Prof R Vaidyanathan, Estimate Indian Black Money at $1.4 Trillion

Prof R Vaidyanathan, Estimate Indian Black Money at $1.4 Trillion, Sep 01, 2010

Corruption in government is also one of the greatest aides of black money.

– It is no secret that black money has been flowing out of India into Swiss banks and other tax havens.

”There are presumably more than 70 tax havens in the world.

The ill-gotten wealth of Indian businessmen and politicians could be more in Switzerland and various British/US islands,” Prof R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bangalore, and a visiting faculty at Manchester Business School said.

Delivering a lecture on ”Black Money in Indian Economy” here last evening, he said Indian black money worth 1.4 trillion US Dollar (over Rs 70 lakh crore) way over India’s gross domestic product of Rs 43 lakh crore for 2007-08 – was deposited in various foreign tax heavens.

Professor R Vaidyanathan, the Professor of Finance and Control from IIM Bangalore, said that bringing back the trillions of dollars of Indian money kept in tax safe havens like Switzerland is not so difficult. However, he doubted whether the government had the will to do it.

He lined out statistics of ministers’ foreign trips to these tax havens, which is unknown to the Prime Minister’s Office. Prof. Vaidyanathan talked about his suspicions that most of these trips were to these safe locations for stashing black money.

Vaidyanathan urged the Indian government to threaten to destabilize Pakistan if they do not stop their activities against the Indian economy. He said: “Destabilizing Pakistan is actually very easy. The total capital of the Karachi Stock Exchange is less than the turnover of three major Indian companies.”

Alleging that India was not ready to obtain information about the Indian money stashed in Swiss banks though the Switzerland Government was forthcoming in giving all information, Vaidyanathan said ”Germany, the US and many continental countries have got the information from Swiss banks.”

�a ai0 � old world tradition she is illegitimate and so is Rekha who took oath as Rekha Ganesan. Gemini Ganesan never married her mother Pushavalli. But as they say in USA that illegitimate is new normal.

Abhishek Manu Singhvi was alleged to have indulged in sexual act in his official chamber with an advocate and supposedly promised to make her a judge. He is still member of Rajya Sabha and only social media like Face Book and Twitter exposed the so called deviant behavior while as main line media and other politicians kept quiet

The second case is more bizarre. There was a cartoon pornographic portal which portrayed a lustful and ever sexually indulgent lady called Savita bhabhi. She was always having sex with assorted groups like door to door salesmen to neighborhood kids to fashion show referees; the site was located in London. Its owner came out from his assumed name of Deshmukh to the real name of Puneet Agarwal. When his real identity became known, his family and community were aghast and he was forced to stop it.

Pritish Nandy, writer and film producer, wrote in a national daily that “Savita Bhabhi is a symbol of freedom, of empowerment, of the sexuality our women can wield if they are allowed to escape the sham world we Indian men trap them in because of our own fears of sexual inadequacy masquerading as machismo.”

Adman and TV commentator Suhel Seth added that “the fact that she was called ‘bhabhi’ indicates a perverseness that always existed [in India] but we were in denial about.” This is the level of our mental bankruptcy and moronic approach to any social issue. There are many more of this type parading as intellectuals and social activists. These vultures are for the philosophy of anything goes. It is for the TRP and not for any value system.

The family of Puneet Agarwal itself felt that he cannot do just any business just to get a return on investment. That man was shamed by his family and community, but the TRP crowd was in a nauseating brawl with government, regulators and all types of societal values, oblivious that they were shaming themselves.

This trend started with the former Minister of Child Welfare [Renuka Chowdhary] starting a movement to fill up pubs with young girls as some girls were attacked in a pub in Mangalore by some fringe elements. The print media and TV, particularly the MSM variety, made a big issue of it and encouraged young boys and girls to go to pubs and drink. Drinking was made a virtue in the name of freedom and right.

Indian society is accommodative and understands the complexities of human nature. It does not insist on linear behavior.. The supercilious have made a grave error of superimposing Western debate on Indian society.

We think that when shamelessness is equated with freedom and modernity, there is a need for transparency and full disclosure. The denizens, anchors, editors, and correspondents who parade such shamelessness as sacred should disclose whether they belong to such category? Whether they are from happily married families or from broken families? Whether they will encourage their wives and Bhabhis to behave in such fashion since it is a symbol of freedom?

They should also disclose their love life, family life and children who go to school. And provide information if such “freedoms” are encouraged and provided to them. If not, others will put it in the public domain. These anchors and editors cannot get away from personal responsibility and personal behaviour when they speak of societal norms.

It is high time our social media at least expose these vermin who are out to peddle poison as freedom, and perversion as sacred. Let us understand the importance of shyness in some situations, and appreciate silence in many situations. There are still concepts of virtues, shame and perversions, and let it not be forgotten in the TRP race.



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