Wednesday, February 16, 2011

In the black - The Times of India

In the black - The Times of India: "Just how much money has been stashed away abroad by Indians? According to reports there is anything between US$450 billion to $1.7 trillion of Indian money secreted away in undeclared bank accounts spread halfway across the world, from Liechtenstein and Switzerland to Mauritius and the Cayman Islands. If all this moolah was to be brought back to India under an amnesty scheme it would totally transform the country's economy. At one stroke, the entire internal and external debt of the government would be wiped out. Even if only 25% of the money held abroad by Indians were to flow back, it would be sufficient to meet all of India's basic infrastructural needs - power, roads, primary healthcare and primary education - for the foreseeable future."

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