ENS Economic Bureau
Last Updated : 16 Jul 2011 01:00:51 AM IST
CHENNAI: The participation of the middle class is very much necessary
to fight corruption in the country, said noted columnist S Gurumurthy,
while speaking on the topic 'Tax havens and black money abroad' under
the auspices of the Rotary Club of Madras here on Tuesday.
"Suspects are ruling India and they are not ready to tackle black
money reaching the tax havens abroad,'' he said and added, "Black
money amounting to $462 billion has gone out of India between 1948 and
2008.''
"When V P Singh was the Prime Minister of India, some honest attempts
were made to unearth black money, all due to a huge campaign against
tax havens at that time. In 1986, a survey had revealed that as much
as $300 billion black money had been deposited in Swiss banks by
Indians, which amounted to 40 per cent of the Swiss economy,'' he
said.
Stating that black money could never exist without the protection from
the state, Gurumurthy said that participatory notes and FII
investments also contributed to a large extent to the promotion of
black money in the country.
"All illegal money is moving out of the country and there is a
powerful mafia in the west allowing black money to exist despite a
movement against tax havens spearheaded by countries like Germany and
France, including the US administration led by Barack Obama,'' he
remarked.
He said the economic crisis in 2008 had completely destroyed all
fundamental economic theories as the message one could derive out of
it is — it was not the economic crisis, but it was economies in
crisis.
Source URL
http://expressbuzz.com/finance/'india-not-ready-to-tackle-black-money'/293652.html
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