands and Isle of Man was already in force....". So it's not about ival swiss, but about incompetence and complacency of indian authority who don't really bother using available information.
    Check out how thing should be done:
    http://www.bloomberg.com/news/2011-1...mer-names.html

    And please stop with these fantasies about "privacy" and stuff.
    Anything which goes through SWIFT, can not be private. I doubt that these indians also use their money in Bermudas.
    Your article says that information will be shared by Swiss banks prospectively not retrospectively. So tax dodgers who have deposited their money before September 2011 are safe. Also black money is mostly sent abroad through means like Hawala so SWIFT does not come into play.

    And this is not just an Indian concern.

  7. #22
    Senior Member DS73's Avatar
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    Quote Originally Posted by sohaminator View Post
    Your article says that information will be shared by Swiss banks prospectively not retrospectively. So tax dodgers who have deposited their money before September 2011 are safe. Also black money is mostly sent abroad through means like Hawala so SWIFT does not come into play.

    And this is not just an Indian concern.
    This goes about banks, not justice agencies .
    "Prospective" means "has account". "Retrospective" would mean "ones had account", ever. It's about accounts not transfers obviously.
    Hawala or not Hawala money should enter SWIFT at some step and identified. Money path also can be traced, of course you need clever detectives to do that but your country has enough smart people. Right?

    National banks, while not making much noise about, do keep keen interest on the money which enter or exit their countries.
    The problem lies not in Swiss, tax heavens etc. but in the capacity or in the lack of such to inforce legal actions. Did you read the links I've provided? Americans get money back, and make swiss less comfortable to accept gray money coming from USA. Nobody forbids India to do the same. But in reality your goverment doesn't want to publish names of tax evadors not talking about punishing them. Your country in theory has all necessary information. In theory because there are people who claim that sometimes noone can tell if some transaction was taxed or not, especially in case of big money. Quite an acheavement for some big country in XXI century.

    But of course barking on Switzeland would make your country richer....

  8. #23
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    At the end of the day being taxed on your savings is downright fkin pathetic .. money that you have rightly earned ...

    I would rather have tax free banking in the UK .. as it stand if the Goverment wants growth and people to spend there money they ain't gonna have if you tax there fukin savings ..

    As well the rest .. .

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