Press Trust of India / New Delhi Apr 20, 2009, 12:32 IST
The Congress today invited the BJP to a serious debate on black-money stashed abroad, while refusing to be drawn into discussions on matters based on "bogus" sources.
"Capital flight from India is a serious issue and should be debated seriously. But Mr L K Advani's data is very shaky and is based on mostly bogus sources," Congress Election Coordinator and former Union Minister Jairam Ramesh told PTI here.
Advani, the BJP's prime ministerial candidate, had released a report of the party's task force on April 17 that pegged Indian wealth in Swiss banks and other offshore tax havens between $500 billion and $1.4 trillion (more than the size of the Indian economy).
Ramesh said the Global Financial Integrity (GFI) report of the Washington-based Center for International Policy was the only credible source of information for the BJP task force. All other sources, that Advani used to arrive at the capital flight data, are "bogus", Ramesh said.
While the GFI report arrives at a figure of USD 100 billion for "illicit financial flows" from India between 2002-2006, several Indian economists Ramesh has interacted with on the issue suggest that the report talked only about the gross outflows.
"If net outflows are matched with the capital account, there is a negative net outflows," Ramesh said.
The Congress election strategist said even in the GFI study there are "very serious questions" on the methodology.
Ramesh further said he asked GFI study author Dev Kar on the route through which capital flight is taking place.
"He (Kar) said categorically that all this (illegal outflows) are because of under-invoicing of exports and over-invoicing of imports", Ramesh said.
The study covered the period 2002-2006 when "we had both the NDA and UPA governments. What did BJP do then?," he added.
Besides, the Communist Party - Marxist which has committed in its election manifesto a "drive to unearth black money, especially those stashed in Swiss banks..", has also raised questions about the role of the NDA government till 2004 in tackling capital flight.
CPI-M Politburo Member Sitaram Yechuri said on Saturday, the BJP task force report quotes from a study by Washington based Global Financial Integrity Project: ¿The GFI study shows that during the period from 2002 to 2006, annually USD 27.3 billions were stashed away from India.
If this is true, then nearly USD 55 billion worth of illicit transfers occurred in the two year period, 2002 to 2004, under the BJP-led NDA Government itself, in which Mr Advani was the Deputy Prime Minister and the Home Minister. What did he do to prevent such illegal transfers when he was in power?."
Congress says (1)The volume of money is not that of LK Advani is speaking:
Then what is the amount, Jairam Ramesh should declare.
This kind of arriving at the right amount makes the congress aware of the black money.Hence why not they delcare it with full lists???
(2) Congress also is interested in bringing back the black money as PC and others are making statements.
But why they have kept quiet for so long when Leichestein accounts(LGT Bank) of Indians were offered in Feb 2008 by the Germans? Why GOI did not insist on getting the list?? Why they are speaking during the elction time only and that too as their replis to queries toBJP and others who are raising this issue for so long???
Beofre Congress gets the list the VIPs ,politicians will get their accounts closed and the lists will only contain outstanding accounts and the gullible Indians will again be cheated with no names at all
Gurumurthy has writtern in IE last week that he was booked by the CBI for his effort taken to bring the Bofors commission credited in secret bank accounts with an intl co Fairfix.
Jairam belongs to the Congress and hence he will say like this.
Other people like Chidambaram also are saying now that they will bring back the swiss money.
But before these people do take the list of balance outstanding many account might have been closed and closed accounts will not be shown in the list.This is what the black money holders in offshore accounts are preparing now
If the money is brought back in India from Swiss Banks by any Government - UPA or NDA, I hope Mr. Jairam Ramesh will not feel hurt. The money will be used by Indian Government for the purposes of financing infrastructure, generating electricity/power, for removal of poverty, malnutrition. I do not know why Indian intellectuals like Mr. Jairam Ramesh, Mrs Meera Sanyal, Swami Agnivesh, Mahesh Dutt etc. lose their temper over this issue?
Backoff Jairam! Atleast the BJP is not power hungry. What did the congress do except coverups of the billions it swallowed while in power for 50 yrs? Further your party has instiutionalised corruption where dalals rule the roost - so that they all can make money. I was shocked that the AP Govt. recently introduced a system while applying for Passports wherein they have stopped taking fee by cash but have setup one single branch in the whole city as a payment point where the Passport fees are to be paid only by DD. As a result what was a smooth process now takes a whole day and there are dalals there who charge 200/- to bypass the queue and get the DD. Those who go by the queue find their applications rejected on flimsy reasons. It is only crooks and the intellectually devalued that vote for congress.
It be Congress or BJP, it is the truth that not only abroad in banks, but even in houses / bungalows / lockers of business men have illegal stocks of gold, money, silver, diamonds. If this internal tax evaded property / valuables are brought into use in market in India, whole India can be developed.
Dear Ramesh,
UPA's biggest achievement is caste based reservations in world class institutes like IIT's/IIM's. Panditji developed this institute with greatest vision. Now, Sonia and company destroyed this great institutions with the company of Arjun Singh(Churat Lottery fraud hero), Karunanidhi(India's first corrupt CM and having two wives publically), Lalu yadav(Fodder scam hero), Sibu Soren (murderer) etc and they are claiming it is social justice. 90% marks(GC) = 50% marks(OBC)=20%marks(SC/ST) is UPA's social justice. Mr. Jairam Ramesh you are from IIT and it is shame for you to continue in a party which destroyed this great institution which PM's likeIndira/Rajiv/Vajpayee saved it and did not allow reservation in these institutes. I request all brilliant youngsters to defeat UPA and teach them a lesson.
By giving 50% reservation UPA has spoiled India for another 50 years and no economics can save it.
Murthy
Posted by: manoj
April 20 , 2009, 15:47 IST
I AM AGREED WITH Mr. Murthy, Mr. Ppatwa & Mr. Kuldeep Chaudhary......
this time vote for BJP.....and feel the difference.
if u want to see india as a superpower then pl. vote for BJP.
bjp is confused and want power for five years to make money and mess. all lies bogus promises like i 100 days swiss bank money, telanga state etc in 100 days.they forgot temple in 100 days.advani is having split personality and bogus double standard person who can neverbe trusted upon
Posted by: Ppatwa
April 20 , 2009, 14:33 IST
Dear dhrao,
At least someone has initiated raise and support this big issue, why congress which assumes itself a big responsible party of india is not even uttering a single word to support this issue.
Why they are blaming BJP. Why congress itself can't say yes we will bring this money back. Why not congress.
We get the answers "Chor ki daari mai tinka"
Congress has looted india more than 50 years and swiss is reaping the fruit of our hardened money.
Vote for BJP at The person/party who is saying, is answerable to this also.
Otherwise common people will on road.
so just give a change to BJP. we have given lot of chance to congres. This time vote for BJP. Let see.
Dear jai Ram Ramesh, nobody can compare the work performance of 6 years only with the 50 years of congress governance. There may be a lot of question which you had not done in 50 years How can you ask to NDA for 6 years only. They had done lot of thing to build up nation as Nuclear Test, Economic Reforms, Road developments etc. When NDA came in to power then there was no currency stock and when you came you found full of currency stock. That was due to NDA performance only. You always talk about pseudosecularism this is not good. There should not be negotiated for the security of nation on the basis of religion as not hanged to death to Afjal, First right of Minorities, Reservation on the basis of religion in Army also Why?
Posted by: ahsaan
April 20 , 2009, 14:35 IST
Leave the mandir issue, Rest BJP is only party which can bring back our money from Switzerland.
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