Illegal Laundered Money

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Black money campaign results in info flow from Swiss, others

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Sidhartha of the Times of India.

It isn't just Switzerland but several other countries — including tax havens which were earlier stalling the government's efforts to share information on Indians with unaccounted wealth — that have now indicated their willingness to disclose data following vigorous persuasion by the tax department over the past few months.

"It's the result of a sustained campaign that information flow has started. The new black money law and the benami bill have been very positive. Foreign countries recognize that combating black money is no longer just a slogan but is something that India is extremely serious about," said a source.

The disclosures go beyond the HSBC list with several cases on which independent probes have been conducted where the government is now hoping to get information. There is already evidence of that in some of the names which have been published in the Swiss Federal Gazette.


READ ALSO: Black money: Switzerland discloses names of two Indians

Sources in the government feel that with the new black money law which provides for up to 10 years in jail for those keeping undisclosed wealth abroad and with the G20 information sharing agreement set to kick in, those with illicit assets will be squeezed if they don't come clean.




The newly cooperative attitude from the countries which provided tax shelters stems from growing global consensus for concerted action against illegal wealth and comes in the wake of the vigorous persuasion started by the government last October when a delegation led by revenue secretary Shaktikanta Das went to Switzerland and authorities there agreed for greater cooperation on information sharing, especially examining requests where independent investigations had been carried out.

READ ALSO: Yash Birla in fresh list of Indian bank account holders disclosed by Swiss


With Prime Minister Narendra Modi flagging the issue of information sharing and black money at the G20 meeting in Australia a few months ago, India's serious intent was spelt out clearly. During finance minister Arun Jaitley's meeting with his Swiss counterpart in January, when he had gone for the World Economic Forum meet in Davos, the seriousness was further reinforced.

And, there was no let up by the foreign tax division (FTD) of the income tax department, which has been following up on cases using all its persuasive and "soft skills", said sources. Although FTD had been at work earlier too, monitoring at least on a weekly basis by the finance ministry brass has meant that there is stronger follow-up.

"Months of sustained dialogue yielding result. Welcome disclosure of bank account holders' names by Swiss authorities," the revenue secretary tweeted.

Dealing with the Swiss authorities did come with its challenges as the Indian team had to recognize the constraints that the law put on their counterparts. In addition, it has taken quite an effort to convince foreign governments, especially tax havens and those with confidentiality laws, to argue that they too need to move with the international current against black money, some of which is the result of illegal activities.

READ ALSO: G20 backs Modi's strong pitch for repatriation of black money

Illegal Laundered Money.

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Black money market larger than India’s education spend

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Subodh Varma of the Times of India.
Wealth earned from crime, corruption and tax evasion, and illegally taken out of the country tops India's total spending on education or health, according to a new study by financial watchdog Global Financial Integrity (GFI).

Average yearly flows of such illicit finances, popularly called black money, were nearly 120% more than the government's yearly education spend and about 100% more than health expenditure.

The report correlated outflows of black money from 82 developing countries around the world and discovered that the poorer the country, the more money is illegally taken out, presumably to be stashed away in tax havens.

READ ALSO: A permanent SIT to crack black money cases?

Earlier GFI studies have found that nearly $1 trillion worth of illicit financial flows take place every year from developing countries. India was estimated to lose about $44 billion annually between 2003 and 2012, the total working out to a mind boggling $440 billion over the decade.

Notably, GFI investigations have shown that globally, 80% of the illicit financial flows take place through trade misinvoicing done by international corporate entities. For India, this component is even more predominant, accounting for over 98% of illicit financial outflows.

For India, the average yearly illicit outflow for the years 2008-12 was 4% of GDP, 10% of trade, 215% of foreign direct investment ( FDI), 40% of total tax revenue and 0.7% of capital stock, the report said.

The report also found a disturbing correlation between illicit financial flows and higher levels of poverty, higher levels of economic inequality, and lower levels of human development, as measured by the United Nations' annual Human Development Index.

"Higher illicit outflows aggravate poverty, exacerbate income inequality, and erode human development in the world's poorest countries," said Joseph Spanjers, co-author of the report.

READ ALSO: Black money campaign results in info flow from Swiss, others

Switzerland discloses names of two Indians

Correlations are also found between higher relative levels of illicit financial flows and trade openness, tariff rates, and the efficiency of customs. But no correlation was found between indicators of quality of public institutions or rule of law like the Fragile State Index, Corruption Perception Index or Public Sector Management rankings, and illegal black money outflows. No correlation was found with broad fiscal or macroeconomic indicators either.

Surprisingly, no correlation was found even between the extent of the shadow economy within the country and illicit financial outflows. Earlier GFI studies on India, Mexico, Russia and the Philippines had shown a link between the two phenomena.

  

Illegal Laundered Money

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More tax havens to share black money data with India

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Sidhartha by the Times of India.

Several countries, including tax havens like British Virgin Islands, Cyprus and Jersey, have begun sharing information with Indian authorities, in a development that is expected to boost the government's efforts in tracking black money stashed abroad.
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Sources said some of the information had already been verified, adding that the information flow was of great help in tracking Indians who have not disclosed wealth abroad. Apart from the global pressure on disclosure of information, the Modi government has also stepped up its efforts to get data, said sources.


READ ALSO:Black money market larger than India's education spend


A permanent SIT to crack black money cases?

Black money - Switzerland discloses names of two Indians

The development comes at a time when Swiss authorities have released the names of seven Indians with bank accounts. Coming on the eve of the proposed compliance scheme for those with undisclosed wealth abroad, the information is expected to put pressure on individuals to come clean.

Tax department officials said that there are several queries on the compliance scheme, whose rules are close to finalization and are expected to be notified by the end of the month with a six month window expected to be announced shortly.

"We are close to finalizing the modalities and we are looking at every aspect to ensure that there is neither any misuse nor harassment," said a senior official who did not wish to be identified.

READ ALSO: Black money campaign results in info flow from Swiss, others

Sources said that one key feature of the scheme will be to ensure that there are only two commissioner rank officers - one in Mumbai and the other in Delhi - to deal with the scheme. The notified states will come under the jurisdiction of one of the officers.

The department has already begun the hunt for officers "with highest level of integrity and excellent track record" to ensure that there is tight monitoring of the compliance scheme.

While releasing the rules the government also plans to release detailed FAQs given the spate of queries that it has received in recent months.

The sources said that the government will also assure individuals opting for the scheme that there will be no fishing expeditions and unnecessary investigation will not be undertaken by the department.

The compliance scheme is a one-time effort meant to enable people to make disclosures before the new law on black money kicks in from April.

Under the stringent provisions of the new law, concealment and non-declaration can result in a sentence of up to 10 years in jail and is expected to prompt several people to opt for the proposed scheme, whose rules are being finalized.

READ THIS IN HINDI: भारतीय खाता धारकों के नाम बताने लगे और देश, काला धन रखने वालों में हड़कंप 

Shimla Spa town

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Shimla becomes part of green growth cities project

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By Times of India.

Tourist town of Shimla has become part of "Green Growth Cities" as the municipal corporation launched the ambitious project to identify and develop applications and solutions to support the concept of green growth with the use of Information and Communication Technology (ICT).

The civic body has initiated the project with the help of World Bank, the Korean Green Growth Partnership and Price Waterhouse Coopers (PWC). The other cities selected to implement this project in India is Panjim in Goa and Hubli-Dharwad in Karnataka.

The Korean Green Growth Partnership and the World Bank group are the key financing agencies for this project, whereas, the consultant for the project is PWC. To start with, municipal Corporation on Monday gave a brief presentation on development scenario of Shimla. Afterwards the team of World Bank gave a presentation on brief objectives and outcome of this project. The project has been divided into three phases.

"The first year is the assessment stage. The development objective of the proposed activity is to provide preliminary diagnosis and assessments in the ICT, urban, transport, energy, and water sectors with the intention of engaging Municipal Corporation and other stakeholders in the process of development of a green city initiative and provide foundation for large scale projects and smart city initiatives," said Shimla Deputy Mayor Tikender Singh Panwar.

 

He said that project will cover introduction of smart technologies to the city such as smart grid technology, smart water management system, intelligent city planning and ICT for government transformation.

 

"Based on assessments, the funding agencies and consultants will conduct a national level workshop for the key staff of Municipal Corporation Shimla. The project report will however present a comprehensive scenario and will include strategy for smart city architecture of the Shimla city," he added.

He said that second phase of the project is selection of pilot projects based on the priority of Shimla city. The pilot project will cover ICT services for governance, waste management, smart grid, transportation and urban administration and smart water management, he added.

He said that initial amount proposed for the pilot project is of $150,000 to 200,000. The consultants in this phase will provide end to end solution for the successful implementation of project and its sustainability. The third phase of the project is the assessment of the project works and its monitoring.

Yoga is universal and above religion

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WIKIPEDIA:

Yoga is an Indian physical, mental, and spiritual practice or discipline. There is a broad variety of schools, practices and goals in Hinduism, Buddhism (including Vajrayana and Tibetan Buddhism and Jainism. The best-known are Hatha yoga and Raja yoga.

It is 2600 years old and maybe even longer. 

In an unhealthy country like India, which does not produce many Olympic Gold Medal athletes.......Yoga is urgently important. Its is cheap and does not require huge government investment.

On the other hand Yoga in itself is not enough for good health in a country. A Good balanced diet, a healthy lifestyle, optimism and happiness in the country, good environment and happiness in personal relationships ALSO play a significant role in the physical and psychological development of individuals. You can do Yoga all day, but if the other components above are missing then there are no real benefits.

With Indian history, and Indian insecurity wrought by foreign occupation, THEN the celebration of propagation of genuine Indian practices and culture are very important for the psychological
rejuvenation of the country. Yoga is not a vengeful religious practice that propagates hate against other communities. Speaking Hindi does not do that either.

?????????????!!!!!!!!!!!!!!!!!*********************

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After Muslim protests, Surya Namaskar out of Yoga Day drill

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Sushmi Dey  at the Times of India.

The Centre has decided to drop 'Surya Namaskar' from 'asanas' to be performed by people across the country to commemorate 'International Day of Yoga' on June 21. The trimming of the drill is aimed at catering to the sensibilities of the minorities in the wake of opposition from Muslim groups.
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Launching a nationwide campaign against making what it dubbed "Hindu religious practices" compulsory in educational institutions, the All India Muslim Personal Board (AIMPLB) had demanded that the order making Surya Namaskar compulsory in schools be also cancelled.
READ ALSO: AIMPLB to campaign against Yoga Day


 Surya Namaskar, a yogic practice for comprehensive development of the body, is considered a crucial component for improvement of holistic health.
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 Earlier in April, the government had come under attack on the use of "Aum", a chant, while issuing a common protocol for celebration of the International Yoga Day.
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 Meanwhile, preparations are on in full swing for the mega event on June 21, which is expected to witness almost 40,000 people from across the country performing 'asanas' at Delhi's Rajpath. Prime Minister Narendra Modi will address the gathering, minister of state for AYUSH Shripad Naik said.
 
. READ ALSO: International Yoga Day: India to lead world from Rajpath
The programme, which will be conducted between 7 am and 7:35 am in the entire country simultaneously, is likely to be attended by celebrities like Amitabh Bachchan, Shilpa Shetty and Indian Test skipper Virat Kohli.
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"Our ministry is also trying to register the mega event in the Guinness Book of World Records," Naik said. He said free yoga camps are being organized in 651 districts while 100 such camps will be held in Delhi to observe the day. External affairs minister Sushma Swaraj, along with Naik, will launch a special portal for the event on June 9.
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 In December last year, the United Nations General Assembly adopted June 21 as International Yoga Day after PM Modi urged the world community to celebrate the ancient discipline on a global scale. With over 175 nations supporting Modi's proposal, the move was seen as major diplomatic win for India.
. READ ALSO: NCERT books Yoga to be part of health and physical education curriculum
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Besides the function at Rajpath, the capital will also celebrate 'Yoga Parv' with art exhibitions, dance and music performances, as well as theatre shows and events like talks, meditation sessions and yoga workshops held across venues between June 21 and 27. According to official sources, the Lalit Kala Akademi, Sahitya Akademi, Indira Gandhi National Centre for the Arts and National Museum have joined hands for the event. Over 300 selected works of art, dance and music performances, and other presentations by 150 plus artists from across India and overseas will be showcased to depict the importance of yoga.
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Various yoga schools and centres like Isha Foundation, Patanjali and Morarji Desai National Institute of Yoga are also collaborating to conduct workshops and yoga sessions along with showcasing different kinds of ayurvedic, herbal and organic products to visitors at the organic and wellness haat in the capital.
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The AYUSH ministry will also organize an international conference on yoga which will focus on holistic health. The theme includes traditional basis of yoga and its role in prevention of diseases along with therapeutic potentials of yoga. The conference will also discuss the importance of yoga for global peace.
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The railways has urged its over 13 lakh employees to celebrate the day in a big way. 

India and the Busharaf fraction in China

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I'm sad in the sense that two great Asian powers can't live with each other and accept each other. That there is a small fraction in Chinese security who desire a more confrontational approach with India.

On the other hand I'm satisfied that I have been vindicated about the importance/primacy of the INDIAN ARMY, and that as things stand currently China's String of Pearls is still merely an existential threat. The immediate threat comes from the mountains, and jungles of the NE. Further that the BJP government made a strategic mistake of curtailing the MSC in favor of yet another White Elephant Aircraft Carrier project on the orders of London Sahib.....which may or may not  be completed by 2025.

Hari Ohm Shanti......नम्र.



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China hand in NE insurgency?

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By Times of India

NSCN (K), which claimed to have carried out last week's attack on Army convoy in Manipur killing 18 soldiers in Manipur, may have unilaterally ended its ceasefire with the Indian security agencies at the behest of Chinese People's Liberation Army (PLA), according to a senior government official.

Sources in the government on Monday claimed that the chief of Ulfa's hardline faction Paresh Baruah had, on the instructions of some senior PLA off-icers, prevailed upon S S Khaplang to withdraw from the ceasefire agreement with the Indian government in March this year.

While Khaplang is said to be based in Taga in Myanmar, Baruah is ensconced in Ruili and Kunming, both in Yunnan province of China.

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Chinese PLA officials are said to be in touch with both Khaplang and Baruah. Even Myanmar authorities had recently arranged for Khaplang's treatment for a medical condition after consulting the Indian government.
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There are intelligence inputs that former officer of Chinese PLA Muk Yan Pau Huang is running an illegal factory of assault rifles at Pangwa in Kachin province of Myanmar, set up earlier by an ex-leader of the Burmese Communist Party named Tin Ying. The arms manufactured here are apparently supplied both to Myanmarese rebels as well as Indian insurgent oufits including the Nationalist Socialist Council of Nagaland (Khaplang).

There are at least two dozen insurgent groups operating in the northeast and most of them have bases and training camps in Kachin province of Myanmar.

Both Khaplang and Baruah help the insurgent groups in procuring arms and ammunitions.

In the worst such attack in three decades, insurgents had on Thursday ambushed a military convoy in Manipur's Chandel district killing at least 18 army personnel and
 

 

Exams

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China monitors university entrance exams with drones

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By AFB and Times of India.

Chinese students sat the annual make-or-break university entrance exams on Monday, with officials deploying drones or high-tech radio surveillance trucks at schools across the country to try and curb increasingly sophisticated cheating methods.

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 Nearly 10 million students will sit the crucially important two-day exam, known as the gaokao — or "high test".

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 Authorities have become increasingly concerned about the risk of students using devices such as smart phones — some of which have become smaller and easier to hide — as an illicit aid during tests.

Beijing deployed 17,000 police officers to redirect traffic and increase security at the testing sites, and also set up service stations to treat anxious parents should any suffer heart attacks, the city government said in a statement.

 

 The exam is the only method used to gain entry to the nation's universities which for poorer children can mean the difference between a white-collar office job and a life as a migrant labourer.
Officials in Luoyang, in Henan province purchased a drone designed to search for radio signals that could indicate cheating students, according to the Dahe News, the official provincial newspaper.
 

It will monitor signals from 500 metres above the test site, the paper said.

Photos on the website of the government-run China Daily showed radio engineering technicians using computers and scanning devices to search for signals that could be used to transmit answers to students.

 

 A college student posing as someone else was caught at one test centre, and gave police the names of five other substitute test takers, according to the official Xinhua News Agency.

 

Security at test centres is extremely tight and in the past some schools have banned any metal from the exam room, leading to a prohibition on metal bra clasps.

 

 In past years cheating devices have been found to be sewn into clothes. 

Iran's natural resources (other than fossil fuels)

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Iran rolls out huge untapped riches

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By Presstv.com

Iran is estimated to hold around 60 billion metric tons of mineral reserves.

Iran seeks to chisel out a name among the world’s major miners, courting international prospectors into a sector which boasts some of the world’s most stupendous riches but remains vastly underdeveloped. 
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Last week, the country hosted a handful of foreign managers in the sector, including from global miner Rio Tinto, in its biggest mining event yet to roll out reserves for development.  
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Managing director of Germany’s Entracon AG Werner Schoeltzke, one of the participants, highlighted Iran’s massive energy and transportation capacities and its exceptional geographical position which it could use to expand mining.
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“Iran has high capacities for investment and development of aluminum industry. Its enormous gas reserves, access to high seas and its more than four decades of experience in the sector offer a favorable ground for expansion,” IRNA quoted him as saying.
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Iran, which built the Middle East’s first aluminum plant in the 1950s, is currently producing some 400,000 metric tons per year, with plans to raise it to 1 million tons.

The Sungun copper mine in Iran's East Azarbaijan

The country’s biggest producer, Iranian Aluminum Company (IRALCO), is listed on the Tehran Stock Exchange.
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Schoeltzke said this target is easily achievable through the participation of the private sector and foreign investment.
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US-led sanctions are preventing foreign companies from venturing into major enterprises in Iran but anticipation is building for a breakthrough in the ongoing nuclear negotiations to remove the hurdle.
Chief executive of Finland engineering group Outotec Pertti Korhonen said he was upbeat about the removal of sanctions and looking for new tie-ups with Iranian miners.
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The Swiss company is buoyed by a recent order by an Iranian company for design and delivery of technology and services for an iron ore pelletizing plant in Yazd.
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Iran is estimated to hold around 60 billion metric tons of mineral reserves, making it the 15th richest country in this category. Up to 68 types of minerals have been discovered across the country.

Mobarakeh in Isfahan is Iran's largest steel mill listed on the Tehran Stock Exchange.

Iran’s zinc reserves are the world’s largest, with copper, iron, uranium and lead ranked between seventh and 12th. However, mining and mineral industries combined account for less than five percent of the country’s GDP.
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Craig Moulton, business advisor to Australia’s Rio Tinto Copper Projects, said state support, including resource and risk provisions, is crucial to the mining sector.
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He said it is important to show investors that regulations are stable and there’s an equitable taxation system, enough investment security and a supply of transparent geological data.
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Florian Brickenstein, president of Switzerland’s Bryanston Resources AG, touched on some of the challenges which Iranian producers face for the sale of iron ore.
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He said Iranian steelmakers have to review their pricing strategies given the recent slump in the global market and high yield of Iran’s iron ore.
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In Iran, however, Western sanctions have left Asian companies with a established jurisdiction.
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Xuejian Li, chief technology officer of MCC–CERI, said since 2013 his company has resumed six steel production projects in Iran which had been suspended due to financial problems.