04-30-2008, 02:40 AM
'Corruption is now official for Congress party'
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->But thereâs no indication at all that the Manmohan Singh government has approached the German government for looking at that data. Is he not aware or has he forgotten about the wealth hoarded by Indians in the areas of commerce, politics, arts, entertainment, even the military, in foreign banks for the last five to six decades? How can he, as a former RBI Governor and Indiaâs Finance Minister, be unaware when it is common knowledge that trillions of dollars of Indian money are lying in various tax havens, such as Antigua, Switzerland, Bahamas, Liechtenstein, Isle of Man, St Kitts, and so on?
<b>R Vaidyanathan, Professor of Finance and Control, IIM, Bangalore, believes the amount involved, according to back-of-the-envelope calculations, can be at least ten to twelve times our current GDP. This will run to several trillion dollars, which can be used to write off the loans of all marginal farmers of the entire world. </b>
Tragically, our PM only very recently asked the finance ministry to inquire into the operations of sovereign wealth funds in India after the RBI Governor suggested that India should consider setting up its SWF. He and the RBI Governor seem strangely acting oblivious to the fact that in places like Leichtenstein lie the real sovereign wealth of our country belonging to billions of our poor. That is our Sovereign Wealth Fund, already existing and waiting to be tapped only if the UPA top brass is willing and the Opposition is not sleeping.
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<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->But thereâs no indication at all that the Manmohan Singh government has approached the German government for looking at that data. Is he not aware or has he forgotten about the wealth hoarded by Indians in the areas of commerce, politics, arts, entertainment, even the military, in foreign banks for the last five to six decades? How can he, as a former RBI Governor and Indiaâs Finance Minister, be unaware when it is common knowledge that trillions of dollars of Indian money are lying in various tax havens, such as Antigua, Switzerland, Bahamas, Liechtenstein, Isle of Man, St Kitts, and so on?
<b>R Vaidyanathan, Professor of Finance and Control, IIM, Bangalore, believes the amount involved, according to back-of-the-envelope calculations, can be at least ten to twelve times our current GDP. This will run to several trillion dollars, which can be used to write off the loans of all marginal farmers of the entire world. </b>
Tragically, our PM only very recently asked the finance ministry to inquire into the operations of sovereign wealth funds in India after the RBI Governor suggested that India should consider setting up its SWF. He and the RBI Governor seem strangely acting oblivious to the fact that in places like Leichtenstein lie the real sovereign wealth of our country belonging to billions of our poor. That is our Sovereign Wealth Fund, already existing and waiting to be tapped only if the UPA top brass is willing and the Opposition is not sleeping.
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