Indian Politicians, Defence Purchasers, Election Candidates, Swiss Bankers and Privacy - Unholy Alliance

[Nagarjuna]

Indian Politicians, Defence Purchasers, Election Candidates, Swiss
Bankers and Privacy Code - the Unholy Alliance of Crooks

Small European countries have for centuries, benefitted from shielding
the black marketeers and cheats of developing countries under a legal
rubric of secrecy of the banking code and individual right to privacy.
Global capital movements to small european countries with glass door
banking secrecy codes, have indeed been the central route of
subversion and dilution of the significance of political mandate in
the so called largest democracy of the world - India.

The 2009 elections in India are unique because the question of the
commissions of Indian defence purchases, and the politicians who
benefit from hefty commissions and stack them away in overseas Swiss
accounts has been raised as a central issue like never before.
Vishwa Pratap Singh, who fell out with Rajiv Gandhi over St. Kitts
accounts for defense purchases, had of course earlier raised the issue
of American and European defense deals and payments to Indian defense
agents and came under severe criticism from Indian political
dynasties, attempting to brush the issue of foreign tax havens under
the dusty and allergens rife, electoral carpet.
The UK has also immensely benefitted in the decades since Second World
War, from overseas corruption money of Oxbridge educated Indian
political elite.
However, the plummetting public taxes and the recession in Europe - is
now forcing a rethink and a split between the European public funded
politicians and the laissez faire, no questions asked about sources of
funds, European bankers.
The question in coming years will be whether the Indian public, Indian
defense purchase commission agents and Indian politicians will be on
the same line of divide - or will keep trying to justify overseas
banking in an age of post-globalization when even countries like UK
are trying to turn a new leaf and demand lists of tax evaders from
overseas banks.
Subsequent to the much heralded G-20 summit, meekly attended by Prime
Minister ManMohan Singh and Montek Singh Ahluwalia, there is a cat on
the prowl among the pigeons.
The Indian Congress Party has to come out and take a public stand on
the principles, policy, practice, and implementation of global
pressure for a clamp down on small European countries that benefit
disproportionately from the corrupt funds of corrupt Indian public
servants and politicians and defense buyers.
So what is UK, a prime beneficiary of global capital from the tax
evaders of developing countries like India for all these years, going
to do now, after the London G-20 summit attended by Congress party
politicians ?
Time will show if Indian ex World Bank economists succeed in putting
the issue of global tax havens as central to Indian patriotism or
political skulduggery. :
Time for Indian economists and political students at the heart of
Indian economy, defense purchases and political life, to listen to
their Oxford and Cambridge professors and teachers, is it not ?
Nagarjuna
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From Guardian -
Tax cheats who deprive the exchequer of sums greater than £25,000 are
to be named and shamed by the government in a crackdown on evasion to
be unveiled by Alistair Darling in the budget on Wednesday.

The chancellor will announce that Revenue & Customs will publish a
blacklist of individuals and companies deemed to be serious
defaulters, and force small businesses to provide extra information
for five years if found guilty of tax offences.

With the Treasury's finances under strain as a result of the
recession, Darling believes a scheme used by Ireland since the early
1980s has the potential to raise tens of millions of pounds from those
reluctant to have details of their tax offences published.

Offenders can prevent themselves being put on a blacklist by making
disclosures to Revenue & Customs or by owning up to misdemeanours when
they are already being investigated.

Darling has been told that Ireland's experience shows the risk of
being exposed has acted as a powerful incentive for evaders to come
forward. There will be safeguards to ensure minor indiscretions are
not penalised but any serious evader who does not come forward will be
put on the blacklist, even if they reach a deal with Revenue & Customs
to ensure the case does not go to court.

Small businesses that incur penalties will be placed under tougher
scrutiny for five years to ensure they have systems in place to pay
the proper amount of tax.

The proposed action comes as part of an international attempt to
tackle tax evasion outlined at the G20 summit in London earlier this
month. The threat of a blacklist for tax havens that failed to agree
to a code of conduct drawn up by the Paris-based Organisation for
Economic Cooperation and Development prompted an immediate climbdown
by a number of jurisdictions and the chancellor believes UK
individuals and companies will also respond to the same tough
approach.

Pressure on the government to tackle evasion has intensified after the
sharp deterioration in the public finances caused by the recession.
Darling will announce action to tackle unemployment and measures to
ensure key sectors of industry spearhead economic recovery as the
centrepiece of a budget heavily constrained by the biggest annual drop
in output since 1945.

The chancellor will savagely downgrade his forecasts for growth this
year and stress that a contraction of more than 3% in 2009 has
restricted his freedom of action by pushing up the government's budget
deficit to its highest ever peacetime level. But he is determined to
draw a political dividing line with the Tories by sticking by his
pledge to raise public spending by 1.1% a year in real terms for the
post election period between 2011-14, roughly a third of the average
since 1997.

Darling will insist that last November's pre-budget report provided an
immediate £20bn boost to growth and that Wednesday's package is
designed to provide investment for the recovery. The business
secretary, Lord Mandelson, will announce plans for a more activist
industrial policy next week, and the budget will include support for
sectors deemed strategically important, including pharmaceuticals,
aerospace, financial services, digital businesses and environmental
technologies.

Darling has agreed to back a "cash-for-clunkers" scheme under which
motorists will receive a £2,000 sweetener for trading in their old
cars for new models.

Aware that Wednesday's package will coincide with grim unemployment
figures for March, the budget will focus on help for the jobless,
particularly those under 25. The Department of Work and Pensions has
proposed that the flexible new deal for young people due to start in
October could apply to any young person unemployed for six months or
more, instead of the current proposed 12 months.

Despite the rapid descent of the UK into recession, the chancellor
remains upbeat about the prospects for a recovery later this year. He
will say that a combination of lower interest rates, higher government
borrowing, emergency help for the banking system, lower oil prices and
a weaker pound have created the conditions under which the UK can
recover quickly once the prospects for the global economy brighten.
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