Posted on: 10-04-16 01:30:52
@ Ramar, Without knowing the full facts, even I should not be making a general statement like that. But I do give them a waiver and a chance to explain the situation that they have been put into by this expose'.
AND just like me and you, they might not have immigrated to a country of their choice, but they can still maintain their NRI Status and live in any part of this world as they have means to support themselves with income through royalties and investments from their business.
EDIT:
AND As you know, No country will ever permit to open a Bank Account or permit to operate a Business or an account without proper Documentation, people who have the acumen and the legal savvy enter into a country that facilitates them to do all kind of things and these locations are located all over the world and are called Tax Havens in common parlance. Now they have become NRI's with all of the frills and thrills and can surely flaunt their status of wealth and
the popularity they possess in their own country by owning chalets and mansions to live anywhere in the world but for a very brief period, dodging the Tax man, but pay only what it calls for as basic required amounts to any other Tax haven and dodge the bullet.
Just to give you a concrete example, a few of the shipping companies operate their SHIPS, the large and small ones, out of the 'HOLES IN THE WALLS' by paying a nominal fee to operate and manage their day to day affairs out of that location and not pay any taxes to any other Government and carry on doing BILLIONS of dollar worth of trade and commerce and multiply their wealth many fold, unlike you and me who are locked to stay in one country and slave ourselves to one company and hang our hats in one country. I hope you got the drift.
All it takes is a few dollars to get started with and a Good Bank and a Legal Beagle to help you with. Just to inform you, that the Canadian Government Banned all of these companies and operations here in Canada. So, they all moved Lock, Stock and Barrel out of Canada to the other locations , under a different tutelage. That is history now.
How do I know? Mmmm let me think about it. It is for another day.
FH.
http://www.thefreedictionary.com/flaunt
As expected, Panama papers are heading towards blind end. Meanwhile, we have the RBI, the ultimate protector for depositor's/people's money batting for the defaulters who are the black money bag's twin brother. The defaulter himself may be the depositor in those tax havens or any of his family member.
http://www.thehindubusinessline.com/money-and-banking/apex-court-asks-rbi-to-give-list-of-defaulters-of-over-rs-500-cr-loan/article8244820.ece?ref=relatedNews
http://www.thehindubusinessline.com/economy/rbi-has-no-defaulters-list-central-bank-says-compiling-it-will-divert-resources/article8472313.ece#comments
Why should the government take up the task of finding that which of the Panama transactions were legitimate and others not legitimate, unless the government wants to protect the criminal. The government/IT should treat all of them as illegitimate and it is the responsibility for the names found in the list to clear themselves.
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Quote:
Originally posted by ramar2005
The government/IT should treat all of them as illegitimate and it is the responsibility for the names found in the list to clear themselves.
.Unbelievable.
Thank you for the TWO links plus your comments. As much as I would like to say YES to your point, I hate to join "the lynching mob". In this civilized, or is it CILIVISIZED society, there are a few procedures to follow and the first one to name is to obtain the TOTAL list and the materials within. Then we will get to know all of the details. It costs BIG Money to obtain the list from those who currently hold the rights to it. Knowing a few countries, they will wait till it becomes Public Property. Then they will drag their arses with it.
The reason that I do not want to tar everyone with the same brush, is it is a legal matter now. Unlike US, which states that a US Citizen has to report all of the income from the WHOLE WORLD, a few have so many escape routes planted into their legal and financial systems, even before the list is made public, the money just vanishes or evaporates and some one else is now in possession of the same. There is no way of recovering a few pennies out of that location as there is no FREEZE Order to retain the same in the same location to grab it from the culprits. Also, the destroying of the records or the mutilation will make it impossible to identify the holders of these accounts and there are multitude of sins that they can commit to hide all of these nefarious activities of the Banks, the Legal beagles and the Culprits also.
A few of them with legitimate businesses will be in Panama after this but under another name and another country, carrying on their day to day affairs, because it is their daily bread.
All of these are the cover up Process, and Panama is now drained out of these loots and it will become nearly impossible to catch the crooks.
The TWO Links that you have provided are those of the defaulters there in India. Some body was asleep at the switch when it happened as CRORES of Rupees were loaned to BIG Corporations and the Corporations collapsed and the RBI did not know that the funds were drained out and they got into Bankruptcy. It will be difficult to get hold of the funds though the culprits are walking about freely and even having big holidays outside of India. RBI has no FANGS and is helpless now.
As mentioned earlier it has now entered into the Legal Battle Zone and we will have to wait till it all gets over, when ever we all get to know what the amounts were and where the loot is now and Who ALL are in the list. We only got a glimpse of it. It has made our blood boil. Though our comments hold good, it has brought about the best in all of us, in running down these crooks which has only exposed our helplessness in this matter.
Where do we go from here??!! We are the angry mob and we are at the far end of the world with our hands tied at the back.
FH.
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Quote:
Originally posted by ramar2005
As expected, Panama papers are heading towards blind end. Meanwhile, we have the RBI, the ultimate protector for depositor's/people's money batting for the defaulters who are the black money bag's twin brother. The defaulter himself may be the depositor in those tax havens or any of his family member.
http://www.thehindubusinessline.com/money-and-banking/apex-court-asks-rbi-to-give-list-of-defaulters-of-over-rs-500-cr-loan/article8244820.ece?ref=relatedNews
http://www.thehindubusinessline.com/economy/rbi-has-no-defaulters-list-central-bank-says-compiling-it-will-divert-resources/article8472313.ece#comments
Why should the government take up the task of finding that which of the Panama transactions were legitimate and others not legitimate, unless the government wants to protect the criminal. The government/IT should treat all of them as illegitimate and it is the responsibility for the names found in the list to clear themselves.
Consider the alacrity with which the government asked the middle class to give up the subsidy on LPG. If only the government had shown the same intention to catch those who cheat on taxes it would have netted thousands of crores and help complete the many projects which are otherwise held up for want of funds in the Budget
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An EXCELLENT idea. I also like this idea of robbing Paul and giving it to Peter. If I may add to this "the global prices for LPG" dropped down to half the prices from the past two years. Now it is time to wean these suckers off the Government Subsidies and let them all get it from the open market and let the Government get out of these Rationing also. Don't you think it is high time for the Indians to stand on their own two feet or smarten up?
Biznes is Biznes right!!
FH.
http://profit.ndtv.com/news/budget/article-union-budget-government-to-give-5-crore-lpg-connections-on-concessional-rate-1282505
http://www.ndtv.com/india-news/barack-obama-supports-indian-energy-needs-for-growth-1280197
http://www.ndtv.com/india-news/india-to-push-poverty-alleviation-agenda-at-g20-arvind-panagariya-1265790
Rural Electrification, Clean and AMPLE WATER, good traffic control and alleviation of Poverty Alleviation etc.,
fh.
Think that the majority of Indians are not just standing on their two feet but crawling on all fours because of the corruption, inefficiency and dishonesty all around them. Add to this the snobbery and elitist attitude of the educated class, most of them getting their subsidized education because of this crawling lot, not coming out in support of the victims but siding with the offenders. India's economy is just a macro form of the IPL cricket. Nothing for the people of India in either, only drought and famine, non-availability of even drinking water. Just because the Ambanis want to occupy the chairs and clap for the sixes and fours.
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