* A recent publication put out by this Task Force says that estimates of Indian wealth stashed in tax-havens overseas vary from $ 500 billions (Rs. 25 lakh crores) to $ 1.4 trillion (Rs.70 lakh crores). The publication adds: The maths of the loot may be disputed, but the fact of loot cannot be.
* Deeply worried by this problem, Switzerland
By Lal K. Advani
If the Monsoon Session of the Indian Parliament was focused principally on inflation and the anguish sky-rocketing prices of essential commodities were causing the common man, the current Winter Session has highlighted the issue of Corruption and how a string of scandals have besmirched the country’s fair name. Not many may be aware that way back in 2004, the United Nations Office on Drugs and Crime formally adopted a comprehensive Convention against Corruption.
This 56-page document carries a powerful Foreword by Kofi Annan, U.N. Secretary General who says :
Corruption is an insidious plague that has a wide range of corrosive effects on societies.
- It undermines democracy and the rule of law,
- leads to violation of human rights,
- distorts markets,
- erodes the quality of life, and
- allows organized crime, terrorism and other threats to human security to flourish.
Article 67 of this Convention against Corruption requires all member countries of the U.N. to sign the Convention by December 2005, have it ratified by the respective countries shortly thereafter and deposit its instrument of ratification with the Secretary General of the United Nations.
Every year a group of MPs goes to the United Nations to participate in its proceedings This year one of our BJP MPs Shri Shanta Kumar, ex. C.M., Himachal Pradesh, who was there, reported to the BJP Parliamentary Party at our Tuesday meeting last week that while 140 countries are signatories to the Convention, 14 have not yet ratified it. And I feel sorry to note that India
During the 2009 Lok Sabha election campaign BJP raised the issue of India Ivory Coast Switzerland
I was therefore pleasantly surprised to note that the Swiss representative at the U.N. when he spoke at the world body on the issue of corruption, and more specifically on the issue of illicit assets, he was the most forthright. His statement merits being quoted extensively.
Mr. Mathias Bachmann, representing the Permanent Mission of Switzerland to the United Nations spoke on October 20, 2010 at the 65th session of the General Assembly and said :
“Corruption poses a serious threat to economic growth and to development. While corruption enriches a limited number of persons, it weakens the fabric of society, the economy and state institutions as a whole.
Deeply worried by this problem, Switzerland
The United Nations Convention against Corruption (UNCAC) is one of the main international instruments regulating the return of illicit assets. Switzerland
Moreover, on the basis of more than 20 years of experience, Switzerland Switzerland
The ultimate utility of preventive measures in turn depends on close international cooperation. In particular the implementation of due diligence by financial institutions and of regulations through international legal assistance are key elements for guaranteeing the effectiveness of the fight against money laundering as a whole.
The effectiveness of international cooperation depends ultimately on the political will and on the determination with which national authorities take action.
With regard to illicit assets, in September 2010 Swiss parliament approved a law further facilitating the return of assets to the people of the country from which assets have been siphoned off. As this example tends to show, the effectiveness of the fight against the misappropriation of assets depends on the specific measures envisaged by national parliaments”.
According to the Swiss Bank Association, Indians have topped the list of black money depositors at the famous Union Bank of Switzerland (UBS).
BJP has been campaigning against illicit funds for a long time. In the 2009 Lok Sabha polls it made this an election issue. At the outset, Congress leaders ridiculed the BJP for raising this matter. But with the passage of time the BJP’s became a popular demand. Then the Prime Minister also spoke in its support.
That year we set up a four member Task Force to study and pursue this matter on a continuing basis. The four distinguished members of this team are: (1) Shri S. Gurumurthy, Chartered Accountant and investigative writer, Chennai; (2) Shri Ajit Doval – Security expert, New Delhi; (3) Dr. R. Vaidyanathan, Professor of Finance, Indian Institute of Management, Bangalore.
A recent publication put out by this Task Force says that estimates of Indian wealth stashed in tax-havens overseas vary from $ 500 billions (Rs. 25 lakh crores) to $ 1.4 trillion (Rs.70 lakh crores). The publication adds: The maths of the loot may be disputed, but the fact of loot cannot be.
As the Swiss representative has very rightly said at the U.N. the effectiveness of international cooperation with regard to asset recovery “depends on the political will and on the determination with which national authorities take action.” During his poll campaign the Prime Minister had promised to take action with regard to Indian wealth in foreign banks in the first 100 days of his tenure. More than 500 days have elapsed, and yet there has been no movement in this regard. The reason is utter lack of political will.
No wonder even the U.N. Convention against Corruption has not been ratified. Parliament has remained dysfunctional for two weeks, but Government refuses to accept the unanimous demand of the entire opposition that a J.P.C. probe be ordered into the stinking scandals that have recently been exposed.
The country expects the Government of India,
- to ratify the U.N. Convention against Corruption,
- to set up a Joint Parliamentary Committee to investigate the string of scandals that have surfaced lately,
- to punish all found guilty'
- and lastly to fulfill the promise made by Dr. Manmohan Singh during the Lok Sabha poll campaign to bring back to India the enormous wealth stolen from our country and deposited in tax havens abroad.
( The author is Chairman of Bharatiya Janata Party (BJP) Parliamentary Party, India. He has served as the President of the Bharatiya Janata Party for the longest period since its inception in 1980. Capping a parliamentary career of nearly three decades, he was, first, the Home Minister and, later, the Deputy Prime Minister in the cabinet of Mr. Atal Bihari Vajpayee (1999-2004). This article was forwarded by one of our readers from New, Delhi India. It is available in the author's weblog also.)
Comments
---------- Forwarded message ----------
India
New Delhi , India
New Delhi , India
Comments
From: Prem Sabhlok
Date: Tue, Nov 30, 2010 at 10:59 AM
Subject: FW: CORRUPTION IN INDIA
The number of recent scams is due to dangers of ‘statism’ caused by Nehruvian Socialism. We have not so far given a burial to confused and rudderless Nehruvian socialism.
The authority of the state has reached its lowest ebb when the Prime Minister is knowing, seeing and watching for umpteen months the Spectrum G-2 Scam and could do nothing as he needed orders from an authority out side the executive powers of the state. The outside authority knows that sovereign People of India have gone in deep slumber and the loud ringing bell has made them deaf. The present situation of hopelessness can only change with the final burial of Nehruvian Socialism along with the undemocratic dynastic rule..
It is high time the citizens of India
---------- Forwarded message ----------
From: Sainik Sangh
Date: Mon, Dec 6, 2010 at 7:05 PM
Subject: Re: CORRUPTION IN INDIA
This is a hogwash and eyewash by Advani. And the so called educated and mobile Indians buy this, or are these lobbies for the tilakdharis ?
The Indian parliament is a talk shop when market ('mandi') is dull there. The opposition should be stirring up debates as to what went wrong with majority of people and how to arrest the plummeting fall of the society . Corruption disorder, indiscipline ,wayward loot and insatiable hunger for self-gratification are endemic to all in the society and BJP IS NO EXCPETION ! Only more timid while looting !People are getting back in return actually shrinking in own homeland where the majority feels insecure .
Ever heard of others feel insecure in their homeland? Such propaganda has adverse impact as it only exposes the truth !
Ever heard of others feel insecure in their homeland? Such propaganda has adverse impact as it only exposes the truth !
Chauhan,
