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Economy Fiscally fit?

View Poll Results: Could this be possibly true?
YES 9 60.00%
NO 6 40.00%
Voters: 15. You may not vote on this poll

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  #1  
Old November 17th, 2010, 04:48 AM
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True OR False?

A message has been doing rounds thru email as well as over SMS/Text message. May be old but I received/read it recently.

One of the Swiss bank directors says 'Indians are poor but India is not a poor country'.

Below the message is produced verbatim.

Quote:
'Indians are poor, but India is not a poor country' so says one of the Swiss bank directors.

He says that 280 Lac Crores of Indian money deposited in Swiss bank.

This money, he says, can be used for Or can be translated to

---> all international debts cleared using 1/13th part of this
---> TAXLESS budget for 30 years
---> Jobs to 60 Crore Indians
---> Free education to all Indians
---> From any village of India to Delhi on a 4 lane road
---> Forever free power supply
---> Every Indian citizen can get 2000 per month for 60 years
---> No need of World Bank & IMF loan ever

Please vote for YES unless/until you think this is an overly/unrealistically exaggerated statement or a blatant lie (in which case please vote otherwise)


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  #2  
Old November 17th, 2010, 04:59 PM
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Re: True OR False?

voted NO ...

reason... there is no space to build 4 lane road all over... with this population...

so madholal keep walking and swiss bank keep collecting..
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  #3  
Old November 17th, 2010, 05:50 PM
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Re: True OR False?

Voted no. If I vote yes whats gonna happen ?
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  #4  
Old November 17th, 2010, 05:54 PM
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Re: True OR False?

No, do not believe anything in ffd mails.
Many Indians have a lot of money, but I do not think the number can be correct, and even if it is such info can never come out
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  #5  
Old November 17th, 2010, 09:55 PM
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Re: True OR False?

Quote:
Originally Posted by sunnykode View Post
No, do not believe anything in ffd mails.
Many Indians have a lot of money, but I do not think the number can be correct, and even if it is such info can never come out
there were news earlier this year that owing to international pressure, switzerland has agreed to reveal the details of a country provided the head of the state requests so.
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  #6  
Old November 18th, 2010, 03:24 AM
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Thumbs up Re: True OR False?

voted Yes, formal.

anyway, it is matter of our India....prout to be.
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  #7  
Old November 18th, 2010, 03:36 AM
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Re: True OR False?

Quote:
Originally Posted by PeaceSeeker View Post
there were news earlier this year that owing to international pressure, switzerland has agreed to reveal the details of a country provided the head of the state requests so.
I wonder if any Pakistani Head of State will ever send such a request
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  #8  
Old November 18th, 2010, 05:27 AM
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Re: True OR False?

Quote:
Originally Posted by Premi View Post
voted NO ...

reason... there is no space to build 4 lane road all over... with this population...

so madholal keep walking and swiss bank keep collecting..
Quote:
Originally Posted by dirty View Post
Voted no. If I vote yes whats gonna happen ?
so your votes should have been 'YES'.

premi, even if ur argument were true, 4 lane freeways/flyovers could be built instead of roads. that would also give shelter to many
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  #9  
Old November 18th, 2010, 06:01 AM
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Re: True OR False?

probably these two are related



India lost $462bn in illegal capital flows, says report

India's underground economy accounts for 50% of GDP, the report says

India has lost more than $460bn since Independence because of companies and the rich illegally funnelling their wealth overseas, a new report says.
The illegal flight of capital through tax evasion, crime and corruption had widened inequality in India, it said.
According to the report from US-based group Global Financial Integrity, the illicit outflows of money increased after economic reforms began in 1991.
Many also accuse governments and politicians of corruption in India
.
Shadow economy

Global Financial Integrity, which is based in Washington, studies and campaigns against the cross-border flow of illegal money around the world.
It said that the "poor state of governance" had been reflected in a growing underground economy in India since Independence in 1947.
Global Financial Integrity director Raymond Baker said the report "puts into stark terms the financial cost of tax evasion, corruption, and other illicit financial practices in India".
Some the main findings of the report are:
  • India lost a total of $462bn in illegal capital flows between 1948, a year after Independence, and 2008.
  • The flows are more than twice India's external debt of $230bn.
  • Total capital flight out of India represents some 16.6% of its GDP.
  • Some 68% of India's capital loss has happened since the economy opened up in 1991.
  • "High net-worth individuals" and private companies were found to be primary drivers of illegal capital flows.
  • The share of money Indian companies moved from developed country banks to "offshore financial centres" (OFCs) increased from 36.4% in 1995 to 54.2% in 2009.
The report's author, Dev Kar, a former International Monetary Fund economist, said that almost three quarters of the illegal money that comprises India's underground economy ends up outside the country.
India's underground economy has been estimated to account for 50% of the country's GDP - $640bn at the end of 2008.


'Under-estimate'
Mr Kar used a World Bank model to calculate India's missing billions.
He compared India's recorded sources of funds, such as foreign direct investment and borrowing, and its recorded use of funds, like foreign currency reserves and deficit financing.
Illegal outflows are considered to exist when funds recorded exceed those used. India's exports and imports over the past six decades were also taken into account.
Adjusted for inflation, that all added up to $213bn missing since 1948. Taking estimated investment returns into account, Mr Kar calculated that was worth $462bn in today's money.
The figure could be much more, he warned, as it did not include smuggling and cash transfers outside the financial system.
http://www.bbc.co.uk/news/world-south-asia-11782795
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  #10  
Old November 18th, 2010, 06:14 AM
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Re: True OR False?

Voted No. Whatever money is left is better kept in a reserve. The moment it appears in the market at this point of time, it would disappear mysteriously. Reserves are there to fall back on, when there is no way to go. Its like saying, "Rakhi, don't have any liquid cash with you; pay off your mortgage first. Who cares if something were to happen and you have no money left".

---> all international debts cleared using 1/13th part of this
that applies to most countries who are in deficit.
---> TAXLESS budget for 30 years
Huh? Who will manage the infrastructure and maintenance with out tax?
---> Jobs to 60 Crore Indians
Pay off the debt and then we have enough money to create jobs and that too without taxes? How?
---> Free education to all Indians
Government schools even today provide free education. Its just that no one joins them.
---> From any village of India to Delhi on a 4 lane road
Why do we need 4 lane roads in the first place? Even in States/Canada or UK where do you find 4 lanes in counties? No where simply because you dont need a 4 lane road near/in counties!
---> Forever free power supply
Again, what power? How will you generate power 'just-like-that' without any costs?
---> Every Indian citizen can get 2000 per month for 60 years
Oh yeah? On top of all of the above?
---> No need of World Bank & IMF loan ever


Its very easy for people to say all these things. If the solution is that simple, dont you think this would have been implemented by now?
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Old November 18th, 2010, 07:00 AM
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Re: True OR False?

Quote:
Originally Posted by Rakhi View Post
Its very easy for people to say all these things. If the solution is that simple, dont you think this would have been implemented by now?
Rakhi tai, dont mind and sorry to say, u r as far from reality as possible.

'what could the indian money stashed in swiss bank could be used for' - that was what the point which seemingly you have not got.
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  #12  
Old November 18th, 2010, 07:31 AM
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Re: True OR False?

Quote:
Originally Posted by PeaceSeeker View Post
Rakhi tai, dont mind and sorry to say, u r as far from reality as possible.

'what could the indian money stashed in swiss bank could be used for' - that was what the point which seemingly you have not got.
I really find it hard to believe that sooo much money is kept there. Is there any valid source of this other than sms? Also, nothing is mentioned about the interest that so much money would make.
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Old November 18th, 2010, 07:46 AM
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Re: True OR False?

Rakhi, here's the news
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  #14  
Old November 18th, 2010, 08:17 AM
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Re: True OR False?

66000 अरब रुपए=1500 बिलियन डॉलर=280 lac crores?

dont think it makes 280 lacs crores. calculator chahiye.
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Old November 18th, 2010, 08:55 AM
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Re: True OR False?

Quote:
Originally Posted by Anonymous View Post
66000 अरब रुपए=1500 बिलियन डॉलर=280 lac crores?

dont think it makes 280 lacs crores. calculator chahiye.
apun ko 2crore mil gaya to bahut hi,ek 1BHK flat lekar khushi khushi khush rahega
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