Feb
6
Recently I read a thread on Orkut and it was the usual rhetoric which goes around against Swiss banks which are holding billions of dollars of worth of money from third world countries like India and China.
The thread cited this article “Is India poor, who says? Ask Swiss banks” on Merinews.com which got 25,000 hits in last 6 months, and you can see the clear anger in the comments section of the thread.
DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them. This amount is about 13 times larger than the country’s foreign debt. With this amount 45 crore poor people can get Rs 1,00,000 each. This huge amount has been appropriated from the people of India by exploiting and betraying them.
Once this huge amount of black money and property comes back to India, the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably.
This article makes me laugh, and when I am done laughing it makes me laugh again. First of all, I won’t even go into the morality of the stolen tax money. In a nutshell if you earned some money with your hard work, and a watch maker enters your house and fixes all the broken and slow watches in your house and then demands money, and if you refuse to pay that money and hide it somewhere, then that is not really stolen money.
Anyways coming to the idea that somehow Indians will be able to get this money out of Swiss banks is stupid. The reason why Swiss banks have their mythical status is something people in India don’t really understand. Its called the concept of “Limited Government”. The govt did not foresee such a status and made laws protecting banks, rather government was restricted in creating any laws regarding enforcing policy on Swiss banks.
In fact when I explain that its the Liberty of the Swiss Bankers that government of Switzerland does not interferes with, they just don’t seem to get it. This is a classic scenario of clash between Western Ideals and Third world Ideals which happened during Danish Cartoon protest, when Danish PM refused to act against the newspaper, citing “Freedom of Speech”, and all Muslims were perplexed and unable to understand the concept. In their world, the Danish PM was not “unable to do anything”, rather “did not want to do anything, and supported it”.
Similarly, for Indian citizens its really difficult to understand why the Swiss government allows their banks to run their businesses without interference. On the other hand, when I explained one zealous guy who wanted instant invasion on Switzerland to recover the money, that every Swiss national keeps guns, even Tanks in his house, and he will fight for his Nation till death, he instantly realized the seriousness of the situation. In his world, Swiss government refuses to act because they want to keep all the stolen money from the third world countries.
Now lets come to the topic. How to recover the money you claim was stolen from your country, and is kept in Swiss banks?
First of all you have to know whether the money stored there is in Dollars or Swiss Francs or in Rupees. If the money is in non-INR currency(especially dollar), then things are a bit different, and if the money is in Indian rupees, then things are a bit different.
Scenario 1: Money is in Non-INR currency
If the money is in dollars or Swiss Francs, that means this money was sometime in history was converted from Rupees to USD/CHF, then it was stored in that Swiss banks and is invested by the banks. So for all practical purposes that money is gone from Indian economy. Whenever money is taken out of economy, it could be because of people’s savings, or anything else, it reduces the money supply of the country, that means the value/purchasing power of existing currency increases. In simple words, if Alice, Bob and Cathy form an economy, and have $100 between them, with Alice having $50, Cathy having $50, and Bob having no money(for illustrative purposes), but a business proposal. Alice and Cathy can invest $50 each in Bob’s business.
Now what happens is Cathy burns her $50 down(or destroys them), does that mean the economy has lost half of its wealth? No! The economy has not half of its wealth, though the economy has lost half of its money supply, and mainstream Economists will tell you that losing money supply is the same as losing wealth, but its not true.
In the above example, the value of Alice’s $50 will double, that means the price of everything in their economy will come down by half because now there are only half the dollars chasing the same amount of goods. That means effectively it will make no difference to Bob if he receives $100 in a $100 economy, or $50 in a $50 economy.
In the situation of Indian money in Swiss banks, that money has been pulled out of Indian economy, the money supply has been reduced that much and prices in India have been adjusted and reduced that much. Every investment which remained in India became that much more profitable.
Sure if that money comes back to India some day by the people who put it there(no matter how ‘illegal’ it is), it will also benefit Indian Economy because now there is that much more private investment and expenditure in India. Sure the purchasing power/value of existing money and investments will go down, but then there is more money to compete with it.
So when is it not beneficial? I mean there must be some catch somewhere when that much money from the economy goes away. Well there is a catch, when the money comes back, and govt gets it all, then it will be disaster for the economy, because the government will spend it in places where it gets more votes, like building a Pyramid, or providing flying cars to all the poor people in the economy. The free market would not have spent in these places, it totally screws up the investment of the private sector, and reduces their value of investment.
Yes with all that foreign currency you will be able to pay up India’s foreign debt, but that doesn’t really solve the problem. If you hand an alcoholic $1000 who is in debt of $1000, have you solved his alcohol problem? No, you just have solved his debt problem, but soon enough he will rebuild his debt, unless you cure his Alcohol problem. The problem of our foreign debt is Indian govt, even if you pay our debt 12 times, Indian govt will borrow it more and create same amount of debt 13th time.
Scenario 2: Money is in Indian Rupees
If this is the scenario then we shouldn’t even be remotely bothered with that money. Suggestions that with that money we will be able to get rid of our foreign debt in 24 hours is stupid. Do you realize what will happen if $1500 billion worth of Indian currency comes into the economy? MASSIVE INFLATION!
The price of everything will skyrocket. Even if you distribute all that money only to poor people, it will result in hyperinflation, because they will start competing with their money on basic commodities like food and grains. This will cause the commodities price to rise, the middle class will be forced to pull all its money from other goods to be spent on food, that means you can totally forget the sales of Cars, iPhones, even clothing, loan mortgages will be defaulted, houses will go for foreclosure, school fees will not be able to paid. Basically if Swiss bank tomorrow pays all the money back to India, our economy will be screwed with that much influx of Rupees.
Secondly the bigger question in front of us is, do we really need Money from Swiss banks if its in Rupees? We already have printing press in RBI, and they can print $1500 Billion dollars worth Indian rupee anyday Indian people demand. Its not like Swiss Banks have our gold, they have OUR PAPER, the paper RBI printed, they can print more of it.
So how true is the proposition that once we get all our money from Swiss Banks we will be able to draw heaven on earth in India? Well there is not even an iota of reality in what they plan to achieve if Indian government gets the money of the private individuals. Taxes can be reduced to Zero EVEN NOW, and govt will still continue to function through inflation of Money supply.
DISCLAIMER: None of the above given suggestions have my support, all I am trying to do is to use principles of Economics to correctly conclude the patriotic masturbation done by loyal Indians.
22 Responses to “How to get back India’s money from Swiss banks?”
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RawThinkTank Says:
February 6th, 2009 at 11:57 amThis article shows how important it is to control inflation by fixing basic commodities prices. ie. oil water, mines cement, minerals, air waves routes etc etc, basically everything that humans get free from nature.
Barbarindian Says:
February 6th, 2009 at 1:55 pmWhat has money supply got to do with law enforcement?
India may not be able to coerce Swiss banks into providing info, but there are other ways to get around the problem. What is credited there must have been debited elsewhere.
Dsylexic Says:
February 6th, 2009 at 5:21 pmyeah -you arent thinking much @raw thunk tank.
and your understanding of the nature of inflation is horribly wrong.
renegade_division Says:
February 6th, 2009 at 8:30 pm@Rawthinktank:
This is a very stupid proposition. Everything unclaimed in nature is free, but when you mix your labor in it, there has to be a price attached to it. Air is free, but if you were doing the job of capturing air and putting them in bottles, and supply it to people who live underground, you will need to charge a money on that. Otherwise if people are forced to provide free air for free, nobody will supply air to anyone then.
I really hate it when leftists say(yeah in case if you didn’t know its a classic leftist platform), “water used to be free, but now they are charging for it”, well who is telling them to go and buy water from anywhere, just drink whatever you can get. But if you wanna drink from those bottles it won’t be free, because someone put their labor in filling up the bottles and supplying it to you.
Anyways this will be hijacking of the comment section. I am not going to discuss this issue anymore.
@Barbarindian said:
I have no idea what are you talking about.
Yeah you are right. Swiss banks don’t keep drug money, organized crime money, and laundered money. So any money which is stored in there is white money, or black money which was accumulated by evading taxes, doing govt corruption.
Now lets say this money was not paid as a bribe or saved from taxes rather than it was just put into someone’s savings account, and presume tax are zero for the discussion. What is the net effect the two situations, in one situation they put it in savings and perhaps never took it out, not in any bank, in other they put it in a foreign bank?
And btw I did write two scenarios that if we get the money back, and its in foreign currency, unless private individuals somehow get it, it would only screw the economy, if its in Indian currency, then we are better good NOT having that money, because we don’t need it.
Arvind Says:
February 7th, 2009 at 3:18 amI don’t want to sound like I’m pouring cold water on the claims of the author, but it does seem to me that the idealism of the author has resulted in reality being ignored.
The Swiss banking system is a support system for terrorists, socialists, communists and dictators, not a refuge for those who want to hide their taxes. Most of their money comes from the same politicians who have imposed socialism on the people of a country. It is not from the people. In short, Swiss banks is where the Indian politicians led by the Nehru family have hidden their money. Swiss bank is not where the common Indian who was taxed hid his or her money. The common Indian converted it to gold and/or real estate or just opened bank accounts within India.
The Swiss banking families in an earlier period kept the money of pirates safe from their enemies. The pirates dropped iron chains across the Rhine river and collected “tolls” and “taxes.” Many of these pirate gangs built forts and operated in their territories.
Today, several terrorist groups use the Swiss banking system to funnel funds. All this is done with the full knowledge of the banks as well as the Swiss government which works together with the Swiss banks. To believe that the Swiss banks operate without any connection to governments, terrorists, dictators, communists, socialists, etc., is a naive view. As providers of financial infrastructure for ideologies like Islam and Communism, they are as much culpable for the deaths of people as the terrorists. A few years back, there was a news item about how they helped the Nazis hide the money they had robbed.
renegade_division Says:
February 7th, 2009 at 6:16 am@Arvind Said:
As far as I can read your comment, you are just talking about the origin of the money held in Swiss banks, not the majority of the article which talks about what will happen when the money comes to India, irrespective of its origin. Although I will still deal with your points.
I don’t think anybody has imposed Socialism on India, Indians WANT Socialism, we have had a feudalist past, so when you give democracy to people, they vote to take away all the property from those who have too much of it for whatsoever reasons. Indians DO support Socialism, maybe in a limited form, maybe that is being reduced now, but they still are in that same mentality. Socialism doesn’t always mean you dress up in red and sing songs about one leader, socialism means for a common good, a common good is always trumped over an individual good.
Take for example if someone talks about privatization of Railways, everyone will revolt against the idea, raising the questions like “Railways are the mode of transportation for most of the poor people, what will happen if railways are privatized and private rail owners raise the prices of railways to really high? how will the poor travel from this part of the country to other”. Now this is Socialism, its about social good over individual good. As long as people keep on supporting Social goods, they will have to hand the power into a few hands using violence of state. As long as a person does not have a threat of competition over his head he will keep on siphoning money off to an offshore bank account.
Either way getting that money back into the hands of govt again will do more harm than good. The only situation where this would have been completely beneficial is if we followed gold standard, and the money comes back to private individuals rather than the state.
If you travel through my property, and I stop you and demand toll from you, am I being a pirate? It seems that the definition of property, the right to exclude other people from using it. Even when I do not provide you with any service on my property, there are no roads, you just walk through the raw land, I do have a right to charge you with money. So when pirates take money from the people they are simply collecting tolls like any other land owner.
Imagine if the river is not a river but a road. If someone was collecting tolls on that road you wouldn’t mind much paying that. So what is the big difference with the river? Is the only difference the fact that you have always treated rivers are public property? Well guess what someone privatized the river by building a huge fort next to it and dropping chains on the river.
I mean if you use Rhine river in it goes from Germany to Netherlands, and you are a German merchant, and when you enter Netherlands, it turns out that the river is blocked by Netherlands authorities and they want you to apply for a river permit, and pay a fees for it. I am sure you wouldn’t call Netherlands authorities “Pirates”. What is the difference, “people who extract money from you for using a part of river where they live”, what is the answer: a) “Netherlands Rhine River Commission” b) “Pirates”
Sure so you are saying that Swiss govt or Swiss banks knowingly support Terrorist groups. Ok, you gotta back this up with some substantial proof, because if I were a Swiss banker, there are only two reasons why I would do something like that. 1) Terrorist groups deposit HUGE amount of money in their banks, this literally get them massive amount of money, because otherwise they risk all their reputation, and risk to reward ration simply does not adds up to supporting terrorists. 2) They support Islamic terrorism, and want to have western countries attacked by it, and eventually they wanna support and finance the rise of Shariat in the world Because any other reason cannot make any non-islamic profit seeking private entrepreneur to support terrorism. But the problem is terrorist groups don’t need Lots of moeny, they need safe money. You don’t need a billion dollars to fund a terrorist attack, you need a million secure dollars, so that you make the payment to the family and for logistics and you don’t get caught while funding the operations, or later when there is an inquiry.
Giuseppe Says:
February 9th, 2009 at 5:53 amRawThinkTank, you’ve already been chewed up by everyone here, but I still don’t understand how you feel that’s reasonable. Fixing prices of basic commodities ensures that if a crop or stock dries up, or otherwise changes, it will either be consumed entirely (leaving none for anyone who wasn’t ‘first’ in line) or not consumed at all (because no one can afford it; or because there’s better substitutes at the price).
Why don’t you believe that the free market is a good way of pricing goods? If you fixed everything that came from the Earth, we’d be totally out of consumable oil at this point, because no one would be willing to harvest the more difficult stuff. Unless you believe the government or your price-fixing body is smarter than the market?
Arvind Says:
February 9th, 2009 at 11:30 amI don’t think anybody has imposed Socialism on India, Indians WANT Socialism,
India had free markets and Socialism was not imposed by the people. Rather, when the British left India, they hand picked a fellow-traveller named Jawaharlal Nehru who imposed socialism. You need to keep in mind that he was NOT elected but got power on a platter. Once you get power on a platter, you can cling on to it. You need to read up on Indian history. The common Indians did not care for the government imposed rules and there was a thriving free-market erroneously called “black market.”
we have had a feudalist past, so when you give democracy to people, they vote to take away all the property from those who have too much of it for whatsoever reasons.
This is the Marxist view – all past is feudalistic and that must be the cause of all ills. Socialism is a relatively new invention (has been around for 150 years) and is the result of Germans inventing it and the British farming it. In general, India has had more economic freedoms even under the monarchs.
I am sure you wouldn’t call Netherlands authorities “Pirates”.
How are you so sure? There is no difference between tax by a state and tax by an extortion gang. It is just that you wrongly ASSUME that others have a particular view. In fact, you need to read up the history of the Rhine river area. You have decided that the pirates were the owners of the Rhine river. It is clear you do not know the history of the area or else you would not make such a rash statement.
1) Terrorist groups deposit HUGE amount of money in their banks, this literally get them massive amount of money, because otherwise they risk all their reputation, and risk to reward ration simply does not adds up to supporting terrorists.
Correct. Terrorist groups like LTTE deposit massive amounts of money. Even more massive amounts are obtained from politicians like the Nehru family (fellow travellers). The bankers for the Nazis were the Swiss banks. These are well known facts that can easily be verified. You just need to go back and dig out news stories from 1997-1998 timeframe.
2) They support Islamic terrorism,
They don’t care one way or other for Islamic terrorists or terrorists of any other kind as long as they get their business.
Arvind Says:
February 9th, 2009 at 10:13 pmI dug one news item for you.
http://www.timesonline.co.uk/tol/news/world/article488064.ece
OSAMA BIN LADEN had use of an account at UBS, one of the biggest banks in Switzerland, even after he was designated a financier of international terrorism by the American Government. The revelation was made in a French courtroom yesterday during an investigation into one of the al-Qaeda chief’s half-brothers.
renegade_division Says:
February 10th, 2009 at 3:16 am@Arvind Said:
I will be honest here that I don’t know much about pre-Independence economic liberties under British Rule. Although I do know about the policies introduced by Jawaharlal Nehru. And yes he did form majority of economy of India according to what he understood, and most people did not have an opinion about the kind of system they wanted.
But two things, first Nehru did not form Indian constitution, he might have influenced it but not formed it. Secondly, he was an elected leader, unless he was appointed by the Britishers, or someone else, and there was no voting done, or voting was done but he did not get majority of votes, he is an elected leader.
Just because 90% of the people voted for one leader does not automatically makes him a non-democratically elected leader. In a retrospect you look back and you feel pissed why so many people voted for him, even same people might feel sorry for voting for him, but that doesn’t mean at retroactively he became a non-democratically elected leader.
If there is a free and fair election(that is no physical coercion or threat of coercion is involved over the people), and a leader is elected, he is a valid leader in a democracy. If you disagree or in a hindsight it turns out to be a disastrous decision(like election of Hitler) then its a folly of Democracy. You cannot retroactively start calling Hitler’s election as non-democratic election.
If there is a war, and one guy convinces people that only he can save them, and everyone votes for him and he turns the country into a Jailhouse, he still was a democratically elected leader at the time of his election. That is what Democracy is. If you don’t like maybe you should stop supporting Democracy then, rather than defending and apologizing for it.
India came out of British Rule, and there were numerous Jagirdars, Zamindars, Chaudharis, Khan Bahadurs, Nawabs who owned huge tracts of land given to them by Britishers(or the held it before and throughout the British rule). When the first democratic election like that takes place, people are almost overwhelmingly going to vote for the candidate who promises the peasants(or the people in maximum numbers) a part from the owner’s property.
Similar effects were seen in almost all the countries who have had a feudal past, like most of the latin american countries. I am not saying that Nehru had no involvement in making India Socialist, but what I am trying to say is that Indians liked all what he had to offer. There was no such thing as “imposing Socialism”.
This is not Marxist view, it was Murray Rothbard’s observation. He quotes in his book “The Ethics of Liberty” an eminent Mexican Left-wing intellectual Carlos Fuentes:
The point is, no politician in India can impose Socialism over Indian people against their will, just like nobody can impose Capitalism on them against their will. @Arvind Said:
I don’t disagree based on generalized notion that people generally have had more economic freedom under monarchs than under many of the third world nations all over the world, though I don’t know specifically how much economic freedom did people had in India.
I presumed that you considered taxation by state as justified, but I am glad that you don’t.
But then you do consider river to be a public property, or a property which can never be claimed by a single individual. You consider it a theft if a movie theater owner demands money from you for watching a movie in his theater. And this time I am not assuming, I am inferring from your previous statement that alleged “pirates” are extortion gangs.
How about this, there is a jungle out there, and someone puts a fence around it. Now you wanna go through that, and this guy demands money from you for using his jungle. Is that extortion according to you?
Avin Says:
September 13th, 2009 at 3:01 amActually you are all wrong, I AGREE with this article. Black money is hidden in swiss banks. They have a special banking policy or may i say a rule from the swiss government of money protection. what ever people do like call inter-pol or the scotland yard they have 0 right of getting details or infromation about the money. like Doud Ibrahim all his money are in swiss banks.
renegade_division Says:
September 13th, 2009 at 3:09 am@Avin
I don’t know what are you talking about. Yes there is money stored in Swiss bank(black or otherwise), unless the money was stolen from a legitimate owner(tax evaded money is not stole money) Swiss Banks do not return the money.
Swiss law protects their banks because their government does not interfere in the operations of their private citizens like how we prefer to do it in our country.
Why do we have Dalai Lama in our country? Why do we have Tasleema Nasrin in our country? Because the crimes for which these people are being hunted our not crimes according to our country. We don’t harbor International Terrorists, because they have killed people and we don’t justify that, but Dalai Lama and Tasleema Nasrin have not committed any crime, but they will be killed if they return to their countries. Similarly tax evasion is not crime in Switzerland, its our country which is chasing honestly earned money and calling it dishonestly earned money.
darshit patel Says:
November 11th, 2009 at 4:34 amTo get the money back…india have to made a law..that money of indian people deposite in europian country is to be punised. That means legally any europian country can’t depisite the money…
And the swiss bank also have to give the all the money of indian pepole back to government of india..
SO..then government have 71 lack cores …so india becomes tax free country for 10 years…
So in this 10 years people becomes richer..and india can grow more fater than any other country…
Renegade Division Says:
November 12th, 2009 at 9:42 am@Darshit
You don’t get the problem dude. India is on a fiat currency system, this means that Indian rupee is not backed by anything, RBI can print any amount of money they want out of thin air(yeah they have some sort of requirement of having Rs 350 Crore worth Gold, but we have trillions of rupees in circulation).
We don’t really need that money, even if we get all that money, I don’t understand why people say that we will be able to pay off all our debt and/or no taxes will have to be paid. Who created the deb? The government. Who charges the tax? The government. The entity who created the massive debt will readily and happily create more debt, and even if they are not charging any tax for 10 years(which I hardly believe), what will happen after 10 years?
In fact because people are not feeling tax burden then the government will start increasing their expenditure and will start to charge a really small tax within 5 years and by the end of 10th year they will be already charging you half of what they used to.
The problem isn’t that we need something which someone else has but we don’t, (that’s just a complete lack of understanding of money), but if not paying taxes and not having national debt is so good then why not try to do some thing about it? Why not try to reduce the national debt by putting a stop on the increase in the size of the government? Why not make them reduce their expenditures and reduce our taxes?
I mean I may understand you want govt to run Police/courts/army, but why the hell govt is running post office, BSNL, Railways? Wouldn’t we be better if those sectors were privatized(or as I refer to them ‘liberalized’)??
Think about it. Only time Indians worry about National debt is when Swiss are going to pay for it. The only time not paying taxes will bring prosperity when Swiss are paying for our govt’s expenditure.
Why not force government to reduce its size rather than waiting for a foreign govt come help us out? Why not stop paying taxes like Gandhi did?
Indian Says:
January 31st, 2010 at 3:29 am@Renegade Division
Increased money supply does causes inflation. So lets suppose we get $1.4 trillion back from the Swiss, cant RBI just buy gold without causing inflation because the money need not be circulated. Besides there will be no speculation since that money not printed suddenly, and hence the Rupee wont be impacted.
I don’t understand your logic, are you saying that money can’t be converted into anything tangible and so just let that money go ?
Surya Prakash Loonker Says:
May 2nd, 2010 at 7:08 amJago Party promises Rs. 2.5 lakhs for each Indian family and no taxes for Indians for 30 years
Surya Prakash Loonker of Jago Party is demanding that money stashed by Indians in tax havens across the world should be brought back to the country. The black money and corruption money lying in bank accounts in Switzerland and other countries could be used to eradicate poverty and illiteracy in India. According to popular belief, it would be in the region of Rs.72,80,000 crores ($1,456 billion). If this money is brought from foreign banks to India, every family in this country would get nearly Rs two-and-a- half lakhs, national debt will be liquidated and for 30 years continuously the people would get a tax free budget. Baba Ramdev’s Swabhiman Manch, which is a NGO turned political party, is also demanding that corruption and black money sitting in foreign banks of Indian politicians and businessman rightfully belongs to the people of India. Jago Party will ensure that this money is brought back to India in its 1st year of forming the central govt and distributed to Indians.
.-= Surya Prakash Loonker´s last undefined ..Response cached until Mon 3 @ 13:07 GMT (Refreshes in 23.99 Hours) =-.
brijesh singh Says:
June 17th, 2010 at 12:43 pmI feel ashamed to be in this country. I have struggled all my life with poor school, poor road, bad water. I was still proud of this country, thinking reason behind it is 1000 year slavery. The reason of my struggle and 100 billion people struggle is 50 years of Fu*kocracy.
Why will ruling govt want to bring that money back. And what will that change? People will find other bank.nd why will govt make tax for the rich efficient?Fundamental problem is attitude, god only knows how that will change. How can someone sleep with the guilt of keeping 100billion people in poverty?A
China is better, communism is better, naxal is better, monarch is better, hippocrate is better, even vietnam is better than this “F*ckocracy”.
Renegade Division Says:
June 21st, 2010 at 9:37 pm@Brijesh Singh
For someone who uses so many f words, you sure hell didn’t the article(because the article is explaining you exactly the opposite thing you are talking about.
anonym Says:
September 13th, 2010 at 8:45 amFriends,
Printing of money to solve problems is nothing but to create problems as explained by the author. But bringing the money from swiss banks and utilizing it for building india say infrastructure, clearing debts and building charity cities (governed by trust imposed policies, laws etc – the same way as hong kong was leased to british by china) are vaible alternatives. It took hell lot of time and effort from US to get the tax evader information who deposited money in USB (Swiss Bank). For us it would be very difficult.
Now given the above we the tax payers should realize and act to make sure that our money is being spent in a auditable way. We should be made part of any major decisions for example – we spent around 28k crores on CWG.
All the above are possible only when honest, sincere, visionary leaders, people who respect the nation and understand the underlying economics of eradicating poverty are given the role to re-architect the whole government.
YVR VIJAY Says:
June 3rd, 2011 at 3:23 amIf this money is used by the Government to clear India’s Debt, finance infrastructure in India, clear our Oil Bill, purchase resources from abroad to construct infrastructure, clear foodstocks from our godowns to remove malnutrition, build schools finance education, finance healthcare, explore for oil resources abroad etc. Then what.
Nobody is saying get the money back in note form and distribute it to people.
The Govt can buy resource from abroad and get it into India.
v Says:
June 20th, 2011 at 3:48 pmYour arrogance And Self proclmed economical mastery amazes me. Doo you realy think that the study and application of economics is your private blonde bitch that is far beyond reach Off 5000 yrs old civilazation, citizens of which wrote books In the subject a few thousand years before u were born? Coming to the very simple flaw in ur argument, the money is not hard earned, its taken Ashish bribes
shailja Says:
August 24th, 2011 at 1:37 pmis really there any way or law where swiss banks money can cum in india