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  • Corruption (Introduction)

  • Causes Of Corruption

  • Overseas Black Money

  • Tax Heavens

  • Black Money Involved`

  • The Great Indian Silence

  • The Fact

  • Effects Of Corruption

  • India Must Act

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  • Oldest and complicated phenomenon

  • A kind of bribery

  • Fraud

  • Nepotism (partiality)

  • Need driven

  • Greed driven

  • Cronyism

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Causes Of Corruption

  • Lack of transparency (inflow and outflow of money).

  • Silence.

  • Poverty.

  • Greed.

  • Illiteracy.

  • Unmet expectations.

  • Low public sector salaries.

  • Increasing rate of tax.

  • Increasing rate of inflation.

  • Increasing rate of competition.

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Overseas Black Money

…the curse that stops India from developing

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What Are Tax Havens?

  • Small countries like Switzerland, Angola, Bermuda, etc that act as places of registration for overseas non-resident companies.

  • They have zero or very low incometax.

  • They ask no questions on the origins of the money coming into their banks.

  • They keep all banking records secret and cooperate very little with other countries.

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Money Involved

  • Total dirty money in tax-havens = $11.5 trillion (rs 7.5 crore-crore).

  • 50% of this money belongs to the developing countries like India.

  • Estimated Indian black money in foreign banks $500 billion (rs 25 lac-crores).

  • They have no contribution to the world, except as points on the world-map where ‘dirty’ money is kept safely.

  • Avg. Size of 34 such point-countries = 17 kms by 17 kms.

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The Great Indian Silence

  • Germany & France threaten Blacklisting of Switzerland. India keeps quiet.

  • Germany and France take the issue of secret banks and tax havens in the g20 preparatory meeting at Berlin in February 2009. India keeps quiet.

  • German govt. Offers to open Secret Names of the account holders in LGT bank of Liechtenstein. India keeps quiet.

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The Great Indian Silence

  • These two nations and supported by UK and the US raise the voice against secret banks and tax havens in London in April 2009, India keeps quiet.

  • Why India has not effectively worked to get the names of several Indians believed to be in the secret records?

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The Fact

  • Unholy relations between Politicians, Bureaucrats and Businessmen.

  • “At least $70-80 billion goes out every year.

  • India’s black economy is 5 percent of GDP growth.

  • India’s size of the economy would have been $9trillion.

  • India has been witnessing unprecedented growth in its black economy.

  • Now estimated to constitute an alarming 50% of country’s GDP growth.

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Effects Of Corruption

  • No enhanced social infrastructure .

  • Improper health care services.

  • Poor educational facilities.

  • Less Employment opportunities.

  • 90 percent of the hungry mouths in the country.

  • Every family could have had a home.

  • Lose 5 percent of its GDP over the last 30 years.

  • Opportunity cost.

  • The world’s second-largest economy, just after the US.

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  • Lack of Transparent and technologically efficient economic system.

  • We could have edged ahead of the us and china together in terms of production vis-a-vis consumption.

  • Generation is primarily

    • Consumption-driven,

    • Partly production-driven and

    • Wholly caught up in corruption.

  • More importantly, we would not have had to witness the Anna hazare movement to root out corruption if we didn’t have a black economy.

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India Must Act

  • Develop national will & agenda against black money in foreign banks.

  • Get immigration details of the 25,000 frequent travelers to tax havens.

  • Upgrade financial action task force (fatf) membership to full.

  • Make specific anti-tax haven laws.

  • Publicize entire economic history of overseas account holders.

  • Ensure India friendly global anti-secret banking rules.

  • Appoint a special emissary to Germany & Switzerland.

  • Develop a proper institutional infrastructure to fight the flight-of- capital.

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  • Corruption is universal.

  • Both developed and developing, in the public and private sectors.

  • Corruption is a major constraint that is hindering their

    • Economic,

    • Political and

    • Social development,

  • Hence, view it as A problem requiring urgent attention at the highest level.

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Stop Corruption…..Save India

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