CAPITALISM’S ACHILLES HEEL Dirty money and How to

Renew the Free-Market System

BY-ARVIND

Main Theme Of The Book

A fascinating insider’s look at the way criminals, terrorists and businesspeople move money around the world, impoverishing billions and corrupting capitalism’s ideals of fair play.

Real Picture of Dirty Money and Free Market System

Overseas Black money…the curse that stops India from developing

• Who has, how much of India’s money? Avg. size of 34 tax haven countries = 17 kilometers length (312 sq. kms)

• Avg. population of 34 tax haven countries = 1 Lac people only

• Estimated Indian black money in tax havens: $500 billion (Rs25 Lac-crores)

Rs. 25 Lac-crores kitna hota hai? Pradhan Mantri Gram Sadak Yojana (PMGSY) makes 1 km concrete road for avg. cost of Rs. 20 lacs ($40,000)With Rs. 25 Lac-crores, India can build 1.25 cr kms of road (33 times the distance between Earth & Moon)

1 MW of Thermal power plant costs India Rs. 4 crores ($800,000)

With Rs. 25 Lac-crores, India can build 6 lacs MWs of power, and provide 24x7 3-phase power to all villages.

1 kg of rice costs Rs. 20 ($0.4)Rs. 25 Lac-crores can give 110 crores Indians 6 kg rice every month for 17 years. (No one will sleep hungry)

A world-class institute, like an IIT, costs 760 crores to setup

With Rs. 25 Lac-crores, India can build 3,300 new such IIT-like educational institutes

1 state-of-art 100-bed hospital costs about Rs. 30 crores ($6million)With Rs. 25 Lac-crores, India can build a world class hospital in every of its 1 Lac villages (100,000 villages)

Indian annual defense budget is about Rs 90,000 crores ($20 billion)

With Rs. 25 Lac-crores can finance India’s defense budget for 27 years.

Flight of Capital

“The flight-of-capital is a ‘conspiracy’ of the western world against the developing world, that has permitted the movement of much needed scarce capital from the developing world into the developed world.”

India must act• Develop national will & agenda against black money in

foreign banks• Get immigration details of the 25,000 frequent

travellers to tax havens• Upgrade Financial Action Task Force (FATF)

membership to full• Make specific anti-tax haven laws• Publicize entire economic history of overseas account

holders• Demand LGT Bank of Liechtenstein's secret records• Ensure India friendly global anti-secret banking rules• Appoint a special emissary to Germany & Switzerland• Develop a proper Institutional infrastructure to fight

the flight-of-capital

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