Retrieve Indian Money Stashed Abroad:
Pulimood, Trivandrum: 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.
| The need to get back the Indian money stashed abroad.Prof. Vaidyanathan was lecturing on “Effect of Black Money In The Indian Economy” at the monthly lecture conducted by the Bharatiya Vichara Kendram. “When the recession struck the west, countries tried to get the money their citizens had stacked away in tax havens. India should also put pressure on these places to get back their share. Countries like Switzerland have a huge investment in our country. We should ask them to cooperate or face the consequences,” he said. 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.He said: “When the German government announced that they had procured a list of people who had hidden their wealth in one of these places, and it was available for free, most of the countries were interested in getting it. India was not interested.”
Vaidyanathan said that the counterfeit notes being printed in Pakistan was a big issue faced by India. He said: “Corruption in government is also one of the greatest aides of black money. Once, the finance ministry revealed that an amount of 150 crore rupees in counterfeit was seized from a hi-profile person. I sent this document to a lot of our leaders and no one was interested. Pakistan is printing these currencies to destabilise the nation. Kerala is also fast becoming a prime location for changing black money into white money.”
Vaidyanathan urged the Indian government to threaten to destabilise Pakistan if they do not stop their activities against the Indian economy. He said: “Destabilising Pakistan is actually very easy. The total capital of the Karachi Stock Exchange is less than the turnover of three major Indian companies