Something to mull over!!
$ 90 Billion or Rs 450,000 crore of unaccounted money has flowed to India through the tax havens of Mauritius, Cayman Islands to subscribe to the Participatory Notes issued by Government of India. Of course the ownership details of these sources are unknown. Government has not asked any questions and dont seem to want to know too. Is there any wonder there is high inflation in the country. Inflation is a direct consequence of too much money chasing too few goods. Government controls inflation through managing the money in circulation. When there is so much unaccounted money-read black money- in the system, it leads to high inflation, which we are witnessing now.
Also, it is a known fact that almost a Trillion Dollars or 4,500,000 Crores Rupees is lying in various tax havens and swiss banks. These are again ill gotten wealth of Indians. Again the Government is silent and inactive.
When India screams that it is getting huge amount of FDI or FII, it is actually this black money that is being legitimized.
What a price to pay for our GDP growth, which anyway do not benefit 60% of the people.
