The Aamer Fort Treasury belongs to the people of Bharat. The value of this booty is trillions of trillion dollars. This is because it was robbed by the army chief of Mogul king Akbar named Man Singh from the kings of Bharat after defeating them. It was concealed in Fort Vaults at Aamer before the robbery of Sanjay and Indira. Even Britons could not touch the Treasury. Aryavrt Government seeks support of media and people of Bharat to repatriate the booty. Without arrest of Antonia Maino it would not be possible. People are suggested to support Aryavrt Government if they wish to survive with dignity. Media must bring the truth before people in her own interest.
The Aamer Fort booty has taken three lives of Sanjay, Indira and Rajiv Gandhis. Even Antonia Maino won't survive. Once Antonia Maino and her family members are removed the treasury would become property of the bank, where it is deposited. It would be a great loss for the nation.
--Yours faithfully,
Ayodhya Prasad Tripathi, (Press Secretary)
Aryavrt Government
77 Khera Khurd, Delhi - 110 082
Phone: (+91) 9868324025/9838577815
Email: aryavrt39@gmail.com
Blog: http://aaryavrt.blogspot.com
Web-site: http://www.aryavrt.com
Read my eBook 'Wary of Sonia on Web-site: http://www.aryavrt.com/wary-of-sonia
Christianity and Islam are criminal religions. They are not minorities. Instead we Vedic Panthies are minority among minorities. Protect us to salvage human races.
If you feel that this message be telecasted, donate us. Rush your contribution in the account of Manav Raksha Sangh Account No. 016001020168 ICICI Bank Ltd. Else keep ready for your doom. Remember! Whoever you are, you won't be able to save your properties, women, motherland, Vedic culture and even your infants. Choice is yours, whether you stick to dreaded usurper Democracy and get eradicated or survive with your rights upon your property, freedom of faith and life with dignity?
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----- Forwarded Message ----
From: S. Kalyanaraman <kalyan97@gmail.com>
Sent: Wed, November 17, 2010 10:10:22 AM
Subject: [SDF] India's wealth looted in 60 years from 1948 = US $462 Billion (Rs. 20.85 lakh crores)
India's wealth looted in 60 years from 1948 = US $462 Billion (Rs. 20.85 lakh crores)For a perspective on the magnitude of the loot, the 2G scam alone meant a loss of Rs. 1.76 lakh crores. There have been more scams of this type in the economy of India during 60 years of Swarajya Bharatam. The total post-colonial loot of 60 years clearly far exceeds the colonial loot of the nation's wealth during the colonial regime of about 200 years.Most of the post-colonial loot is reckoned under Sonia Raj, Scandal Raj.This amount is four times the cost of creating a National Water Grid to make every river of India a perennial river, reach water to the unreached, generate an additional 9 crore acres of land with assured irrigation to benefit 9 crore poor families at the rate of 1 acre of land wealth, per family and increase forest cover to 30% for abhyudayam of the rashtram.Rs. 20,85,006 Crores, that is 20.85 lakh crores of rupees (equivalent of US$462 billion at Rs. 45.13 to a dollar).This is a reasoned estimate of the nation's wealth looted and stashed away in tax havens.
kalyan
Examines Role of Tax Evasion, Corruption, Trade Mispricing
WASHINGTON, DC –"The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008," released today from Global Financial Integrity (GFI), estimates that tax evasion, crime, and corruption have removed gross illicit assets from India worth US $462 billion. The report also finds that the faster rates of economic growth since economic reform started in 1991 led to a deterioration of income distribution which led to more illicit flows from the country. Moreover, the report finds that the poor state of governance is reflected in a growing underground economy which in turn has fueled more transfers of illicit capital from India. This analysis is cast in terms of a pre- and a post-reform period spanning a total of 61 years since independence.
"This report puts into stark terms the financial cost of tax evasion, corruption, and other illicit financial practices in India," said Global Financial Integrity director Raymond Baker. "It also shows that these illicit outflows contribute to stagnating levels of poverty and an ever widening gap between India's rich and poor."
Primary report findings include:
- From 1948 through 2008, India lost a total of US $213 billion in illicit financial flows (or illegal capital flight). These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities.
- Adjusted Estimates: The present value of India's total illicit financial flows (IFFs) is at least US $462 billion. This is based on the short-term U.S. Treasury bill rate as a proxy for the rate of return on assets.
- India's aggregate illicit flows are more than twice the current external debt of US $230 billion.
- Based on the last five years of the study, 2004-2008, India lost assets at a rate of US $19 billion per year.
- Total capital flight out of India represents approximately 16.6 percent of India's GDP as of year-end 2008. In present value terms, India lost an equivalent of about 36 percent of its 2008 GDP which represents a staggering loss of capital.
- Some 68 percent of India's aggregate illicit capital loss occurred after India's economic reforms in 1991, indicating that deregulation and trade liberalization actually contributed to/accelerated the transfer of illicit money abroad.
- IFF Drivers: High Net-Worth Individuals (HNWIs) and private companies were found to be the primary drivers of illicit flows out of India's private sector. India's underground economy is also a significant driver of illicit financial flows.
- IFF Trends: From 1948 through 2008 the Indian private sector shifted away from deposits into developed country banks and moved more of its money into offshore financial centers (OFCs). The share of OFC deposits increased from 36.4 percent in 1995 to 54.2 percent in 2009.
"In this report we clearly demonstrate how India's underground economy is closely tied to illicit financial outflows," said GFI lead economist and report author, Dr. Dev Kar. "The total present value of India's illicit assets held abroad accounts for approximately 72 percent of India's underground economy. This means that almost three-quarters of the illicit assets comprising India's underground economy—which has been estimated to account for 50 percent of India's GDP (approximately US $640 billion at the end of 2008)—ends up outside of the country. We also find that there is a statistical correlation between larger volumes of illicit flows and deteriorating income distribution."
The report also makes recommendations for economic reforms and good governance measures and contains comprehensive tables, charts, and other data for detailed analysis of India's illicit financial flows, economic indices, and history of financial reforms.
The report is available at http://india.gfip.org. A tip sheet which summarizes the reports' findings is also available at http://india.gfip.org or by clicking here.
Global Financial Integrity (GFI) is a Washington, DC-based research and advocacy organization which promotes transparency in the international financial system.
For additional information please visit www.gfip.org.
Tip Sheet: The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008: A new report from Global Financial Integrity, November 2010
Primary Findings:
From 1948 through 2008 India lost a total of $213 billion in illicit financial flows (or illegal capital flight). These illicit financial flows were generally the product of: corruption, bribery and kickbacks, criminal activities, and efforts to shelter wealth from a country's tax authorities. (51)
Adjusted Estimates: The present value of India's total illicit financial flows (IFFs) is at least $462 billion. This is based on the short-term U.S. Treasury bill rate as a proxy for the rate of return on assets. (51)
IFF Breakdowns:
•
Total capital flight represents approximately 16.6 percent of India's GDP as of year-end 2008; (51)
•
Illicit financial flows out of India grew at a rate of 11.5 percent per year while in real terms they grew by 6.4 percent per year; ( 51)
•
India lost $16 billion per year from 2002-2006. (1)
IFF Drivers: High Net-Worth Individuals (HNWIs) and private companies were found to be the primary drivers of illicit flows out of India's private sector. (ix). India's underground economy is also a significant driver of illicit financial flows. (53)
IFF Trends: From 1948 through 2008 the Indian private sector shifted away from deposits into developed country banks and towards increased deposits in offshore financial centers (OFCs). The share of OFC deposits increased from 36.4 percent in 1995 to 54.2 percent in 2009. (x).
Analysis:
India's underground economy is closely tied to illicit financial outflows. The total present value of India's illicit assets held abroad ($462 billion) accounts for approximately 72 percent of India's underground economy. This means that almost three-quarters of the illicit assets comprising India's underground economy—which has been estimated to account for 50 percent of India's GDP (approximately $640 billion at the end of 2008)—ends up outside of the country. (vii, 19)
The finding that only 27.8 percent of India's illicit assets are held domestically support arguments that the desire to amass wealth illegally without attracting government attention is one of the primary motivations behind the cross-border transfer of illicit capital. (vii, 19)
In the post-reform period of 1991-2008, deregulation and trade liberalization accelerated the outflow of illicit money from the Indian economy. Opportunities for trade mispricing grew and expansion of the global shadow financial system—particularly island tax havens—accommodated the increased outflow of India's illicit capital flight. (Introduction)
There is a statistical correlation between larger volumes of illicit flows and deteriorating income distribution. (35)
Methodology
Dev Kar, the author of the report, utilized the World Bank Residual Model (CED) and a trade Mispricing Model based on IMF Direction of Trade statistics.
The World Bank Residual Model tracks illicit outflows by measuring differences in a country's recorded source of funds relative to its use of funds. According to this method, illicit outflows exist when a country's recorded source of funds exceeds its recorded use of funds.
The Trade Mispricing Model compares a country's recorded imports to what the world says it exported to that country; similarly, the country's recorded exports are compared against world imports from that country. Import values are adjusted for the cost of freight and insurance before they are compared to exports. GFI's estimates of trade mispricing are based on the gross excluding reversals (GER) method which tracks illicit outflows as a result of export under-invoicing and import over-invoicing.
The author identified the drivers of illicit flows from India using a block-recursive dynamic simulation model which incorporated macroeconomic factors (government deficits, inflation, and inflationary expectations) structural factors (increasing trade openness, faster rates of economic growth and impact of these on income distribution), and overall governance as captured by a measure of the underground economy. (14)
Recommendations
Tax evasion is a major component of the underground economy, which in turn is a primary driver of India's illicit outflows. Expanding India's tax base and improving tax collection has high potential to curtail illicit flows.
Illicit financial flows cannot be curtailed without the collaborative effort of both developing and developed countries. Economic reforms key to stemming the outflow of illicit money from India and the developing world in general include:
•
curtail trade mispricing (a widely utilized tax avoidance technique of international businesses);
•
require country-by-country reporting of sales, profits and taxes paid by multinational corporations;
•
require confirmation of beneficial ownership in all banking and securities accounts;
•
require automatic cross-border exchange of tax information on personal and business accounts; and
•
harmonize predicate offenses under anti-money laundering laws across all countries that cooperate on the Financial Action Task Force.
Global Financial Integrity (GFI) promotes national and multilateral policies, safeguards, and agreements aimed at curtailing the cross-border flow of illegal money. In putting forward solutions, facilitating strategic partnerships, and conducting groundbreaking research, GFI is leading the way in efforts to curtail illicit financial flows and enhance global development and security.
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