Ficci, Swiss Stash & Black Money Repatriation– Prof R R Pillai

July 2 2012one Comment

Categorized Under: Current Issues

Ficci has suggested that repatriation of black money in Swiss secret accounts without making it compulsory to disclose the identity of the depositor would help to boost our economy which is in  doldrums. I am surprised and shocked how a body like Ficci could make such  an unjust and imprudent statement on Swiss stash issue which involves a high degree of organised criminality in this game illegal capital flight from this country. Also by all and sundry means these Swiss Stashers have been round tripping the money stashed abroad through various tax havens into stocks, commodities, realty here in India and accumulating wealth through unjust, unfair and criminal acts.

Ficci wants to let these criminals  go off the hook without giving a thought to the irreversible injuries  these crooks and rogues have inflicted on our capital short and  poverty ridden country, without qualms or compunction. It’s untenable. We must not only  get back this loot and revive the economy through lower interest rates, low taxes, and effective infrastructure investments but  also punish those involved in nation breaking activities for six decades.

Swiss Banks need  to be taught some more lessons by Global Leaders. It is now providing to  hoarders of illegal wealth ,secret boxes where they can stuff  high denomination Swiss Franc notes safely. Under the exchange of information treaty with India , they say safe deposit boxes are not covered. It covers only fund in savings , deposit, and investment accounts. The intent of Swiss bankers are clear. To aid and abet the criminals of India who indulge in illegal hoarding by providing this safe boxes to circumvent the agreements. The Indian Government should amend the treaty to cover all illegal hoards whatever their form.

Swiss Banks despite the fines and punishments by country like US under Barack Obama’s leadership on the illegal bank accounts issue, is trying to bully India through these safe boxes method. Indian leadership should move world opinion to put an end to this criminal capital flight through  secret and safe instruments ; if needed  obtain sanctions against Swiss Government for playing havoc with the vulnerable economies like India.

Swiss Banks are not  just indulging in secret accounts for the wealthy but also carrying on criminal banking by encouraging criminal wealth hoard through practices like secret safe boxes to stuff Swiss Franc Notes obtained through illegal and criminal acts. Swiss Bankers should stop this barbaric Banking and show the world that they are civilised too.

As for the present Congress led Government here, the economist PM should act fast to bring back this huge Swiss Stash resources and put the country back on the high growth path trajectory. PM should not attempt to save the Congress. The country is first not the party. As for the Congress which has been in power  for five decades and calls it a grand old party of India, with all the powers of CBI, ED, IB etc one wonders how nearly$ 500b got siphoned off illegally to Swiss banks. Congress is squarely responsible for this huge loot of this country’s vitals.

Congress must work to get back this Swiss Stash and punish the Criminals or it must dissolve the party and get off the political scene once and for all. As Gandhiji once Congress must dissolve once the freedom is achieved. It didn’t follow Gandhi’s advice then. The time has come again. Do it or dissolve. Congress can take a new form  with effective democratic leaders and the present Dynasty based scam ridden Congress should dumped once for all.Congress in the present Corrupt form is not indispensable to India.

As for Ficci one simple advice. If the black money in Swiss banks can be repatriated without disclosing the identity of the depositors why not the black money hoarders in India not get the same immunity and convert all into white at one go without a fine or punishment. May be there’s a difference between foreign black money and Indian black money of Indians.

One Response to “Ficci, Swiss Stash & Black Money Repatriation– Prof R R Pillai”

  1. Vyomesh Dave
    July 5th, 2012 at 8:14 am

    Section 3 of Prevention of Money Laundering Act, 2002 defines “Money Laundering” as “whosoever direclty or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untained property will be guilty of offence of money laundering.” So all these persons with wealth in tax heavens must be puished under this law for the simple reason that the hoarded wealth is result of illegal acts. Their assets in any form in India can also be freezed.

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