Indians stashing ‘black money,’ beware. High court wants your name

Indians stashing ‘black money,’ beware. High court wants your names

Supreme Court in Delhi tells lawmakers that a list of secret foreign bank account holders that may be hiding illegal funds must be handed over

india

The Government of India submitted the list of all black money account holders to the Supreme Court on Wednesday as directed. Attorney General of India Mukul Rohatgi said that the government has submitted a list of around 627 names who have their accounts in HSBC bank. He added that all assessments have to be completed by 31st March 2015. The sealed covers will be opened by SIT which will proceed according to law after opening the seals.

Christian Science Monitor By Syed Nazakat – October 28, 2014 7:45 PM
The Government of India submitted the list of all black money account holders to the Supreme Court on Wednesday as directed. Attorney General of India Mukul Rohatgi said that the government has submitted a list of around 627 names who have their accounts in HSBC bank. He added that all assessments have to be completed by 31st March 2015. The sealed covers will be opened by SIT which will proceed according to law after opening the seals.

Wikileaks founder Julian Assange once said that Indians have more black money stashed in tax havens than any other nationality. 

Such assertions may be hard to prove. But Indian officials estimate that hundreds of billions of dollars of untaxed, or “black,” money are held in offshore havens – and they are planning to do something about it.

Today the Indian Supreme Court gave the Indian government 24 hours to reveal the names of all Indians it suspects to have illegal or hidden bank accounts in places ranging from Mauritius to the British Virgins Islands.  [Read more]

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  • gigi  On October 30, 2014 at 12:45 pm

    This “money stashing” is the norm in most countries. Don’t forget Burnham was the 3rd richest black man in the world while Guyanese were starving to death. At least the Indian govt is only going after wealthy folks with ill-gotten gains – I hope. In the US, the govt is going after the ordinary middle class while the thieving top 1%ers get a free pass. Hence the increase in ordinary American expats denouncing their US citizenship. Here’s another scary item making the NYT headlines for several weeks now; the IRS/US govt going after folks who deposit large sums into their bank accounts that the IRS deems suspicious. You see, only the top 1%ers in the US are allowed to come by their money through ill-gotten, unscrupulous means and get to keep it.

    I wonder when the US govt will go after KN Glen Lall? Not many honest and hardworking Americans can afford to pay cash for two fancy SUV Lexus bought in America. A person would have to be a millionaire. And less than 9% of the US population are millionaires. If one reads the psychology behind the people who buy SUV luxury vehicles, and vehicles in the color black, one will find that this guy fits the profile. Used to be that luxury black sedans were the cars of third world brutal dictators but black SUVs have muscled these out of the way. Beware of those black (vehicle not people) SUV/luxury sedan owners…

    http://www.washingtonmonthly.com/features/2001/0212.mencimer.html

    “the SUV is the car of choice for the nation’s most self-centered people; and the bigger the SUV, the more of a jerk its driver is likely to be. According to market research conducted by the country’s leading automakers, Bradsher reports, SUV buyers tend to be “insecure and vain. They are frequently nervous about their marriages and uncomfortable about parenthood. They often lack confidence in their driving skills. Above all, they are apt to be self-centered and self-absorbed, with little interest in their neighbors and communities. They are more restless, more sybaritic, and less social than most Americans are.

    • Thinker  On October 31, 2014 at 3:50 am

      There is no evidence that Burnham was ever described by any organisation as the third richest black man in the world. Kamptan mentioned it once (or more) but could not point to any known source. Don’t expect Gigi to do any better.

  • Clyde Duncan  On October 30, 2014 at 4:16 pm

    And now, the shakedown of “accidental Americans.”

    We’ve chronicled the growth of the numbers of Americans giving up their citizenship for more than three years — starting with the cries of “Tax evaders!” against the likes of Tina Turner and Facebook co-founder Eduardo Saverin.

    That was the thought that crossed our mind this week seeing the feds’ latest expatriation numbers: 776 Americans gave up their citizenship during the third quarter of 2014. The year-to-date total is 2,353. At that rate, 2014 will break last year’s record.

    By last year, we noticed most of the people expatriating were people of modest means who can’t afford the $2,000 a year of paperwork required to comply with IRS regulations on folks who live overseas. That’s a lot of money if you’re a teacher pulling down, say, $35,000.

    Then there are the people who are U.S. citizens without realizing it — mostly Canadians.

    ABC News tells the story this week of a fellow “who insisted on anonymity because he is still in the process of renouncing his American citizenship — which he didn’t even realize he had until, on a 2011 trip south of the U.S.-Canada border, he was told he needed an American passport in order to re-enter the United States.”

    He was born in the United States and brought to Canada right after birth. [another son of a draft-dodger! – in my opinion. LOL]

    “He learned he could either declare five years of back taxes to the IRS under a new voluntary disclosure program, which he said would have cost him thousands of dollars in legal and accounting fees, or renounce his American citizenship, which so far has taken him more than a year and several trips to his nearest consulate to do.”

    And as we mentioned three months ago, the cost of renouncing your citizenship just exploded from $450 to $2,350. “A renunciation is a serious decision,” a State Department flunky explained to ABC, “and we need to be certain that the person renouncing fully understands the consequences.”

    Don’t you love it when bureaucrats justify their own existence? Why would anybody have second thoughts about running away from a warmonger?

    – I picked up and amended the foregoing from 5 minute forecast – 30 Oct 2014

  • Veda Nath Mohabir  On November 4, 2014 at 12:54 am

    The current BJP (Narendra Modi) gov’t is going especially after those who were in the past gov’t, their relatives and friends/associates. The latter have sucked the country for decades. I won’t names, but some prominent people in the last gov’t are on that list, according to many reports I have seen.
    If Assange did say that he was/is in a privileged position to substantiate the said reports I have read.
    Those people were/are also behind a campaign (regurgitated by the likes of Ray Chickerie) to demonize Narendra Modi.

    Veda

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