New Delhi, April 05: Indians have the volume of money
stashed in tax havens abroad good enough to take care of the
amount committed by the G-20 leaders to tackle the global
financial crisis, going by the claims made by Opposition
parties BJP and CPI(M).
The election manifesto of the Bharatiya Janata Party said
the unaccounted money kept by Indians in tax havens abroad is
up to USD 1.5 trillion, while Communist Party of India
(Marxist) Politburo member Sitaram Yechury said it is USD 1.4
trillion.
"We will take determined steps to bring back the money
(estimated at Rs 25 lakh-crore and Rs 75 lakh-crore) illegally
stashed in Swiss Bank accounts and other tax havens," BJP`s
election manifesto, released on Friday, said.
On Thursday, G-20 leaders agreed to pump in USD 1.1
trillion for a breather to the global economy from the worst
recession faced since 1930s, even as it decided to come down
heavily on tax havens across the globe.
According to the estimates of the Organisation for
Economic Cooperation and Development (OECD), the value of
assets held in tax havens is about USD 11.5 trillion.
A day before the G-20 Summit, Yechury said, "If the USA
can do it (ask Swiss banks for account holders` records),
India must also do it because it is estimated... USD 1.4 trillion
by Indians, the largest in Swiss banks."
CPI(M) also said in its election manifesto, "...(the
party will) launch a drive to unearth black money, especially
those stashed in Swiss banks and other offshore tax havens."
However, the election manifesto of the Congress party has
no mention of the money illegally parked abroad.
On February 23, CPI(M) had issued a statement saying, "It
is imperative that the UPA government demand from Swiss banks
and from banks in tax havens details of accounts of Indians.
In the case of India, it is not only a case of tax evasion but
also of funds being illegally stashed abroad, or used for
money laundering."
Bureau Report
