Posts
Zee Evades Income Tax! I hate this Country of ours! This country is ruled by Chors and run by Chors! and the Public are sleeping!!
http://news.indiainfo.com/2008/09/25/0809251607_it-searches.html
IT Dept searches Zee-promoted realty company
Thursday, September 25, 2008 16:04 [IST]
New Delhi: Income Tax sleuths today searched the premises of a leading real estate company promoted by the Zee Group for alleged tax evasion. Income Tax Department sources said that the searches were initiated on the premises of Delhi-based Suncity Projects, promoted by Zee Group, Action Shoes and Odeon Builders. They said the searches were carried out in the official premises of the groups along with the residences of the promoters in Delhi, Himachal Pradesh, Haryana and Punjab. Income Tax officials said the Delhi residences of Lakshmi Goel and Jawahar Goel, brothers of Zee Group head Subash Chandra were also searched. Despite several attempts, Group Chairman Subash Chandra and his borthers Lakshmi and Jawahar Goel could not be contacted. Suncity Projects had announced plans to invest about Rs 6,000 crore over the next four years to construct SEZs and townships across the country. The company has formal approvals for an Information Technology SEZ in Haryana and two in- principle approvals for multi-product SEZs in Haryana and Rajasthan. The company has acquired 4,000 acres of land in different cities where it would be developing over 10 projects in all verticals such as housing, commercial, shopping mall, hotels, SEZs and townships. The group is developing six townships at Rohtak, Jaipur, Kaithal, Rewari and Indore of various size ranging between 100-500 acre.
Source : PTI
Friday, February 6, 2009
Deora tells oil firms to up social spends- Milching Cows- the Oil Sector
Deora tells oil firms to up social spends.
Just see what else Politicians do with PSUs! This will throw further light on why Govt does not want to give full independence to OIL PSUs.
Economy Bureau Posted: 2009-02-03 01:13:27+05:30 IST
Updated: Feb 03, 2009 at 0113 hrs IST
Mumbai: In an interesting development barely days before notification of the general elections scheduled for April-May—and imposition of the model code of conduct—the government has told state-run oil marketing companies to increase threefold their spending on corporate social responsibility (CSR) activities. The decision was taken at a meeting chaired by petroleum minister Murli Deora with the heads of these PSUs in Mumbai on Monday. “More money will be available for CSR activities from these companies. This will definitely help improve the quality of life of the people in the vicinity of major units and installations of these companies,” Deora told FE.
Retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, together with exploration & production major ONGC and Oil India Ltd, gas transporter GAIL India and Engineers India must now allocate 2% of their profit after tax (PAT), from the present 1% on CSR activities.
However, the decision to raise CSR spends comes at a time when the profitability of several of these companies are under strain thanks to rising subsidy burdens and crude oil price fluctuations. ONGC’s Q3 net slipped 43% to Rs 2,475 crore, against Rs 4,367 crore in the corresponding period of the previous year. Similarly, HPCL’s net losses mounted to Rs 422 crore, compared with Rs 15.74 crore. In financial year 2007-08, the PAT for these companies amounted to Rs 31,236.04 crore, of which Rs 222.31 crore was allocated to CSR. Under the revised 2% norm, they are expected to collectively shell out around Rs 650 crore.
Analysts, though, said while the CSR initiative is noble, the companies and their shareholders would have been better served if these funds were ploughed back into growth plans. Petroleum secretary RS Pande, who was also present at the meeting, said, “As there are practically two months remaining in the current fiscal, today’s decision will be effective from financial year 2009-10. Within a month, these companies will get approval from their boards of directors. The boards, whenever necessary, will also review the CSR activities.”
Pande said any allocated money that is left unspent during the fiscal would be carried over into the next year. These companies have already touched the lives lakhs of people by supporting social, cultural, educational and environmental initiatives with a focus on partnering communities in health, family welfare, education, environment protection, provision of clean drinking water, sanitation and empowerment of women and other marginalised groups. GAIL India had already decided to double its budget allocation to 2% for CSR activities in 2009-10. CMD UD Choubey said, “The company has already spent Rs 27.09 crore against the budgeted expenditure of Rs 26 crore for 2008-09.”
New Microsoft Word Document
Just see what else Politicians do with PSUs! This will throw further light on why Govt does not want to give full independence to OIL PSUs.
Economy Bureau Posted: 2009-02-03 01:13:27+05:30 IST
Updated: Feb 03, 2009 at 0113 hrs IST
Mumbai: In an interesting development barely days before notification of the general elections scheduled for April-May—and imposition of the model code of conduct—the government has told state-run oil marketing companies to increase threefold their spending on corporate social responsibility (CSR) activities. The decision was taken at a meeting chaired by petroleum minister Murli Deora with the heads of these PSUs in Mumbai on Monday. “More money will be available for CSR activities from these companies. This will definitely help improve the quality of life of the people in the vicinity of major units and installations of these companies,” Deora told FE.
Retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, together with exploration & production major ONGC and Oil India Ltd, gas transporter GAIL India and Engineers India must now allocate 2% of their profit after tax (PAT), from the present 1% on CSR activities.
However, the decision to raise CSR spends comes at a time when the profitability of several of these companies are under strain thanks to rising subsidy burdens and crude oil price fluctuations. ONGC’s Q3 net slipped 43% to Rs 2,475 crore, against Rs 4,367 crore in the corresponding period of the previous year. Similarly, HPCL’s net losses mounted to Rs 422 crore, compared with Rs 15.74 crore. In financial year 2007-08, the PAT for these companies amounted to Rs 31,236.04 crore, of which Rs 222.31 crore was allocated to CSR. Under the revised 2% norm, they are expected to collectively shell out around Rs 650 crore.
Analysts, though, said while the CSR initiative is noble, the companies and their shareholders would have been better served if these funds were ploughed back into growth plans. Petroleum secretary RS Pande, who was also present at the meeting, said, “As there are practically two months remaining in the current fiscal, today’s decision will be effective from financial year 2009-10. Within a month, these companies will get approval from their boards of directors. The boards, whenever necessary, will also review the CSR activities.”
Pande said any allocated money that is left unspent during the fiscal would be carried over into the next year. These companies have already touched the lives lakhs of people by supporting social, cultural, educational and environmental initiatives with a focus on partnering communities in health, family welfare, education, environment protection, provision of clean drinking water, sanitation and empowerment of women and other marginalised groups. GAIL India had already decided to double its budget allocation to 2% for CSR activities in 2009-10. CMD UD Choubey said, “The company has already spent Rs 27.09 crore against the budgeted expenditure of Rs 26 crore for 2008-09.”
New Microsoft Word Document
Thursday, February 5, 2009
Pilots to Sue for Salary Cuts
Kingfisher pilots to sue airline for salary cuts
In a move that could have far-reaching ramifications for industrial relations across sectors, Kingfisher Airlines pilots, numbering over 600, have decided to sue the loss-making carrier for cutting their salaries. The pilots are alleging breach of contract by the airline on assured flying hours, which have been slashed from the contractual 70 hours a month to 55.
"Hence, there have been huge pay cuts to the extent of 25-30%. We have decided to approach the Bombay High Court since our salary structure is altered vis- -vis our contract documents," a senior pilot with the airline told FE. Kingfisher recently reported a Q3 net loss of Rs 626 crore. It has also reduced 21% of its domestic flights following a downturn in air travel.
Rival Jet Airways had last November asked some 700 of its pilots to accept a 25% salary cut. The pilots refused outright. Jet also had to reinstate over 700 employees that it sacked in October after much publicised demonstrations. The company has since marginally reduced salaries across the board.
On condition of anonymity a Kingfisher official said, "The airline is now following an international norm of productivity-linked compensation structures and, hence, there is a revision of salaries. However, even if a pilot flies for 55 hours, there would be a difference of only 4.5% in his gross salary and not 25-30% as claimed by the pilots."
Kingfisher pilots earn upwards of Rs 3 lakh a month, excluding perks, with the senior-most making over Rs 5 lakh. The airline has a fleet of more than 75 aircraft, with 570 flights daily connecting 74 cities. The salary cuts come at a time when the airline has scaled up its international operations.
The pilots had recently met senior company officials to register their protest against the salary cuts. A senior pilot flying wide-bodied aircraft said, "When we met the HR head, we were told there had been a pay revision as fallout of less flying hours." The pilots do not plan to strike work to press for their demands at this time.
In a move that could have far-reaching ramifications for industrial relations across sectors, Kingfisher Airlines pilots, numbering over 600, have decided to sue the loss-making carrier for cutting their salaries. The pilots are alleging breach of contract by the airline on assured flying hours, which have been slashed from the contractual 70 hours a month to 55.
"Hence, there have been huge pay cuts to the extent of 25-30%. We have decided to approach the Bombay High Court since our salary structure is altered vis- -vis our contract documents," a senior pilot with the airline told FE. Kingfisher recently reported a Q3 net loss of Rs 626 crore. It has also reduced 21% of its domestic flights following a downturn in air travel.
Rival Jet Airways had last November asked some 700 of its pilots to accept a 25% salary cut. The pilots refused outright. Jet also had to reinstate over 700 employees that it sacked in October after much publicised demonstrations. The company has since marginally reduced salaries across the board.
On condition of anonymity a Kingfisher official said, "The airline is now following an international norm of productivity-linked compensation structures and, hence, there is a revision of salaries. However, even if a pilot flies for 55 hours, there would be a difference of only 4.5% in his gross salary and not 25-30% as claimed by the pilots."
Kingfisher pilots earn upwards of Rs 3 lakh a month, excluding perks, with the senior-most making over Rs 5 lakh. The airline has a fleet of more than 75 aircraft, with 570 flights daily connecting 74 cities. The salary cuts come at a time when the airline has scaled up its international operations.
The pilots had recently met senior company officials to register their protest against the salary cuts. A senior pilot flying wide-bodied aircraft said, "When we met the HR head, we were told there had been a pay revision as fallout of less flying hours." The pilots do not plan to strike work to press for their demands at this time.
Ministry intervention sought to make airlines pay interest
Rob Peter to Pay Paul is a common approach for all Rules who mismanage their countries!
But when the Peters are OIL Sector PSUs and Pauls are Pvt airliners.. then should Indian not frown? Whose money is going where? Do not forget the amassing of wealth by the Pvt Sector Owners (Satyam's Raju is not just the one.. though he may have ben caught on the wrong side by cheating Govt laws).
The following news item is interesting.
http://www.livemint.com/articles/2009/02/04225541/Ministry-intervention-sought-t.html
New Delhi: The ministry of petroleum and natural gas wants its civil aviation counterpart to ask airline firms to pay state-owned oil marketers interest on credit to buy jet fuel.
The interest that the three airlines—Jet Airways (India) Ltd, Kingfisher Airlines Ltd and National Aviation Co. of India Ltd (Nacil), which operates Air India—have to pay is around Rs111 crore as on 31 December, said an official of Indian Oil Corp. Ltd (IOC), who declined being named.
The government had eased the immediate financial concerns of the loss-making domestic carriers by allowing them to pay up in six equal instalments the dues amounting to Rs2,962 crore owed to the oil retailers in October.
Nacil, Jet and Kingfisher owed Rs886 crore, Rs1,057 crore and Rs983 crore, respectively, to IOC, Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL) at the time of the arrangement. Of the Rs2,962 crore, a payment of Rs2,131 crore was overdue.
“No airline is paying the interest accrued on this outstanding amount. We have taken up the issue with the airlines and even the (oil) ministry has written to the civil aviation ministry. This interest is charged on any delayed payment beyond 90 days,” the IOC executive said.
While Jet owes Rs5 crore, Rs1 crore and Rs5.5 crore to BPCL, HPCL and IOC, respectively, Nacil owes Rs25 crore, Rs4 crore and Rs25 crore to these firms as interest. Kingfisher owes Rs19 crore, Rs20 crore and Rs6 crore to BPCL, HPCL and IOC, respectively.
“Though we have been receiving EMIs (equated monthly instalments) from the other two airlines, Kingfisher has defaulted on payments. Between the three OMCs (oil marketing companies), they (Kingfisher) owe Rs1,000 crore,” the IOC executive said.
“At the time of the meeting between petroleum minister Murli Deora and civil aviation minister Praful Patel, the question of interest was not raised explicitly. While our OMCs are of the view that this interest should be paid, the airlines maintain that this issue was not raised,” A petroleum ministry official, who declined being identified, said. “However, we have conveyed this point to the civil aviation ministry and we have been assured that the issue will be sorted out commercially.”
The arrangement was decided at a 22 October meeting of Deora, Patel, senior officials of both ministries, OMCs and airline executives, including Kingfisher chairman Vijay Mallya, Jet’s executive director Saroj Dutta and Air India chief Raghu Menon.
“We do not default on payments and we have paid by the schedule,” said a Jet Airways spokeswoman on Wednesday, without elaborating on interest dues.
Kingfisher Airlines didn’t reply to emailed questions. A senior Air India official said that since it is a state-owned company, like the oil marketers, the issue of payments will be settled between the two ministries.
A New Delhi-based aviation analyst said airlines should not be allowed to finance their operations on taxpayers’ money, and since they have already got a relief, they should follow basic credit rules.
“You (airlines) wanted a moratorium on the principal (amount) and not on the interest. You got it,” this analyst said, asking not to be identified because of the sensitivity of the issue.
utpal.b@livemint.com
But when the Peters are OIL Sector PSUs and Pauls are Pvt airliners.. then should Indian not frown? Whose money is going where? Do not forget the amassing of wealth by the Pvt Sector Owners (Satyam's Raju is not just the one.. though he may have ben caught on the wrong side by cheating Govt laws).
The following news item is interesting.
http://www.livemint.com/articles/2009/02/04225541/Ministry-intervention-sought-t.html
New Delhi: The ministry of petroleum and natural gas wants its civil aviation counterpart to ask airline firms to pay state-owned oil marketers interest on credit to buy jet fuel.
The interest that the three airlines—Jet Airways (India) Ltd, Kingfisher Airlines Ltd and National Aviation Co. of India Ltd (Nacil), which operates Air India—have to pay is around Rs111 crore as on 31 December, said an official of Indian Oil Corp. Ltd (IOC), who declined being named.
The government had eased the immediate financial concerns of the loss-making domestic carriers by allowing them to pay up in six equal instalments the dues amounting to Rs2,962 crore owed to the oil retailers in October.
Nacil, Jet and Kingfisher owed Rs886 crore, Rs1,057 crore and Rs983 crore, respectively, to IOC, Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL) at the time of the arrangement. Of the Rs2,962 crore, a payment of Rs2,131 crore was overdue.
“No airline is paying the interest accrued on this outstanding amount. We have taken up the issue with the airlines and even the (oil) ministry has written to the civil aviation ministry. This interest is charged on any delayed payment beyond 90 days,” the IOC executive said.
While Jet owes Rs5 crore, Rs1 crore and Rs5.5 crore to BPCL, HPCL and IOC, respectively, Nacil owes Rs25 crore, Rs4 crore and Rs25 crore to these firms as interest. Kingfisher owes Rs19 crore, Rs20 crore and Rs6 crore to BPCL, HPCL and IOC, respectively.
“Though we have been receiving EMIs (equated monthly instalments) from the other two airlines, Kingfisher has defaulted on payments. Between the three OMCs (oil marketing companies), they (Kingfisher) owe Rs1,000 crore,” the IOC executive said.
“At the time of the meeting between petroleum minister Murli Deora and civil aviation minister Praful Patel, the question of interest was not raised explicitly. While our OMCs are of the view that this interest should be paid, the airlines maintain that this issue was not raised,” A petroleum ministry official, who declined being identified, said. “However, we have conveyed this point to the civil aviation ministry and we have been assured that the issue will be sorted out commercially.”
The arrangement was decided at a 22 October meeting of Deora, Patel, senior officials of both ministries, OMCs and airline executives, including Kingfisher chairman Vijay Mallya, Jet’s executive director Saroj Dutta and Air India chief Raghu Menon.
“We do not default on payments and we have paid by the schedule,” said a Jet Airways spokeswoman on Wednesday, without elaborating on interest dues.
Kingfisher Airlines didn’t reply to emailed questions. A senior Air India official said that since it is a state-owned company, like the oil marketers, the issue of payments will be settled between the two ministries.
A New Delhi-based aviation analyst said airlines should not be allowed to finance their operations on taxpayers’ money, and since they have already got a relief, they should follow basic credit rules.
“You (airlines) wanted a moratorium on the principal (amount) and not on the interest. You got it,” this analyst said, asking not to be identified because of the sensitivity of the issue.
utpal.b@livemint.com
Wednesday, February 4, 2009
Public enterprises minister in favour of PSU wage revision
Look who is talking!!As far as I know everybody in the GOM meeting when our OSOA presented their case on 30/1/2009 objecte to what was demanded vehemently. Only Mr P Chidambaram kept quiet as he was heading the GOM and OIL Sector Board members supported. So now this Minister is telling in public that he is in favour of hikes? Do not forget that he was one of the persons who have been misleading OSOA by such promises. These ministers do not take a second to say something totally opposite.
You may find that the Govt is just keeping elections in mind and will say Yes We have Given proper thought,, yes the PSUs all deserve higher salaries.. Yes we will give them that.. and then they come out with 3 demands being met out of 10 saying.. ahh we have given you!! see? We have given you!! So friends.. do not forget that all this is just a Drama.. just do not lose sight of your demands and see what happens at the end.
http://www.livemint.com/2009/02/03224246/Public-enterprises-minister-in.html
The government is trying to prevent any further strikes - similar to what was attempted by workers of state-owned oil companies in December - before general elections fall due by May
New Delhi: Union minister for heavy industries and public enterprises Sontosh Mohan Dev on Tuesday said he is in favour of a salary increase for executives of public sector undertakings (PSUs), some of which have witnessed industrial action by employees for higher pay.
Dev said his ministry would move a cabinet note after receiving the recommendations of a group of ministers (GoM) that debated the issue.
The GoM is headed by home minister P. Chidambaram and has petroleum minister Murli Deora, minister of state for finance P.K. Bansal and Dev as members.
“We are taking a look at the pay revision of all PSUs and not only the oil sector PSUs... Why should they not be paid more? After we receive the GoM report, I will take it to the Prime Minister, shortly after which we will move a cabinet note for the cabinet’s decision on the same, as we are the nodal ministry appointed for this,” Dev told reporters in New Delhi.
The government is trying to prevent any further strikes— similar to what was attempted by workers of state-owned oil companies that had crippled power, fertilizer, steel and aviation companies in December—before general elections fall due by May.
A three-day strike spearheaded by the Oil Sector Officers’ Association—an umbrella group that was demanding a pay increase for the 55,000 employees in the sector—in December triggered nation-wide shortages of petroleum products such as petrol and diesel.
The situation could have become far worse if officers of NTPC Ltd, Bharat Heavy Electricals Ltd and NHPC Ltd, among others, had joined it.
The ministries of power, and petroleum and natural gas together account for the single largest chunk of public sector employees.
In matters relating to PSUs, the ministry of heavy industries and public enterprises handles general administrative matters, including salaries.
Dev said the cabinet note would be moved before the Election Commission of India’s model code of conduct comes into effect, which happens once the general elections—likely to be held in April-May—are announced.
You may find that the Govt is just keeping elections in mind and will say Yes We have Given proper thought,, yes the PSUs all deserve higher salaries.. Yes we will give them that.. and then they come out with 3 demands being met out of 10 saying.. ahh we have given you!! see? We have given you!! So friends.. do not forget that all this is just a Drama.. just do not lose sight of your demands and see what happens at the end.
http://www.livemint.com/2009/02/03224246/Public-enterprises-minister-in.html
The government is trying to prevent any further strikes - similar to what was attempted by workers of state-owned oil companies in December - before general elections fall due by May
New Delhi: Union minister for heavy industries and public enterprises Sontosh Mohan Dev on Tuesday said he is in favour of a salary increase for executives of public sector undertakings (PSUs), some of which have witnessed industrial action by employees for higher pay.
Dev said his ministry would move a cabinet note after receiving the recommendations of a group of ministers (GoM) that debated the issue.
The GoM is headed by home minister P. Chidambaram and has petroleum minister Murli Deora, minister of state for finance P.K. Bansal and Dev as members.
“We are taking a look at the pay revision of all PSUs and not only the oil sector PSUs... Why should they not be paid more? After we receive the GoM report, I will take it to the Prime Minister, shortly after which we will move a cabinet note for the cabinet’s decision on the same, as we are the nodal ministry appointed for this,” Dev told reporters in New Delhi.
The government is trying to prevent any further strikes— similar to what was attempted by workers of state-owned oil companies that had crippled power, fertilizer, steel and aviation companies in December—before general elections fall due by May.
A three-day strike spearheaded by the Oil Sector Officers’ Association—an umbrella group that was demanding a pay increase for the 55,000 employees in the sector—in December triggered nation-wide shortages of petroleum products such as petrol and diesel.
The situation could have become far worse if officers of NTPC Ltd, Bharat Heavy Electricals Ltd and NHPC Ltd, among others, had joined it.
The ministries of power, and petroleum and natural gas together account for the single largest chunk of public sector employees.
In matters relating to PSUs, the ministry of heavy industries and public enterprises handles general administrative matters, including salaries.
Dev said the cabinet note would be moved before the Election Commission of India’s model code of conduct comes into effect, which happens once the general elections—likely to be held in April-May—are announced.
SC does a U-turn, says bandhs OK in democracy
Judiciary too seems to change their minds every few years!! I wonder what made CJI KG Balakrishnan change his own verdict? Is it because he is Tamilian? or is it that he saw his earlier verdict was anti People? or is it that a better lawyer argued this time? or maybe the judgement of Kerala HC was misread by the Supreme Court and other HCs? But whatever it may be OSOA and all PSUs can now use this in their legitimate right to strike.
The news Item:-
Quote
NEW DELHI: Supreme Court on Tuesday termed bandhs as legitimate means of expressing people's feelings in a democracy, reversing a trend judiciary has followed since 1997 when it had come down hard upon political parties for causing inconvenience to the public by forcing shutdowns.
The volte face, which will be celebrated by a political class which had chaffed at judiciary's opposition to chakka jams, came when the court refused to ban the Chennai bandh called for Wednesday to protest against the killings of civilians in Sri Lanka's military campaign against LTTE.
The stark change of stand looked even more so because of the fact that the fresh position was outlined by a Bench headed by Chief Justice of India K G Balakrishnan. In 1997, the CJI was part of the Kerala High Court Bench which gave the landmark anti-bandh judgment. The judgment was upheld by the Supreme Court, setting the stage for similar rulings from other HCs.
The court scheduled a hearing on the petition against the bandh only for February 16.
On Tuesday, the Bench headed by CJI and comprising Justices P Sathasivam and J M Panchal observed that in a democratic country, everyone had the right to express their feelings: a remark that would be lapped up by political parties who never acquiesced to judiciary's stand against bandhs.
The Bench was unmoved when Ajit Puduserry, appearing for petitioner J Satish Kumar, invoked the 1997 verdict of the Supreme Court.
Pudussery argued that the bandh call given by an umbrella organisation of political parties -- Sri Lankan Tamils' Protection Movement -- was a violation of the order that the apex court gave upholding the Kerala HC's slamming of bandhs.
The line did not work. "What has this court to do with stopping strikes? India is a democratic state where everyone has a right to express their feelings," retorted the Bench. (my Comments-- WAH WAH! Where was this WISDOM WHEN YOU GUYS BANNED OSOA STRIKE? What made you change now? Delhi HC are you listening? OSOA and PSUs should Immediately file writs in the Delhi Courts for withdrawals of all court cases in view of this judgement!)
The clock, clearly, has come full circle. In the 1997 judgment, the HC had said, "No political party or organisation can claim that it is entitled to paralyse industry and commerce in the entire state or nation and is entitled to prevent the citizens not in sympathy with its viewpoint from exercising their fundamental right or from performing their duties for their own benefits or for the benefit of the state or the nation."
It added, "Such a claim would be unreasonable and could not be accepted as a legitimate exercise of a fundamental right by a political party or those comprising it." The order had met with thunderous applause from millions across the country. CJI part of bench that barred bandhs in 1997.
NEW DELHI: Reversing a trend judiciary has followed since 1997 when it had come down hard on forced shutdowns, the Supreme Court on Tuesday termed bandhs as a legitimate means of expressing people’s feelings in a democracy.
In 1997, the CJI was part of the Kerala HC bench which gave the landmark anti-bandh judgment. The judgment was upheld by the Supreme Court, setting the stage for similar rulings from other HCs. The court scheduled a hearing on the petition against the bandh only for February 16.
On Tuesday, the bench headed by CJI and comprising Justices P Sathasivam and J M Panchal observed that in a democratic country, everyone had the right to express their feelings: a remark that would be lapped up by political parties who never acquiesced to judiciary’s stand against bandhs. The bench was unmoved when Ajit Puduserry, appearing for petitioner J Satish Kumar, invoked the 1997 verdict of the Supreme Court.
Endquote
I also feel that in India EVERYTHING Stinks!! I think the petition to Bring in Judicial Reforms is very much apt because even the judges do not seem to be thinking / acting properly. My earlier post here tried to highlight that everything is inter-related and if we need to see a brighter future we need to change everything. One does need to start somewhere. So somebody thought of starting with Judiciary Reforms and started an online Petition here. But I say let us change everything paralelly.
Monday, February 2, 2009
How Election Considerations Ruin OIL Sector
The Oil Sector has been a cash cow always as we all know. But do we also know that this is also a milking cow? Our earlier posts talked of how much money was spent on officials and ministers (all public news items only and nothing cooked up by this blog).
We will today post an analysis of Crisil on price cuts. If oil companies are going to suffer by these Price Cuts then why these are being effected? Is it because of the Vote Bank? Are there no other ways to bring down the prices?
Ref Mark 0109-CRISIL Report
We will today post an analysis of Crisil on price cuts. If oil companies are going to suffer by these Price Cuts then why these are being effected? Is it because of the Vote Bank? Are there no other ways to bring down the prices?
Ref Mark 0109-CRISIL Report
Ills of Privatisation in Oil Sector
Privatisation is good! For whom? For me, for one, if I get a job there because I will get more salary. I am not afraid to work. I am working in my PSU also today, I can work more if required, given the right environment which also incudes a high pay.
And Privatisation if good for who else? Well this is a question which we will slowly answer. But in the meantime there is one more question.
What are the ills of Privatisation?
This question came to my mind from this news item (http://www.indianpetro.com/ Indian Petro Daily Bulletin- Feb. 02):-
Feb 1: The issue of non availability of data, related to the petroleum industry, for statistical purposes came to the fore during the first meeting of the Standing Committee on Infrastructure Statistics held recently. Petroleum and natural gas as well as coal found place in the list of energy infrastructure items considered for collection of exhaustive statistical data, which also included electricity and new & renewable energy sources.
In response to the suggestion that with privatisation, data collection had become more difficult, representative of the petroleum ministry present at the meeting mentioned that company wise and component wise financial data for the petroleum sector was not available easily.
And Privatisation if good for who else? Well this is a question which we will slowly answer. But in the meantime there is one more question.
What are the ills of Privatisation?
This question came to my mind from this news item (http://www.indianpetro.com/ Indian Petro Daily Bulletin- Feb. 02):-
Feb 1: The issue of non availability of data, related to the petroleum industry, for statistical purposes came to the fore during the first meeting of the Standing Committee on Infrastructure Statistics held recently. Petroleum and natural gas as well as coal found place in the list of energy infrastructure items considered for collection of exhaustive statistical data, which also included electricity and new & renewable energy sources.
In response to the suggestion that with privatisation, data collection had become more difficult, representative of the petroleum ministry present at the meeting mentioned that company wise and component wise financial data for the petroleum sector was not available easily.
Sunday, February 1, 2009
Indian Black Money in Swiss Banks
Indian Black Money in Swiss Banking System
On 1st February, 2009 Navbharat Times (Hindi Daily) Newspaper published a Story regarding Indian Black Money in Swiss. News not clear about its object. However, in or about March, 2008 I received an Email from one Chartered Accountant friend of Delhi , who actually received the same from another CA from Chennai. After receipt of the aforesaid Email I posted Emails to Switzerland Banking Association requesting them to confirm the authenticity of the same, because the figures mentioned in the aforesaid Email regarding India were more or less corroborating with my study, which I had made and mentioned in July 2005 and afterwards to His Excellency Mr. Kofi A. Annan, the then Secretary General UNO, and Parliament Members and other Authorities of the different Governments and Countries. Finding no response from the Association, I reminded through Email making it clear that I am going to publish it in my List. Only thereafter, on 16/04/2008, I published the same in my list as well Email-Groups, as a result this message is reached about One Lakh Email users. Thereafter, Transparency International, India Chapter got published the same in its own name as a Lead News Item in the Times of India. Since then same were roaming in the Email Circle . However, no one can claim about authentic figure of the Indian Black Money in Swiss Banking System. Whereas the Government of India is not ready to act on this very important issue of National Importance, to create any pressure upon the Swiss Banks or Banks from other countries too, since this is well roaming reports that Huge amount of the Black Money of the Corrupt Politicians, Bureaucrats and Mafia people from India are deposited in the Swiss Banking System and also Banks from other countries, as were created by the some of Western Countries, as well as recently created by USA.
On dated 9th August, 2007, I submitted 2 application under RTI Act, 205, to the Prime Ministers Office to know actual volume of Indian (black) money deposited in Switzerland’s Banks as per rough estimates of the Government of India and that what action have been taken to retrieve such money from Switzerland to strengthen Indian Economy?, and that about two years ago United Nations Convention Against Corruption (UNCAC), gave a chance to retrieve such money from Switzerland, provided India make appropriate law to that affect to recover such stolen Indian Money and prevent them to retain such money any further. But, till date India not ratified such Convention, and wanted to know that what are the reason and hurdles in rectification of such Convention? But, Government failed to supply appropriate information, rather trying to escape on the alleged pretext of alleged exemptions under RTI Act, 2000.
However, one of the hundreds of Email Messages posted by me in 2005 is mentioned below, in which I also mentioned a List of Resolution time to time passed by UNO, and also send copies of the same to Swiss and Indian Parliamentarians, Ministers and others. In response to my following Emails, I received several responses, through Emails.
Milap Choraria
Dated 1st July 2005
His Excellency Mr. Kofi A. Annan,
Secretary General,
United Nations Organisations,
through Director,
Mr. Sarbuland Khan,
Department for Economic and Social Affairs,
New York ( USA )
His Excellency Sir,
This is Most Humble Appeal on behalf of myself and my organisation (Movement for Accountability to Public) as well as other supporting organizations and individuals from around the world, to the world's highest body responsible for Global Governance, to take appropriate cognizance in respect of Illegal Policy of certain countries, prevailing in severe violations of the Universal Declaration of Human Rights, which directly fueling enormous corruption, international terrorism, crime, and significantly damaging the growth and developments in developing nations, under the garb of their own laws and constitution. We must actively try to block the arteries that supply illegal money to terrorists and antisocial elements so that the world can be a safer and happier place.
WHY APPEAL FROM THE INDIVIDUAL CITIZEN OR ORGANISATIONS, IN A MATTER, WHICH SHOULD HAVE BEEN RAISED BY STATE MEMBERS OF THE UNO?
First of all a question may arise in the mind of His Excellency that why State Members of UNO not raised the issue referred herein. In this context my Humble submission is that most of the Governments running in developing and democratic Countries like India , are working under heavy pressures from various quarters including corrupt but powerful and influential politicians, bureaucrats and unscrupulous businessmen, who can damage to the legs of the Governments of the day. This is also not clear, whether Principle NGO’s working with the sole object and purpose to enhance transparency in the governance, at all having been propagated or not against Banking Privacy Law of Switzerland? Since, the matter is severe in nature, and also grave concerns to Human Rights (proclaimed by UNO) of the masses from the several countries including India , as such we decided to raise this important issue with hope that His Excellency will certainly take immediate cognizance on it. We have tried our level best to convince Switzerland Government to remove such severe embargo, caused by its Banking Privacy Laws. This is ample clear that Swiss Government under its Constitutional obligations cannot remove such embargo, though aware that this embargo is causing severe damages to the Human Rights of the masses of different countries. In this respect my correspondence with Swiss Authority is referred at: http://milapchoraria.tripod.com/swiss
BANKING PRIVACY POLICY OF SWITZERLAND RELATES TO FOREIGN CLIENTS.
Any Government, up to some extent in consideration of security aspects, can justify banking privacy policy adopted for its own (origin) citizen. But Banking Privacy policy aimed just to secure illegal money of the clients from other countries cannot be justified at all, because such citizen are legally liable to disclose deposits in foreign Banks before authority of their own country. A severe case example of the kind of countries referred above is Switzerland . Their privacy laws (Article 47 of the Federal Law on Banks and Savings Banks) prevent Banks from disclosing the identity of their clients even if there are clear indicators that certain accounts have illegal or stolen money in them. The sums involved according to some estimates just from India alone are between US$400 billion to US$1000 billion!
Such Banking Privacy Law of Switzerland is International Criminal Activity and grand theft that hurting a billion people?
In the last 10 years or so, Swiss authorities have, in theory, passed new legislation and rules aimed at curbing the international laundering of funds although in practice, even the Swiss people admit that this is nothing but lip service to silence international uproar on this issue. A line from a major Swiss Bank's website:
(http://switzerland.isyours.com/e/banking/secrecy/limits.html):
"In theory, bank secrecy can be lifted for matters such as inheritance, divorce and debt and bankruptcy by order of a legal authority of Switzerland only. In practice, Swiss bank secrecy is very difficult to lift, for the plaintiff must first prove before the Swiss court, that the account exists in Switzerland , e.g. by producing a bank statement."
The Swiss people and their government do not seem to take a lesson even from the Holocaust in which Hitler and the Nazis accumulated looted wealth in Swiss banks during World War II. As Swiss Government itself admitting that in recent days illegal Money of heads of some States were also found in Swiss Banks.
ASIA, AFRICA AFFECTED THE MOST
Several Heads of States, Ministers, high-ranking government bureaucrats, unscrupulous businesses, terrorists, drug traffickers, smugglers and other unscrupulous people are depositing large sums of illegal money in Swiss Banks taking advantage of the "privacy" shield provided by the State of Switzerland. Most adversely affected are the developing nations including those from Africa and Asia, where disappearance of large amounts of money badly needed for development cause the poorest people to suffer even more, and for protection of their various Human Rights.
UN AND WORLD BODIES' ROLES
UN and world bodies, over the years, have passed numerous resolutions and international laws affirming people's fundamental rights in an effort to curb injustice by any State or Heads of Governments [see Appendix “A” for some such references]. Plundering of public funds to the point where billions of people's suffering increases and people die of starvation is unjustified by any human standards.
The problem needs to be addressed now.
ANALYSIS OF PROBLEM:
Accounts in Swiss banks can be scrutinized only when Switzerland 's constitution that provides for privacy can be amended. In February 2005 Survey Polls were conducted throughout the Switzerland by the Swiss Banking Association, which shown that 78% of the people of Switzerland are against the lifting of banking privacy even whatever International pressure exerts, because banking and deposits are responsible for the majority of the country's Economical Strength, albeit a large fraction of this money is illicit.
Swiss Government itself admitting that:
“In terms of added value, employment and tax revenues, the financial sector is one of the pillars of the Swiss economy. While only 5,3% of the Swiss workforce is employed in the financial services, this sector contributes to 14% of Swiss GDP1. In the last 10 years, this share almost doubled, due primarily to the growth in the banking and the para-banking2 sectors. At the beginning of 2003, there were 356 banks operating, of which 209 were Swiss. Beside the global players UBS and Credit Suisse which account for approximately 60% of the Employment: approx. 200'000 people, i.e. 5,3% of the Swiss workforce, 3,3% in banks, 1,7% for insurance companies and 0,3% for other financial services intermediaries. Contribution to GDP: 11% for banks, 2,7% for insurance companies and 0,3% for other financial services companies.”
“This is the real specialty of Swiss-based banks which according to certain estimates, manage more than one fourth of all internationally-invested private wealth”, “Switzerland's banking system currently comprises 378 institutions with a combined balance sheet total of more than 2,300 billion Swiss francs. Our two biggest banks – UBS and Credit Suisse - are ranked among the ten largest in the world, and in the area of asset management, Swiss banks are the world's leaders”, “A traditional strength of the Swiss Financial Centre is asset management which created over half of the banks’ total added value. In this business domain Switzerland occupies a leading global position. Here it is competing with other important financial centres.” and “Swiss financial center: Foreign customers accounted for a share of approximately 57%. Of all assets held, 42.1% came from private clients and 47.5% from institutional investors. Commercial clients accounted for the remaining 10.4%. As a means of comparison, Swiss foreign assets (active) in 2001 amounted to CHF 2,200 billion with corresponding net assets of CHF 602 billion.”. The rest 43% is defined, but reportedly major part of it are from unclaimed Assets lying with Swiss banks or Government.
On February 18th, 2004 H.E. Mr. Eric Martin, Ambassador, Head of the Economic and Financial Affairs Division Swiss Federal Department of Foreign Affairs addressed at JCIF - Japan Center for International Finance Tokyo, Japan, in which he concluded his address:
"Against this backdrop, I would like to conclude by stating that the efforts aimed at promoting a broader exchange of information can not be separated from the fact that any easing of the observance of confidentiality in Switzerland would certainly be welcomed by various rival financial centers that may be happy to manage certain assets currently deposited in our country. In this context, where significant financial interests are involved and arguments of an ethical nature are raised, it should be pointed out that a number of OECD countries have offshore financial centers within their zones of influence, which have been gaining rapidly in importance over the past few years. Other countries benefit from legislation that in practice grants an even higher degree of confidentiality or discretion than Swiss legislation does."
This exhibits the growing nature of this menace not just in Switzerland but also outside.
Generally, in the eyes of law, a person willfully hiding a murderer or criminal is also criminally liable. This extension needs to be applied to sovereign nations as well. Switzerland knows fully well that huge amounts of illegal wealth are amongst the bank accounts it holds; yet, there is no effort to find and separate such accounts. Under the taxation laws of each country, without any immunity, each citizen is liable to disclose his liabilities and assets, including information relating to Bank Accounts. Therefore, without knowledge to authority of respective country, money deposited by the foreign Citizen in Swiss Banks is absolutely illegal money, thus should not be protected from the Swiss Banking Privacy Law.
REMEDY FOR INTERNATIONAL PROBLEM OF SUCH SEVERE MAGNITUDE
Taking advantage of the severe constraints caused by Switzerland Constitution, which provides that without referendum such Law cannot be changed, people of the Switzerland are determined not to allow changes in such laws. Therefore, this problem of International magnitude will not be solved till some sort of stiff actions are taken by the United Nations Organisations, which should be directed towards its Member States that “they cannot maintain any financial or other relationship with Switzerland or any other country, having Banking Privacy for Foreign Citizen. Such directions should be imposed for a period, till these countries do not change their Banking Privacy Laws, to ensure disclosures of the following details before the authorities of respective countries:
a) Total amount of "unclaimed" money in Switzerland from each country;
b) Total amount of money deposited in Switzerland with names of individuals / organizations, address and country.
In consideration of the matter of international importance and very much concerned to Human Rights of the masses from the World, I am awaiting your prompt response,
Sincerely,
TRUTH SHALL ALWAYS PREVAIL
Milap Choraria Editor: Suchna Ka Adhikar / RTI TIMES
National Convenor : Movement for Accountability to Public (MAP)
http://milapchoraria.tripod.com/msp http://rtitimes.net
On 1st February, 2009 Navbharat Times (Hindi Daily) Newspaper published a Story regarding Indian Black Money in Swiss. News not clear about its object. However, in or about March, 2008 I received an Email from one Chartered Accountant friend of Delhi , who actually received the same from another CA from Chennai. After receipt of the aforesaid Email I posted Emails to Switzerland Banking Association requesting them to confirm the authenticity of the same, because the figures mentioned in the aforesaid Email regarding India were more or less corroborating with my study, which I had made and mentioned in July 2005 and afterwards to His Excellency Mr. Kofi A. Annan, the then Secretary General UNO, and Parliament Members and other Authorities of the different Governments and Countries. Finding no response from the Association, I reminded through Email making it clear that I am going to publish it in my List. Only thereafter, on 16/04/2008, I published the same in my list as well Email-Groups, as a result this message is reached about One Lakh Email users. Thereafter, Transparency International, India Chapter got published the same in its own name as a Lead News Item in the Times of India. Since then same were roaming in the Email Circle . However, no one can claim about authentic figure of the Indian Black Money in Swiss Banking System. Whereas the Government of India is not ready to act on this very important issue of National Importance, to create any pressure upon the Swiss Banks or Banks from other countries too, since this is well roaming reports that Huge amount of the Black Money of the Corrupt Politicians, Bureaucrats and Mafia people from India are deposited in the Swiss Banking System and also Banks from other countries, as were created by the some of Western Countries, as well as recently created by USA.
On dated 9th August, 2007, I submitted 2 application under RTI Act, 205, to the Prime Ministers Office to know actual volume of Indian (black) money deposited in Switzerland’s Banks as per rough estimates of the Government of India and that what action have been taken to retrieve such money from Switzerland to strengthen Indian Economy?, and that about two years ago United Nations Convention Against Corruption (UNCAC), gave a chance to retrieve such money from Switzerland, provided India make appropriate law to that affect to recover such stolen Indian Money and prevent them to retain such money any further. But, till date India not ratified such Convention, and wanted to know that what are the reason and hurdles in rectification of such Convention? But, Government failed to supply appropriate information, rather trying to escape on the alleged pretext of alleged exemptions under RTI Act, 2000.
However, one of the hundreds of Email Messages posted by me in 2005 is mentioned below, in which I also mentioned a List of Resolution time to time passed by UNO, and also send copies of the same to Swiss and Indian Parliamentarians, Ministers and others. In response to my following Emails, I received several responses, through Emails.
Milap Choraria
Dated 1st July 2005
His Excellency Mr. Kofi A. Annan,
Secretary General,
United Nations Organisations,
through Director,
Mr. Sarbuland Khan,
Department for Economic and Social Affairs,
New York ( USA )
His Excellency Sir,
This is Most Humble Appeal on behalf of myself and my organisation (Movement for Accountability to Public) as well as other supporting organizations and individuals from around the world, to the world's highest body responsible for Global Governance, to take appropriate cognizance in respect of Illegal Policy of certain countries, prevailing in severe violations of the Universal Declaration of Human Rights, which directly fueling enormous corruption, international terrorism, crime, and significantly damaging the growth and developments in developing nations, under the garb of their own laws and constitution. We must actively try to block the arteries that supply illegal money to terrorists and antisocial elements so that the world can be a safer and happier place.
WHY APPEAL FROM THE INDIVIDUAL CITIZEN OR ORGANISATIONS, IN A MATTER, WHICH SHOULD HAVE BEEN RAISED BY STATE MEMBERS OF THE UNO?
First of all a question may arise in the mind of His Excellency that why State Members of UNO not raised the issue referred herein. In this context my Humble submission is that most of the Governments running in developing and democratic Countries like India , are working under heavy pressures from various quarters including corrupt but powerful and influential politicians, bureaucrats and unscrupulous businessmen, who can damage to the legs of the Governments of the day. This is also not clear, whether Principle NGO’s working with the sole object and purpose to enhance transparency in the governance, at all having been propagated or not against Banking Privacy Law of Switzerland? Since, the matter is severe in nature, and also grave concerns to Human Rights (proclaimed by UNO) of the masses from the several countries including India , as such we decided to raise this important issue with hope that His Excellency will certainly take immediate cognizance on it. We have tried our level best to convince Switzerland Government to remove such severe embargo, caused by its Banking Privacy Laws. This is ample clear that Swiss Government under its Constitutional obligations cannot remove such embargo, though aware that this embargo is causing severe damages to the Human Rights of the masses of different countries. In this respect my correspondence with Swiss Authority is referred at: http://milapchoraria.tripod.com/swiss
BANKING PRIVACY POLICY OF SWITZERLAND RELATES TO FOREIGN CLIENTS.
Any Government, up to some extent in consideration of security aspects, can justify banking privacy policy adopted for its own (origin) citizen. But Banking Privacy policy aimed just to secure illegal money of the clients from other countries cannot be justified at all, because such citizen are legally liable to disclose deposits in foreign Banks before authority of their own country. A severe case example of the kind of countries referred above is Switzerland . Their privacy laws (Article 47 of the Federal Law on Banks and Savings Banks) prevent Banks from disclosing the identity of their clients even if there are clear indicators that certain accounts have illegal or stolen money in them. The sums involved according to some estimates just from India alone are between US$400 billion to US$1000 billion!
Such Banking Privacy Law of Switzerland is International Criminal Activity and grand theft that hurting a billion people?
In the last 10 years or so, Swiss authorities have, in theory, passed new legislation and rules aimed at curbing the international laundering of funds although in practice, even the Swiss people admit that this is nothing but lip service to silence international uproar on this issue. A line from a major Swiss Bank's website:
(http://switzerland.isyours.com/e/banking/secrecy/limits.html):
"In theory, bank secrecy can be lifted for matters such as inheritance, divorce and debt and bankruptcy by order of a legal authority of Switzerland only. In practice, Swiss bank secrecy is very difficult to lift, for the plaintiff must first prove before the Swiss court, that the account exists in Switzerland , e.g. by producing a bank statement."
The Swiss people and their government do not seem to take a lesson even from the Holocaust in which Hitler and the Nazis accumulated looted wealth in Swiss banks during World War II. As Swiss Government itself admitting that in recent days illegal Money of heads of some States were also found in Swiss Banks.
ASIA, AFRICA AFFECTED THE MOST
Several Heads of States, Ministers, high-ranking government bureaucrats, unscrupulous businesses, terrorists, drug traffickers, smugglers and other unscrupulous people are depositing large sums of illegal money in Swiss Banks taking advantage of the "privacy" shield provided by the State of Switzerland. Most adversely affected are the developing nations including those from Africa and Asia, where disappearance of large amounts of money badly needed for development cause the poorest people to suffer even more, and for protection of their various Human Rights.
UN AND WORLD BODIES' ROLES
UN and world bodies, over the years, have passed numerous resolutions and international laws affirming people's fundamental rights in an effort to curb injustice by any State or Heads of Governments [see Appendix “A” for some such references]. Plundering of public funds to the point where billions of people's suffering increases and people die of starvation is unjustified by any human standards.
The problem needs to be addressed now.
ANALYSIS OF PROBLEM:
Accounts in Swiss banks can be scrutinized only when Switzerland 's constitution that provides for privacy can be amended. In February 2005 Survey Polls were conducted throughout the Switzerland by the Swiss Banking Association, which shown that 78% of the people of Switzerland are against the lifting of banking privacy even whatever International pressure exerts, because banking and deposits are responsible for the majority of the country's Economical Strength, albeit a large fraction of this money is illicit.
Swiss Government itself admitting that:
“In terms of added value, employment and tax revenues, the financial sector is one of the pillars of the Swiss economy. While only 5,3% of the Swiss workforce is employed in the financial services, this sector contributes to 14% of Swiss GDP1. In the last 10 years, this share almost doubled, due primarily to the growth in the banking and the para-banking2 sectors. At the beginning of 2003, there were 356 banks operating, of which 209 were Swiss. Beside the global players UBS and Credit Suisse which account for approximately 60% of the Employment: approx. 200'000 people, i.e. 5,3% of the Swiss workforce, 3,3% in banks, 1,7% for insurance companies and 0,3% for other financial services intermediaries. Contribution to GDP: 11% for banks, 2,7% for insurance companies and 0,3% for other financial services companies.”
“This is the real specialty of Swiss-based banks which according to certain estimates, manage more than one fourth of all internationally-invested private wealth”, “Switzerland's banking system currently comprises 378 institutions with a combined balance sheet total of more than 2,300 billion Swiss francs. Our two biggest banks – UBS and Credit Suisse - are ranked among the ten largest in the world, and in the area of asset management, Swiss banks are the world's leaders”, “A traditional strength of the Swiss Financial Centre is asset management which created over half of the banks’ total added value. In this business domain Switzerland occupies a leading global position. Here it is competing with other important financial centres.” and “Swiss financial center: Foreign customers accounted for a share of approximately 57%. Of all assets held, 42.1% came from private clients and 47.5% from institutional investors. Commercial clients accounted for the remaining 10.4%. As a means of comparison, Swiss foreign assets (active) in 2001 amounted to CHF 2,200 billion with corresponding net assets of CHF 602 billion.”. The rest 43% is defined, but reportedly major part of it are from unclaimed Assets lying with Swiss banks or Government.
On February 18th, 2004 H.E. Mr. Eric Martin, Ambassador, Head of the Economic and Financial Affairs Division Swiss Federal Department of Foreign Affairs addressed at JCIF - Japan Center for International Finance Tokyo, Japan, in which he concluded his address:
"Against this backdrop, I would like to conclude by stating that the efforts aimed at promoting a broader exchange of information can not be separated from the fact that any easing of the observance of confidentiality in Switzerland would certainly be welcomed by various rival financial centers that may be happy to manage certain assets currently deposited in our country. In this context, where significant financial interests are involved and arguments of an ethical nature are raised, it should be pointed out that a number of OECD countries have offshore financial centers within their zones of influence, which have been gaining rapidly in importance over the past few years. Other countries benefit from legislation that in practice grants an even higher degree of confidentiality or discretion than Swiss legislation does."
This exhibits the growing nature of this menace not just in Switzerland but also outside.
Generally, in the eyes of law, a person willfully hiding a murderer or criminal is also criminally liable. This extension needs to be applied to sovereign nations as well. Switzerland knows fully well that huge amounts of illegal wealth are amongst the bank accounts it holds; yet, there is no effort to find and separate such accounts. Under the taxation laws of each country, without any immunity, each citizen is liable to disclose his liabilities and assets, including information relating to Bank Accounts. Therefore, without knowledge to authority of respective country, money deposited by the foreign Citizen in Swiss Banks is absolutely illegal money, thus should not be protected from the Swiss Banking Privacy Law.
REMEDY FOR INTERNATIONAL PROBLEM OF SUCH SEVERE MAGNITUDE
Taking advantage of the severe constraints caused by Switzerland Constitution, which provides that without referendum such Law cannot be changed, people of the Switzerland are determined not to allow changes in such laws. Therefore, this problem of International magnitude will not be solved till some sort of stiff actions are taken by the United Nations Organisations, which should be directed towards its Member States that “they cannot maintain any financial or other relationship with Switzerland or any other country, having Banking Privacy for Foreign Citizen. Such directions should be imposed for a period, till these countries do not change their Banking Privacy Laws, to ensure disclosures of the following details before the authorities of respective countries:
a) Total amount of "unclaimed" money in Switzerland from each country;
b) Total amount of money deposited in Switzerland with names of individuals / organizations, address and country.
In consideration of the matter of international importance and very much concerned to Human Rights of the masses from the World, I am awaiting your prompt response,
Sincerely,
TRUTH SHALL ALWAYS PREVAIL
Milap Choraria Editor: Suchna Ka Adhikar / RTI TIMES
National Convenor : Movement for Accountability to Public (MAP)
http://milapchoraria.tripod.com/msp http://rtitimes.net
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