Is it really news or just another day when we read about a multiple thousand crore-rupee scandal under the UPA or a Congress ruled state? The BJP has established a committee of people with impeccable reputation and knowledge to look into cases of financial malfeasance. One of those people is a man we admire a lot. Prof. Vaidyanathan has written on the subject with crusader’s zeal. It seems the latest scam comes from the NE India, which is all ruled by Congress. This cam is estimated at Rs. 50,000 Crore, which seems to have been misappropriated from the hydroelectric power projects.
Recently Rediff carried out an online opinion poll / suggestion campaign. We can safely say that redif readers represent a vast cross section of the society. The overwhelming sentiment is that India needs to be saved from the UPA.
Prof. Vaidyanathan has opined that India needs to use its power to shake down the unscrupulous Swiss banks and take concrete steps to bring the money back. His suggestions are as follows:
1.Let both houses of Parliament in a joint sitting pass a resolution that all illegal wealth stashed abroad belongs to the Sovereign Republic of India (similar to the resolution adopted about Pakistan Occupied Kashmir in the nineties).
2.When Indian leaders die without informing their kith and kin about these illegal funds, the banks abroad swallow it after 7/10 years declaring that it is inoperative without any legal claims. We should declare that even those funds are ours.
3.Let our elected representatives and appointed authorities like CVC, CBI director, etc., clearly indicate at the time of oath-taking or appointment, by an affidavit, that they do not have accounts abroad. Of course, many are not going to declare their ill-gotten wealth, but the column may come in handy in future to formulate charges of submission of false affidavits.
4.The prime minister should provide information about the travels of his cabinet ministers, particularly to tax havens, since these travels are documented by either reports to him or by stamps on passports.
5.Let the government of India reveal the names of the illegal wealth hoarders in Liechtenstein banks about whom information has been passed on by the German government
6.Fully investigate the cases of Hasan Ali and Bofors — both of which are in the public domain.
7.India as a responsible member of world forums can and should demand transparency from these tax heavens to provide information regarding illicit wealth and its source. Therefore, India should raise the issue at the G-20, WTO, IMF, and the UN and also as a member of the Egmont Group, which is an international body to stimulate cooperation amongst Financial Intelligence Units (FIUs) across the globe. More than 100 countries are its members.
One look at the suggestions and you will realize that most of these steps are easy to take and will yield positive results for the exchequer.
Corruption has become a cottage industry in India, which is controlled by the babu-neta-corrupt businessman nexus. Babus after retiring have no way of protecting their money. Business houses marry their children in other business houses so that money remains not only protected but it also grows. But the netas have found a better way. Dynastic politics is their way to protect their ill-gotten empires. A recent study by Patrick French says that two thirds of under 40 MPs are related to established political families. The netas are using political power, which remains in the family via Loksabha seats and ministerships. Again, Prof. Vaidyanathan writes: But if you or your children opt out of politics, then you cannot be a “dacoit capitalist” anymore since your ability to formulate policies is gone and there could even be vendetta by the current rulers. So make sure your son/daughter/wives/sambandhis (children’s in-laws) are in some business unit or the other. Will this business model meet its nemesis? Not for some years yet. One reason it will flourish is the increasing importance of land as a factor of production. In the 60s, capital was scare and land was easily allotted. Now capital is available, even from global sources, but land is scarce and that is the strength of these families. Control of land and its allotment is the primary sonrise (pun intended!) industry.
So we can see that corruption has become institutionalized. I hate to say it but we may have to take a few pages out of the Tunisian handbook that threw out their corrupt dictator in a reasonable peaceful way. It is time that the Indian aam aadmi did the same.
Prof. Vaidyanathan's articles can be read at:http://www.dnaindia.com/opinion/comment_dynasty-politics-is-about-protecting-ill-gotten-wealth_1496695
http://www.dnaindia.com/opinion/comment_time-to-shake-down-the-swiss-banks_1497976
Rs 50k-cr power scam in N-E: BJP’s fact-finding team exposes Cong Govt in AP
Seeking to queer the pitch further for the Congress-led UPA, already on the back foot over issues of corruption, the BJP on Saturday unveiled a report by its fact-finding team to claim blowing the lid off scams — worth several thousand crore — related to Rs 4 lakh crore hydropower projects in Arunachal Pradesh, and numerous others across the North-Eastern States, mostly ruled by the Congress.
The article can be read at: http://dailypioneer.com/317455/Rs-50k-cr-power-scam-in-N-E.html
Suggestion: Actually, Indians need to be saved from Dr Singh's government
The article can be read at: http://www.rediff.com/news/slide-show/slide-show-1-modi-is-the-only-leader-all-others-are-looters/20110211.htm
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