The detour is highly profitable, as it ensures zero taxation! But on matters of administrative lapses and lack of transparency there cannot be any different views. What else could explain why successive governments have been soft on terrorists, especially investigating their source of funding, their ability to park money, as well as their established routes to launder money into, as well as away from India? Interestingly the Coal Mines Nationalisation Act 1973 allows captive mining in certain cases. . This site is like a library, you could find million book here by using search box in the widget. Corruption in varying degrees is worldwide. Welcome to the Socialist, Democratic, Secular Republic of India. Infraction of law is half the problem.
It is to be noted that capital flight has impacted several developing countries for the past few decades. The collective conscience of the nation got agitated for a mere Rs 64 crore Rs 640 million. The finance minister who maintained a stoic silence then blessed the deal as the Union home minister. And unless we break this cycle, it is impossible to win our war on poverty. It is a matter of time that courts will be compelled to comment on their silence too.
Naturally, this has set the Yamuna on fire. And the capital gains tax rate in Mauritius is nil. Obviously, the end game of a money laundering exercise is to ensure that money is cleansed of its criminality. With the stamp of approval of the Supreme Court we can dare say that we have legislated tax evasion to perfection. It had a very successful Public Issue in early 2010. With a persuasive, passionate and powerful style of writing the author demystifies the challenges confronting India and Indian economy in a manner that is comprehensible even to the layman. It is the most outlandish corruption story one has ever heard in India — bribes for the 2G Spectrum deal were routed through cheques to a media company owned by the first family in Tamil Nadu.
And instead of proceeding against them for such massive infraction of law practiced by them, successive governments have repeatedly offered our grandmasters tax amnesty schemes and have sought to bail them out. Who benefits by squatting on such allotments? The Toynbee like sweep of the subjects dealt by Venkatesh in a precise, succinct and incisive manner makes this book a compelling read. Therefore, given the prevalent state of affairs in the country, it is indeed inexplicable that someone should be jailed for allegedly receiving graft of Rs 200 crore. In the process, several questions remain unanswered to this day on the 2G scam. The branch manager told me that their branch provides treasury operations, but the truth is that there is no economic reason for using Jersey for such purposes, and in reality this branch is purely located in Jersey to facilitate capital flight, tax evasion and top end corruption.
May be it is a strategic retreat. In the process one of the most articulate, well educated and our efficient minister seems to get it wrong yet again. To me the Criminal Procedure Code, the Evidence Act, the Prevention of Corruption Act as well as the existing legal architecture are more than sufficient to punish the guilty. Unable to understand the issue, media does not question him. Bhagat Singh, Manik Sarkar and Devi Lal are three personalities of different eras who can inspire and guide us. And all these licences were to be awarded, hold your breadth, at the 2001 prices! In short, all the pillars of the Constitution, the legislature, executive and judiciary along with the fourth, the media, seem to be severely compromised and affected by the virus of corruption. India, a country of scams? With the benefit of hindsight it can be safely stated that there is a very clear pattern in the manner in which these products were marketed, structured and sold by financial players.
Let us not forget that the popular perception in the country is that behind every successful scam lies a chartered accountant. In all these future negotiations, we could well end up second best. Son of the sage Vibhandaka, Rishyashringa was brought up by his father in perfect seclusion in higher Himalayas. Similarly, I do not approve of the manner by which Team Anna has gone about ramming its version of Lokpal on Parliament. Nevertheless, he too cautions that this should be done in a transparent manner. However, this debate, unfortunately, is not related merely to the extent of the loot stashed in tax havens abroad. Africa, where real interest rates are generally low, take much longer to adjust than where real interest rates are generally high Latin America, Turkey.
Similarly, federal investigating agencies in most countries are structurally incapable of unearthing frauds, if any, of such magnitude. This is how the first-come-first-serve rule laid by the telecom ministry was brazenly flouted by the telecom ministry itself. Similarly, pressure could have been increased on the government to ensure that the government announces an action plan on how it proposes to bring back our looted wealth from various tax havens. Will they vote out delinquent Council members in these elections? It is a different matter all together that the naivete, and to some extent the greed, of the business units across continents came in handy. In short, it is a vicious cycle that has a debilitating impact on the development of a nation as well as a systemic impact on its economy and national security.
Unitech, for instance, claimed that it set about building a team of Indian telecom professionals to build the company, its network, its business processes, offices, distribution channels — in short do everything for launching a successful telecom operation. Bringing back laundered wealth into mainstream economies as good clean money is crucial to ensure that such money is put to profitable use. His clenched fists and grinding teeth were a dead giveaway. Beginning from a high level secretary to low ranking officers in the telecom ministry, anyone could have prevented this loot. In fact, given the profound implications of the Supreme Court Order, it is impossible from now 14on for the Union Cabinet to escape from the fallout. It required active as well as passive connivance of someone within the establishment.
And for all these policy disarray Dr Singh cannot, in my considered opinion, escape the charge of being willy-nilly party to this mess if not the loot. Yet most of the outgoing Council members are contesting in the forthcoming elections. But this alone could not have ensured this scam in all its dimensions. My fear is that Lok Pal will be the next on the list of institutions that will be rendered impotent by a ruthlessly efficient polity that makes even Machiavelli look like a primary school kid. The issue unfortunately is not about the lack of political will in fighting corruption. In short, Dr Singh, the architect of reforms, has in effect been the architect of this model of economic reforms. It is well known that in the world of currency movements, the future is never an extension of past.
Scams have indeed become a way of life in India. Are central bankers a mute witness to a game played in a rigged casino? The gargantuan corruption in India takes us to the issue of money laundering and parking of it in tax havens. It is the cause of our poor infrastructure, both rural and urban. No wonder, like Jerry, the taxpayers go to extraordinary lengths to outsmart Tom, the taxman. Do chartered accountants realize this? The answers, as usual, remain inconclusive. This is what happens when rootless wonders, power brokers and alien agents manipulate constitutional shortcomings and capture power. Some got a bank guaranteed in Mumbai arranged on January 10 and submitted it in Delhi on the very same day! Strangely, the Lokpal Bill drafted by all sides is silent on these two powerful sections of our society that continues to shape, reshape and de-shape public opinion.