10 November 2014

Pin It

India Black Money Names Revealing a fake fear of International Treaties

India Black Money Names Revealing a fake fear of International Treaties

Indian government in past and now in present says same things and gives same reasons for not revealing the names of Black Money Holders to Indian Citizens

Reason is if we give the names then in future foreign countries will not hand over the names of Black money to Indian Government.

The above is reason is just fake and fear is also fake.

How let us understand

Tax Heaven Countries

I am sure you heard the about name, tax heaven countries are the small countries, their parliament passes the laws and gives full secrecy to bank account holders.

Key word – Parliament, Elected Politicians

So why they pass such laws, so the corrupt rich business houses can keep money in their country and will pay to bank to keep that money.

Many other countries have passed similar laws which help big rich companies to avoid taxes in their countries or pay the less taxes and cheat the country.

Big companies do not fear any country, they find the loopholes in the International tax system and they do all the illegal activities using the loop holes legally.

Pepsi, IKEA, AIG, Coach, Deutsche Bank, Abbott Laboratories and nearly 340 other companies have secured secret deals from Luxembourg that allowed many of them to slash their global tax bills.
PricewaterhouseCoopers has helped multinational companies obtain at least 548 tax rulings in Luxembourg from 2002 to 2010. These legal secret deals feature complex financial structures designed to create drastic tax reductions. The rulings provide written assurance that companies’ tax-saving plans will be viewed favorably by Luxembourg authorities.

Companies have channeled hundreds of billions of dollars through Luxembourg and saved billions of dollars in taxes. Some firms have enjoyed effective tax rates of less than 1 percent on the profits they’ve shuffled into Luxembourg.

Many of the tax deals exploited international tax mismatches that allowed companies to avoid taxes both in Luxembourg and elsewhere through the use of so-called hybrid loans.

In New York, authorities charged, Deloitte helped a British bank violate sanctions against Iran, submitting a “watered-down” report to regulators that omitted information about how the bank might be evading money-laundering controls.

Confidential documents obtained through ICIJ’s “Offshore Leaks” investigation show that Big 4 firms had a close relationship with Portcullis TrustNet, a Singapore-based offshore services firm that sets up hard-to-trace offshore companies for clients around the world. PwC, for example, helped incorporate more than 400 offshore entities through TrustNet for clients from mainland China, Hong Kong and Taiwan, the records show.

Another stash of confidential documents reviewed by ICIJ show that between 2002 and 2010 PwC helped hundreds of global companies obtain confidential tax deals from authorities in Luxembourg, allowing Amazon, Abbot Laboratories and others to book profits in the tiny European duchy and shrink their taxes at the expense of national treasuries around the world.

New York state regulators concluded that Deloitte helped U.K.-headquartered Standard Chartered cover its tracks by yielding to pressure from bank officials to keep quiet about suspect money transfers. A Deloitte partner explained in an email to a colleague that the transactions were “too politically sensitive” to include in a report to regulators. “That is why I drafted the watered-down version,” he said.

In many cases Luxembourg subsidiaries handling hundreds of millions of dollars in business maintain little presence and conduct little economic activity in Luxembourg. One popular address – 5, rue Guillaume Kroll – is home to more than 1,600 companies.

But our Indian government is not ready to find any such loop holes.

Why reason is simple

Indian politicians and their families and friends enjoy the share from that money, black money.

These rich people pay the black money to political parties

Black money list contains the Names of Politicians and their families and friends

This is reason they are not ready to reveal the names of black money holders.

What Indian Parliament needs to do?

Pass the law which will say that
All the properties in kind or cash kept in other nations without RBI permission will become property of India.

Every Indian citizen who opens bank account in other nation without permission of RBI will face the jail term of 50 years

Any person who opens bank account of another Indian illegally in other country will be given death punishment or life imprisonment, he will be kept in Jail until his death even if God tells not to keep him in Jail

Any country which tries to hide the names of Indians will be black listed and India will impose restrictions on that country

Pass the law which will say that it is compulsory for the CBI or any other investigating agency to reveal the names to Indian citizens without permission of any agency or parliament or Court.
Just found the name, register FIR and reveal the names of Indian citizen who hold black money in other country

But Indian Politicians are not ready to pass any laws they just want to hide the names of black money holders.

Small nations can pass the laws then Why India cannot pass the laws which will benefit India.

The fear of International Laws and treaties is fake fear.

Reality views by sm –

Monday, November 10, 2014

Tags – Black Money Names List