INDIAN NAMES ARE 380 IN 'PANDORA BOX'

Money swindling has become a routine thing for Indians; not a news at all. Latest of it is the 'Pandora Box'. Pandora papers are the largest trove of leaked data exposing tax haven secrecy in history. This is casting light on the financial secrets of some of the world's richest people. Out of the long list of internationally known people 380 are Indians. They too are well known in different fields.

All those Indians involved in this number two game are rich. They all have a huge stock of wealth more than enough for the coming many generations. Still their thirst for money couldn't be appeased. All said and done this is being continued for long and may continue for long. The following are suggested to prevent this trend for the attention of all concerned.

1. Find out why Indians are trying to invest abroad? For more returns or for mere secrecy? This is to be studied indepth.

2. If our tax rates are higher than many such prospective countries, can we think about bringing down the tax rates.

3. Do our existing systems are competent enough to detect cent per cent such cases?

4. When such cases are detected, our follow up actions are adequate to recover penalties and punish the offenders or not?

5. Can we consider about allowing investors to invest huge amounts without revealing the source of income, in the following sectors within a given period of time? a) Infrastructure development. b) Health care in rural area. c) Educational institutions in under developed region. d) Export of handicrafts and household products. e) Energy from waste.

If someone may look at these and take appropriate actions we may be able to check the outflow of money.

K V George