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Indian Money in Foreign Banks – Retrieving It

Indian Money in Foreign Banks - Retrieving it
Hilights


Money, Finance & Taxation,Public Arena

Methodology to ensure adequate Funding for all such activities (Where there is a WILL and clear Objectives, we can always find a WAY to achieve them)

  1. Incorporate as many new Government Corporations as necessary. In case this is likely to take more time, then such Corporations can be setup as 100 percent owned subsidiaries of existing Corporations and later separated out as deemed necessary. (NABARD, REC, NHRC, NTPC, BARC, Shipping Corporation, National Housing Corporation, Engineers India Ltd, Gammon India Ltd, Hindustan Construction Ltd and many other such Public sector Companies can be the Parent Companies for the Corporations needed). Organizations can also, be set up with linkages to the Border Roads Organization, GREF and CPWD etc to take up works in difficult areas.
  2. Allow these Corporations to issue Long Term Bonds at interest rates attractive to long term investment from Abroad (say 3 percent for 5 yrs, 4 percent for 7 yrs and 5 percent for 10 yrs and above). As it is not feasible to absorb and digest all the expected inflow immediately, it would be wise to keep the scheme open for at least 3 years.
  3. As the aim is to see that the Nation and all its Citizens get the maximum benefit, we should remember –‘Aam Khane se Matlab Hai… Pedh Ginne se Nahin’, (eating the mangoes is more meaningful than just counting the trees). We can take all precautions to ensure that the inflows do not come from Criminal sources.

Also, the replies to the Letters Rogatory sent to all Foreign Banks can be dealt with separately and action taken as deemed fit. Though seeking to punish the recent defaulters while allowing the earlier defaulters to escape, due to the limitation period, may not be just or fair or even worth the effort and cost.

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