Tuesday, September 01, 2009

There has been a lot of smoke recently over whether judges should have to declare their assets publicly. At first the judges resisted but have now given in and it seems that a new bill will be passed to make it a law. This is in revenge for a Supreme Court judgement which made declaration of assets compulsory for every candidate standing for elections. However politicians only file an affidavit with the Election Commission regarding their assets just before elections. Some candidates show that they have nothing and then proceed to spend millions of rupees for campaigning. Now it appears that $ 1.4 trillion are stashed away by Indians in Swiss banks which is 50% more than the GDP of the country. Known for their banking secrecy laws the Swiss have agreed to release the names of at least 4000 names of tax cheats to the American and over 3000 names to the French government but have warned that they will not help the Indian government. This not all. About the same amount of black money is invested in the property market and in the share markets through reverse hawala and Participatory Notes route. Will anything change? Not if the criminal politicians and kleptocrats can help it.









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