doubt he has anything more than hearsay. He's always on the anti-india bandwagon every time such a story breaks out ..
Now, I know Black money is rampant in India and that it's almost a parallel economy in some respects but I'm not so sure it's a number as high as this guy claims.
Also, a whole lot of black money is being "cleaned" up by many a politicos and funneled back into the country via Mauritius and then that money's reinvested in legitimate businesses like real estate/property development as financiers
(source: my family friends have a business partner or two with such financial backing)
"In the United Kingdom, about 5 per cent of the population do not have bank accounts. In Australia, about 7-8 per cent of the population do not do banking.
In India, there are a total of 31 crore (Rs 310 million) savings bank accounts, but given the number of multiple accounts, the number of people having savings bank accounts cannot be more than 20 crore (Rs 200 million).
This means around 85 per cent of India's population does not have access to financial services in a cost-effective, transparent and fair manner."
Comments
85% of Indian economy runs on black money because 85% Indians do not have any bank a/c
Source?
doubt he has anything more than hearsay. He's always on the anti-india bandwagon every time such a story breaks out ..
Now, I know Black money is rampant in India and that it's almost a parallel economy in some respects but I'm not so sure it's a number as high as this guy claims.
Also, a whole lot of black money is being "cleaned" up by many a politicos and funneled back into the country via Mauritius and then that money's reinvested in legitimate businesses like real estate/property development as financiers (source: my family friends have a business partner or two with such financial backing)
http://goo.gl/IbHu
"In the United Kingdom, about 5 per cent of the population do not have bank accounts. In Australia, about 7-8 per cent of the population do not do banking.
In India, there are a total of 31 crore (Rs 310 million) savings bank accounts, but given the number of multiple accounts, the number of people having savings bank accounts cannot be more than 20 crore (Rs 200 million).
This means around 85 per cent of India's population does not have access to financial services in a cost-effective, transparent and fair manner."