Black Money
Indian Black Money Abroad In Secret Banks and Tax Havens
Second Report Of The Task Force on the steps to be taken by India
Members Shri Gurumurthy, Chartered Accountant, Chennai Shri Ajit Doval, former Director Intelligence Bureau, Delhi Prof R.Vaidyanathan, Professor of Finance Indian Institute of Management, Bangalore Shri Mahesh Jethmalani, Senior Advocate, Mumbai
Submitted to
BHARATIYA JANATA PARTY
1
I. The First Interim Report
The first Interim Report of the Task Force appointed by the Bharatiya Janata Party was released to the public on 17-04-2009. Afterward different world governments, particularly those in the West, have increasingly begun targeting tax havens and intensely began pursuing black money. The US, and France particularly began a huge campaign against the evil of black money. The estimates black money lodged in tax havens by global financial institutions like the International Monetary Fund reached as high as $18 trillion. The instability in the global financial order itself was traced to the evil money. So the issue has now acquired a totally different dimension.
In the first Interim Report, the Task Force had suggested broad national and global strategy for dealing with the menace of black money out of the country. The substance of the recommendations of the Task Force in the First Interim Report is summarized here:
Global Strategy:
•
Creating a powerful public opinion and broad national consensus on the issue. Those who do not support the move should be seen as supporters of black economy.
•
India must become a very active player in the G-20 efforts against secret banking and tax havens.
•
India must urge the German government to provide the details of the Indian names from the LGT bank’s secret records. The BJP, if voted to power, must
2
send a special emissary to Germany, which is willing to give the details of Indian names in the LGT bank’s secret records.
•
India must strive for a
Second Report Of The Task Force on the steps to be taken by India
Members Shri Gurumurthy, Chartered Accountant, Chennai Shri Ajit Doval, former Director Intelligence Bureau, Delhi Prof R.Vaidyanathan, Professor of Finance Indian Institute of Management, Bangalore Shri Mahesh Jethmalani, Senior Advocate, Mumbai
Submitted to
BHARATIYA JANATA PARTY
1
I. The First Interim Report
The first Interim Report of the Task Force appointed by the Bharatiya Janata Party was released to the public on 17-04-2009. Afterward different world governments, particularly those in the West, have increasingly begun targeting tax havens and intensely began pursuing black money. The US, and France particularly began a huge campaign against the evil of black money. The estimates black money lodged in tax havens by global financial institutions like the International Monetary Fund reached as high as $18 trillion. The instability in the global financial order itself was traced to the evil money. So the issue has now acquired a totally different dimension.
In the first Interim Report, the Task Force had suggested broad national and global strategy for dealing with the menace of black money out of the country. The substance of the recommendations of the Task Force in the First Interim Report is summarized here:
Global Strategy:
•
Creating a powerful public opinion and broad national consensus on the issue. Those who do not support the move should be seen as supporters of black economy.
•
India must become a very active player in the G-20 efforts against secret banking and tax havens.
•
India must urge the German government to provide the details of the Indian names from the LGT bank’s secret records. The BJP, if voted to power, must
2
send a special emissary to Germany, which is willing to give the details of Indian names in the LGT bank’s secret records.
•
India must strive for a