SC raps govt for non-action on blackmoney asks to track source!Sonawane murder: Crackdown on oil mafia; over 180 arrested!Rly financial position worsens: All PPP projects put on hold!No Monetary Policy. No fscal Policy! Vote bank Mobilisation on Tomo

SC raps govt for non-action on blackmoney asks to track source!Sonawane murder: Crackdown on oil mafia; over 180 arrested!Rly financial position worsens: All PPP projects put on hold!No Monetary Policy. No fscal Policy! Vote bank Mobilisation on Tomost Priority! The Exclusive Economy of Ethnic cleansingalso may not bear the TOLL!Railway Minister of WEST BENGAL Mamata Banerjee has sacrificed National Interest to win the BRAHAMINICAL Power Politics in her state as it seems that she faces DEFICIT in SWISS Bank Resources despite her band of Billionair MPs, Industrialisats and Friendly Anti Communist India Incs!

Skipping Caste Census for Long Pending OBC Headcount,Census 2011 reaches out to young India!

Faced with a financial crisis, Railways have put on hold all PPP projects including proposed plants at Kanchrapara in West Bengal and Madhepura and Marhora in Bihar

Jaya alleges underworld link, wants 2G licences canceled

Rahul Gandhi begins three-day Maharashtra visit

Troubled Galaxy Destroyed Dreams, Chapter 579

Palash Biswas

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Company Profile - Indian Railway Finance Corporation Ltd.

Indian Railway Finance Corporation Ltd. (IRFC) is a dedicated financing arm of the Ministry of Railways. Its sole objective is to raise money from the ...

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Skipping Caste Census for Long Pending OBC Headcount,Census 2011 reaches out to young India!

SC raps govt for non-action on blackmoney asks to track source!Authorities launched a massive crackdown on oil adulteration mafia across Maharashtra today raiding 200 places and arresting around 180 people after an official was burnt alive while the Centre unveiled steps to reduce scope for diversion of subsidised kerosene.Over 80,000 gazetted officers in Maharashtra also ceased work for the day to protest the killing of Malegaon Additional District Collector Yashwant Sonawane by suspected members of the oil mafia at Manmad in Nashik district, about 260 kms from Mumbai, on Tuesday.

Meanwhile,Rahul Gandhi begins three-day Maharashtra visit!

Rly financial position worsens: All PPP projects put on hold! No Monetary Policy. No fscal Policy! Vote bank Mobilisation on Tomost Priority! The Exclusive Economy of Ethnic cleansingalso may not bear the TOLL!Railway Minister of WEST BENGAL Mamata Banerjee has sacrificed National Interest to win the BRAHAMINICAL Power Politics in her state as it seems that she faces DEFICIT in SWISS Bank Resources despite her band of Billionair MPs, Industrialisats and Friendly Anti Communist India Incs!

Faced with a financial crisis, Railways have put on hold all PPP projects including proposed plants at Kanchrapara in West Bengal and Madhepura and Marhora in Bihar

Government today found itself on the backfoot in the Supreme Court which asked why action has not been taken against those who have stashed blackmoney in foreign countries and asked it to go after the source of money which may be from arms deals, drug trafficking and smuggling.

Expressing concern that the black  money stashed in banks abroad might have originated from arms deals, drug trafficking and smuggling, the Supreme Court today asked the government as to what action it had taken against individuals and firms having foreign accounts.

A bench headed by Justice B Sudarshan Reddy directed the government to file its response by Thursday next.

The court also sought replies from the government, RBI and CVC on a petition seeking direction to the government to ratify UN convention on corruption which would facilitate in bringing back black money from foreign banks.

Asking the government not to restrict its probe only to the tax evasion aspect, the bench told the government to go after the sources of black money.

"We want to know what steps you have taken against the people who have accumulated so much money in foreign banks. What are the sources of the money," the bench asked.

"These are people in the country who are amenable to the law. What action have you taken against them when you came to know that they have stashed money in foreign banks?

"What are the sources of the money? Where has the money come from? It might be because of arms deals, smuggling, narcotics, drug trafficking or something else. These are more serious issues, when you know the name, what action you have taken?," the bench asked.

"That is a serious matter which we are concerned about. You know the names, (you know) where the money is lying, still you are talking about double taxation issue," the bench said when Solicitor General Gopal Subramanium submitted that the government is taking all actions under Double Taxation Avoidance Agreement (DTAA) against the people who have stashed money in foreign banks.

"Looking at the issue from the taxation point of view is just one aspect but there are other serious matters associated with the black money which we are concerned about," the bench said.

The government, however, submitted that it is taking action under international agreements and the law against the erring persons and it has no problems in sharing the information with the court.

The solicitor general submitted that many agencies are working on the case and investigation is going on.

Senior advocate Anil Divan, appearing for petitioner and former Union Law Minister Ram Jethmalani, accused the government of not being serious on the issue, saying that Pune-Based businessman Hasan Ali, facing probe for his foreign bank accounts, has fled the country.

The court, after hearing Divan, asked the government to find out whether Ali is present in the country or has left it.

The court after hearing the arguments posted the matter for further hearing on Thursday.

The court was hearing a petition filed by Jethmalani seeking direction to the government to bring back black money stashed in foreign banks which, according to him, amounted to around USD one trillion.

The apex court had on January 19, while hearing the matter, had expressed displeasure over the government's reluctance in coming forward with full information on the black money issue, saying keeping national wealth abroad amounted to "plunder" of the country.

"It is a pure and simple theft of the national money. We are talking about mind-boggling crime. We are not on the niceties of various treaties," the court had remarked.

The remark by the bench had been made when the solicitor general was explaining various steps taken by the government under the Double Taxation Avoidance Act.

The court had expressed unhappiness that the government had filed an affidavit restricting information relating to the money deposited by 26 persons in Liechtenstein Bank in Germany.
Black Money: FM Tells CBDT to Focus on Foreign Shores
As the clamour for bringing back black money stashed overseas grows, the Finance Ministry has quietly rejigged work allocation at the Central Board of Direct Taxes, with Chairman Sudhir Chandra told to exclusively focus on the agency's foreign taxation wing.

The foreign taxation wing in the Central Board of Direct Taxes (CBDT) and the Directorate of International Taxation (Income Tax) are the two units of the government that are dealing with all issues related to unearthing black money and signing and revising tax treaties with various countries and tax haven nations.

According to an internal note of the Finance Ministry, the CBDT Chairman will no longer handle the zonal charge of Mumbai, which is the largest tax-paying city and contributes the maximum revenue to the government's direct taxes kitty.

The Mumbai zone charge has traditionally been held by the CBDT's top boss and it is the only city identified as a zone by the I-T department, whereas the rest of the country has been categorised into larger regions like the West and Rajasthan, North and Uttar Pradesh, East and South.

"The CBDT chairman will now not handle the Mumbai zone. He will exclusively deal with cases of international taxation and look after the flow of classified financial communication and information from various countries," sources said, adding that the rejig has been implemented with "immediate effect" with the approval of Finance Minister Pranab Mukherjee.

The foreign taxation unit of the CBDT is also the nodal agency to receive classified tax data from treaty countries, which is sent in code as stipulated by the Organisation for Economic Cooperation and Development (OECD).

The Mumbai zone will now be looked after by the CBDT Member (Personnel and Vigilance).

The rejig of work allocation has also put the operations of the Directorate General of Logistics -- which has been created to enable the "Income Tax Department to deal with the challenges emerging from the new work environment" -- under the chairman's control.

"The challenges of the new work environment are nothing but the laws, rules and regulations of foreign countries, especially tax havens which do not allow extraction of tax evasion and black money data simply. This unit studies all such areas and prepares case studies for Income Tax officers dealing with Double Taxation Avoidance Agreements (DTAA) and others," sources said.

Incidentally, the I-T department is all set to operationalise eight new units in foreign shores, like the United States of America (USA), United Kingdom, Netherlands, Japan, Cyprus and Germany, among others, and the officials will have to understand the tax laws of these countries.

Chandra, sources said, was till recently the Member (Investigation) in the CBDT before being elevated to the top post and he is completely abreast with all the high-profile probes that the Income Tax Department is currently pursuing.

"The new arrangement helps better processing and galvanising of investigations and foreign tax issues," they said.

The responsibilities of other CBDT Members are largely the same as earlier.

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Before charting out the statistical map of more than a billion people, Census 2011 has reached out to the nation''s young citizens to spread the word through new efforts ranging from specially designed kits for students to logging on to social networking sites.

With the first or preparatory phase of the 15th Census over, the second phase, which will reveal information about the nation''s population, is due to be carried out all over the country between February 9 and 28.

Census officials have made efforts to reach out the young Indian. One of their attempts has been to engage the interest of students studying in Class VI, VII and VIII all over the country.

"Reaching a child means reaching the child''s family. So we want as many people as possible to be aware and to have goodwill towards the entire census activity," Director Census Operations, Delhi Varsha Joshi told PTI.

A ''Census Week'' is being undertaken internally by a number of government, public and private schools identified for the purpose in each district where youngsters have been acquainted with the relevance of the Census and its previous outcomes.

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1. [ZESTCaste] Census: Bhujbal, Munde seek OBC headcount

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Named ''Census and You'', one specially designed bilingual kit in Hindi and English kit has also been dispatched to each school which includes a participation certificate, quiz cards with multiple answer options that can be tested during school assemblies and a ''data wheel'' which has information about all states and comparing national figures among its contents.

"There have been local efforts like this, but this time it is happening all over India," Joshi says.

The kit has been sent to roughly every fourth school in Delhi or almost 600 schools, she says.

Over 66,000 enumerators will be fanned out to every nook and cranny of Kerala from February 9 to 28 to make a foolproof head-count of people as part of the second and concluding phase of the All-India census, the preliminaries of which were held last year.

According to state Census Director, V Gopala Menon, the door-to-door enumeration would be followed by a revision from March 1 to 5 to ensure that no house or person went unaccounted, including the birth and deaths happening after the first-leg of enumeration.

Apart from enumerators, 11,800 supervisors and 1740 master trainees have been roped in to carry out the massive exercise in the state, Menon told journalists here.

A 29-point questionnaire would be given to each household to elicit basic information such as the age, occupation, income, marital status, literacy, education and resident status in a particular place.This year, the details of the physical debilities would also be sought.

Though there had been some discussion on collecting the details of caste status of the citizens it was not made part of this census.

However, those belonging to Scheduled Caste and Schedule Tribes could include their category status in the census details.

A counting of the homeless would be conducted during the midnight of February 28 on streets and open places to ensure that all those physically present in the country are accounted as part of the campaign.

However, the details of those who were working abroad would not be collected as part of the exercise.

Ahead of the enumeration, the workers would identify the boundaries of each block allotted for them and draw up a layout map of the area assigned to each of them. One block would cover maximum of 800 persons.

2G Scam: CBI Questions Radia for the Third Time
Corporate lobbyist Niira Radia was today questioned by the CBI for the second time in as many days in connection with the probe into the 2G spectrum allocation scam.

Official sources said Radia, who is in the spotlight over her taped conversations with many including Department of Telecom officials and former Minister A Raja, came to the CBI headquarters here in the morning and was there till the evening.

She had appeared before the CBI on Tuesday and this is the third time that the agency has questioned in connection with the scam.

Though officials remained tighlipped about the line of questioning, sources said she was asked about funding of some telecom companies who were allotted the second generation spectrum from October 2007 to January 2008.

On Tuesday too, she was asked questioned about the fundings.

She was first questioned on December 21 by CBI officials at her farmhouse in Delhi.

The CBI sleuths had earlier also carried out searches at Radia's residence and the premises of her firm, Vaishnavi Communications, here.

The Enforcement Directorate (ED) has also grilled her on allegations of money laundering.

Supreme Court is closely monitoring the multi agency probe in the allocation of 2G spectrum to certain telecom firms.

The apex court has asked CBI and ED to submit status reports on their probe to it by February 10, when the 2G spectrum case will come up for hearing.

As part of another endeavour, Census 2011 now also features on popular networking website Facebook with 269 users having already pressed the button to

''Like'' it since its launch late last week.

It is expected to not just serve as a "direct interaction point" but also bring home the idea that data is "accessible" to everyone and "getting the right data of such people (youth) is very important for their own future" for them to clinch global opportunities.

"The message is that the census is good for everyone, it is about everyone. Every single person counts. And another important issue is that census data is kept confidential so there is no reason to be afraid to give the full data," Joshi says.

Railways have to commit approximately Rs 8,000 crore per annum for these three projects - an EMU/coach factory at Kanchrapara, diesel locomotive factory at Marhora and electric locomotive plant at Madhepura - for assured purchase orders.

"In the current situation, the railways is finding it difficult to commit for the assured offtakes," sources in the Railway Ministry said and added that "due to the fund crunch, railways have put a temporary hold on these PPP projects and have set up a committee to examine how funds can be provided to PPP projects and also to its own production units."

Multinational companies mainly from the USA and Europe are involved in the bidding of these three PPP projects in Kanchrapara, Marhora and Madhepura.

"The committee comprising six senior railway officials is to examine how assured purchase contracts can be provided because railways also have their own production units. If assured offtakes are entertained then there will be very little funds left for its own units," they said.

Railways'' annual purchase is estimated at Rs 15,000 cr to Rs 18,000 crore for wagons, coaches and locos.

"If Rs 8000 crore is being kept for the three PPP projects then limited funds will be left for its own production units as well as for purchase of wagons," they said.

The committee has to examine the contradictory demands on railway funds. The committee has been given 15 days time to suggest ways and means to fund PPP projects as well as its own production units.

"So till the committee''s report, there is a temporary hold on all these three projects," the sources said.

Congress general secretary Rahul Gandhi arrived here Thursday on a three-day whirlwind tour of Maharashtra to boost the party's membership drive among backward castes, minorities and women.

After landing in Nagpur, Gandhi proceeded by helicopter to attend a Scheduled Tribes convention in Gadchiroli. He will also attend an Other Backward Castes (OBC) convention in Buldhana and a minority meet in Parbhani.

He will Friday attend a Scheduled Castes convention in Osmanabad, a meeting of potential candidates for elections in Dhule and a young women's convention at Shirdi in Ahmednagar district, according to an official announcement.

He will also attend a meeting of the state Congress in Aurangabad in the evening.

Gandhi will Saturday morning address the media in Aurangabad before leaving for the coastal Konkan region, where his first halt will be Thane to attend a Scheduled Tribes convention in Palghar.

Then he will go to Mahad in Raigad for a meeting with elected representatives, followed by a nomadic tribes convention in Satara.

His previous visit to Maharashtra - Sep 7 last year - was dedicated to meetings and interactions with college students and the youth across the state.

He had met students and youth in educational institutions in Akola, Aurangabad and Pune, and urged them to join mainstream politics.

Jaya alleges underworld link, wants 2G licences canceled

AIADMK chief Jayalalithaa today demanded that the Telecom Ministry immediately cancel all the 2G licences alleging that the spectrum money trail had close links with mafia don Dawood Ibrahim.

In a statement, she alleged that a firm, to which 2G license was issued, was linked to a shareholder of another firm, who was a "front man" of Ibrahim.

"The question is now no longer just one of causing a loss of Rs 1.80 lakh crore to India. It is the question of the security, sovereignty and territorial integrity of the Indian nation," she said.

Jayalalithaa also asked the Union Home Ministry as to why it maintained "stoic silence" when it was aware of these issues.

Terming the telecom spectrum as a "precious national resource", Jayalalithaa said "(Union Telecom Minister) Kapil Sibal, instead of wasting time on verbal shenanigans, should immediately cancel all the 2-G licenses illegitimately issued under a patently fraudulent deal".

Flaying the government for its "deafening silence" and "total inaction" on these vital issues, she said "it raises serious questions about the patriotic credentials of some of our national level leaders." PTI

"So far, more than 180 persons have been arrested during the raids at nearly 200 oil adulteration locations in the state," Additional Director General (Law & Order) K P Raghuvanshi said in Mumbai.

The new Petroleum Minister S Jaipal Reddy unveiled steps including re-introduction of a chemical marker in kerosene in six months to eliminate the scope for adulteration of diesel using this subsidised fuel.

He also suggested that states use GPS-based vehicular tracking system for trucks transporting petrol and diesel to track the movement, any route deviations being taken or long stoppages.

Condemning as "heinous" the killing of Sonawane, Reddy urged Maharashtra government to take stringent steps to see that all those involved are punished in a proper way. "We express complete solidarity with the bereaved family."

Maharashtra Home Minister R R Patil said the "might" of the oil mafia is increasing day by day.

"Those who are involved will not be spared and will be given the highest punishment," he said in Mumbai.

Patil said police haven''t come across name of any politician during investigations into the crime.

"We have not come across any politician''s name in our investigation. Allegations about NCP leaders being involved have not come to me. If I am given proof, I will take stern action," Patil said.

Patil''s statement came after state PWD minister Chhagan Bhujbal yesterday lashed out at the opposition for blaming him for the killing of Sonawane.

"Raids (against the mafia) have started since last night and 163 people have been arrested. All district police have been given instructions to find out details from the food and drug department. We will crack down on oil, milk and sand mafia," he said

Ravindra Dhongade, president of the Maharashtra Gazetted Officers Mahasangh, said "We have not announced the protest as a strike but we are shunning work to register our protest against this gruesome act which has shaken the government employees."

The Shiv Sena has also called for a bandh in Manmad in Nashik district today to protest Sonawane''s killing.

At Mantralaya, government employees held a protest meeting.

Dhongade said the officers are shaken by the murder and lower-level officers would also join the protest. "Protest marches will be taken out across the state. Employees will join immediately after registering their attendance," he said.

The apex court directed the government not to restrict its probe on the aspect of tax evasion only and expand its ambit by tracking the source of money which might have originated from anti-national activities.

 

1. Is India a poor Country- Revelation on Swiss bank accounts ...

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   Ill-gotten wealth from scams stashed in Swiss banks: Sukhbir Singh ... 57 minutes ago He said that any law to give amnesty to black money holders or Swiss bank account holders was not acceptable "as it amounted to legalizing crime". ... Daily News & Analysis - 9 related articles Indian American indicted for concealing bank accounts in India Sify - 44 related articles Hasan Ali's $6bn in Swiss accounts missing Times of India - 15 related articles - Shared by 10+

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"Looking at the issue from taxation point of view is only one aspect. Some names have been given to you in respect of a bank. What steps have you taken? Have you set law in motion. They are Indian people and are amenable to Indian law," a bench comprising Justices B Sudarshan Reddy and S S Nijjar said.

"That is a serious matter which we are concerned about. You know the names, (you know) where the money is lying, still you are talking about double taxation issue," the bench said, asking "What action have you taken against them when you came to know that they have stashed money in foreign bank(LGT Bank in Liechtenstein)."

The court''s remark came after the Solicitor General Gopal Subramanium submitted that the government is taking all actions under Double Taxation Avoidance Agreement (DTAA) against the people who have stashed money in foreign banks.

Asking the government not to restrict its probe only to the tax evasion aspect, the bench said it should track down the sources of blackmoney.

"Why are you looking only at tax evasion issue in this matter when there are more grievous offences associated with such cases. That is the most dangerous part of the story. Have you done anything," the court said.

The government, however, tried to convince the court that it is taking all possible action under international agreements and law against the erring persons and it has no problems in sharing the information with the court.

The solicitor general submitted that many agencies were working on the case and investigations were underway.

The court appeared to be not satisfied with the contention of Subramanium and asked him to file a detailed report by Thursday next on what action the government has taken against people who have parked their black money in foreign land.

"What are the sources of the money? Where has the money come from? It might be because of arms deals, smuggling, narcotics, drug trafficking or something else. These are more serious issues, when you know the name, what action you have taken?," the bench asked.

The court also sought replies from the government, RBI and CVC on a petition seeking direction to the government to ratify UN convention on corruption which would facilitate in bringing back blackmoney from foreign banks. .

Over six decades after Independence, the Parliament in India is lying completely paralysed and no one knows as of now, how to end the deadlock between the government and the opposition.

Parliament is supposed to meet on February 21 for approving the annual budget to enable the government to meet national expenditures, but the continuance of the standoff between the government and the opposition has created uncertainty about the manner in which it will sanction the money.f the opposition continues to disrupt proceedings in the two Houses, there will be no alternative to passing the entire budget with a desultory voice vote of 'ayes' and 'nos' without a moment's scrutiny.

This kind of contingency is not ruled out unless the government and the opposition parties sort out their differences over the next few days.

Several attempts, and two by the Speaker, to bring about a consensus between the government and the opposition to put Parliament back on the rails have failed.nformal contacts between the government and the opposition parties, however, have been resumed to find a way out.

On the success of these efforts will depend whether the budget will be subjected to a proper scrutiny by Parliament, or a mere voice vote will do the trick.
It will be very unfortunate if the budget of so large a nation as India's is to be passed without due deliberation envisaged in the Constitution. The nation will, however, feel highly relieved if behind-the-scene discussions lead to a solution to the current stalemate.

At the core are the differences between the opposition and the government on the manner in which Parliament is to examine the 2G scam that the opposition parties, led by the BJP, say has cost the nation a loss of Rs 1.76 lakh crores.

The Government has made it clear that it is prepared to be cross- examined by the PAC. The opposition parties on the other hand, want Parliament to set up a joint parliamentary committee (JPC) to probe the 2G scam.

The government has, so far, rejected the opposition demand for a JPC.

The Communist Party of India (M) and other Left parties after much deliberation, are now trying to distance themselves from the BJP by announcing that while they favour the demand of a JPC, they will no longer be a party to disrupting the debate on the budget.

The party, like the BSP, is not joining the disruption campaign within the House in any case.

This will certainly leave the BJP isolated in the two Houses, and in turn, could lead the party to do a rethink of its strategy.

Maybe the government-opposition talks will be resumed after the Republic Day and Beating of Retreat functions.

The first week of February will be crucial to save Parliament from further public ridicule.

Vulnerable employment cases highest in SAsia: ILO

Incidence of ''vulnerable employment'' is highest in South Asia, including India, with 580 million people in the region falling under the category, says the annual Global Employment Trends report of the International Labour Organisation.

People in the vulnerable employment category in the region are saddled with low wages and little social protection, said the report.

In fact, the whole of Asia Pacific region had a comparatively higher level of vulnerable employment cases compared to the rest of the world.

The report released this week, however, said that unemployment rate in India and in South Asia as a whole had "fairly" stabilised.

It said "rapid economic growth has resumed" and the region''s unemployment rate has been fairly stable, running between 4.3 and 4.5 percent between 2007 and 2010.

"However, the region has the highest rate of vulnerable employment in the world, at 78.5 per cent of total employment in 2009," it said.

The report also sought to caution that unemployment is not the only main labour market challenge in the region as employment growth also "did not automatically equate to positive labour market trends".

It highlighted the issue of youth unemployment, saying young people are 3.5 times as likely to be unemployed as adults.

There are "gender-based inequalities also, such as the disproportionate number of women in low productivity or vulnerable employment," it said.

It said that globally, the youth unemployment rate was 12.6 per cent in 2010, which was 2.6 times the adult unemployment rate.

In South Asia, it was 9.5 per cent while in South-East Asia and the Pacific it was 1.42 per cent and in East Asia it was 8.3 per cent.

For the Asia and the Pacific region as a whole, it forecast that while rapid economic growth has resumed, regional unemployment is expected to see little change in 2011.

It said youth unemployment, vulnerable employment, poverty and lack of social protection would continue to remain a major cause of concern for policy-makers.

School principal sets herself afire

Jaunpur (Uttar Pradesh), Jan 27 (IANS) A school principal here set herself afire outside the home of the school manager who she claimed had been sexually harassing her, police said Thursday. The woman's condition was described as 'extremly serious'.

The incident took place in Shahganj locality of Jaunpur, about 250 km from the state capital Lucknow.

In a suicide note, she blamed the manager for prompting her to take the extreme step.
'The note said the school manager was sexually harassing her for a long time on false assurances to marry her,' Senior Superintendent of Police S.K. Bhagat told reporters here.
'Preliminary investigations reveal the principal had learnt that the manager was only interested in an illicit relationship and not in marrying her,' he said.

Efforts are on to arrest the manager.

'She is being treated for multiple burn injuries. Her condition is extremely serious,' an official said.

2. Q&A: Sean Kenny, Sr Vice-President, HP Enterprise Services

3. ‎

4. Business Standard - 50 minutes ago

5. However, after spending almost a decade in India, the second largest global IT services ... For instance, we have been working with the Centre for Railway ...

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7. Railways suffer Rs 4000-cr losses in April-Dec

8. ‎

9. Business Standard - Sudheer Pal Singh - 19 Jan 2011

10. ... in India, has seen a major erosion of finances during the current financial year, ending March. Railways' earnings, from freight and passenger traffic ...

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14. India Infoline.com - 13 hours ago

15. The project includes developing a 250-kilometre (km) railway line and the required ... IncapFinancial Services, Indage Vintners, India Sugars & Refineries, ... BOM:MIDVALYNTR - BOM:512599 - NSE:ADANIENT

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24. Central Chronicle - 6 days ago

25. To match India's GDP growth, improvement in Railways is very crucial, he added. Solanki had been a member of various committees of the Union government ...

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30. India-Indonesia links deepen

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32. Asia Times Online - Robert M Cutler - 7 hours ago

33. Indonesia is already India's third-largest trading partner in Southeast Asia. ... Reliance Power may build an industrial-purpose railway in southern Sumatra ...

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36. ‎

37. Oneindia - 12 Jan 2011

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44. LogisticsWeek - 19 Jan 2011

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52. In India on a visit, he spoke to DNA about banks and financial crises. ... Many of the 19th century bubbles, many of the manias — the railway mania, ...

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55. ‎

56. Business Standard - 16 Jan 2011

57. The financial rate of return is very low, at around 3.5 per cent. ... They are not given the permission to fly over the Western Railway tracks. ...

1. Nation ...

2. 17 Jan 2011 ... "Our leader Mamata Banerjee met Finance Minister Pranab Mukherjee last evening at the airport here, and even there the decision on hiking ...

3. m.economictimes.com/PDAET/articleshow/7301069.cms - Cached

4. Buddhadeb should be punished: Mamata | Politics

5. 19 Jan 2011 ... Kolkata, Jan 19 - After West Bengal Chief Minister Buddhadeb Bhattacharjee admitted in New Delhi that a few armed groups existed in the ...

6. www.indiatalkies.com/2011/01/buddhadeb-punished-mamata.html - Cached

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8. 9 Aug 2010 ... Mamata?s dangerous politics, A minister who sympathizes with Maoists, asMamata Banerjee showed in Lalgarh on Monday, emboldens a set of ...

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10. Railways rot as Mamata plays politics in Bengal - The Times of India

11. 21 Jul 2010 ... As Mamata Banerjee presides over a series of accidents, the rot in her ministry is getting more and more visible. As many as 89000 posts at ...

12. timesofindia.indiatimes.com/...rot...Mamata...politics.../6193608.cms - Cached

13. Mamata Banerjee - Wikipedia, the free encyclopedia

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18. slinkingtowardretirement.com/?p=19769 - Cached

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20. 1 post - Last post: 13 Dec 2010

21. Mamata talks politics at rly meet - At the Railway employees' convention on Sunday, Railway minister Mamata Banerjee sparked off fresh ...

22. www.indianexpress.com/.../mamata...politics-at.../723963/ - United States - Cached

23. Calcutta's Mamata Banerjee, Eager to Topple a Political ...

24. 14 Jan 2011 ... Mamata Banerjee is emerging as one of the most powerful and unpredictable politicians in India.

25. www.nytimes.com/2011/01/15/world/asia/15india.html - Add to iGoogle

2. Haunted by Mamata CPIM catches hold of Jaya's apron-strings to ...

3. ‎

4. Khabrein - Soroor Ahmed - 1 hour ago

5. ... which is facing a serious challenge from Mamata Banerjee in West Bengal, ... Though the CPI(M) is not a big force in Tamil Nadu politics yet it won nine ...

7. Cong snubs Didi's protest against petrol price hike

8. ‎

9. Economic Times - 5 days ago

10. NEW DELHI: A day after Trinamool Congress chief and railway minister Mamata Banerjee lodged a formal protest with Prime Minister Manmohan Singh against the ...

12. The Eye of an Indian Hurricane, Eager to Topple a Political ...

13. ‎

14. New York Times - Jim Yardley - 14 Jan 2011

15. "What are Mamata's politics?" asked Mahasweta Devi, one of Calcutta's most famous intellectuals. "It is very difficult to say. ...

16. Aggressive peacemaker‎ - Indian Express

17. Suman at it again, this time with his autobiography!‎ - Oneindia

18. all 59 news articles »

* NDTV.com

20. Govt not consulted us on petrol price hike: Mamata

21. ‎

22. Economic Times - 16 Jan 2011

23. "Our leader Mamata Banerjee met Finance Minister Pranab Mukherjee last evening at ... With assembly elections in West Bengal due this summer, thepolitical ...

24. Trinamool Congress & DMK in the dark over petrol price hike‎ - TruthDive

25. BJP blasts UPA for inflation, TMC for dualism‎ - Washington Bangla Radio

26. Not consulted on petrol hike, will hold protests: Trinamool‎ - Times of India

27. Bharat Chronicle

28. all 168 news articles »

* Oneindia

30. Now, body politics reaches Lalgarh

31. ‎

32. Times of India - 7 Jan 2011

33. "I will definitely unearth the truth behind these if we are voted to power,"Mamata said. Refuting CPM's charge that she was doing politics with bodies of ...

34. Video: Political violence in West Bengal

35. NewsX

36. CPM playing politics of killing and terror, says Mamata‎ - India Today

37. WB politics on boil, Mamata to visit Lalgarh‎ - Times Now.tv

38. Indian Express - Sify

39. all 377 news articles »

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41. Mamata refutes Left charge on railway advertisements

42. ‎

43. The Hindu - 16 Jan 2011

44. PTI Railways Minister Mamata Banerjee gestures during the foundation stone... and slammed the Communist Party of India (Marxist) and its "politics of ...

* The Hindu

46. Blood and soil

47. ‎

48. Indian Express - 6 days ago

49. It's to regret the motifs that punctuate this politics. That's why it is so easy to guess what Buddhadeb Bhattacharjee would say and how Mamata Banerjee ...

50. PC asks Buddha to act against armed cadres‎ - Economic Times

51. all 141 news articles »

* The Hindu

53. Will Mamata keep her promise to IRCTC employees?

54. ‎

55. Hindustan Times - 17 Jan 2011

56. Will Railways Minister Mamata Banerjee fulfill her commitment that the ... Banerjee - known for her pro-poor brand of politics - now stands the risk of ...

58. The TMC-CPM tug of war getting nasty

59. ‎

60. Organiser - Asim Kumar Mitra - 3 Jan 2011

61. "In the context of West Bengal politics, CPM is enemy no. 1", said Mamata. She did not make any comment on BJP. Mamata lost no time to threat INC saying ...

63. CPM aims to weed out 'rogue activists'

64. ‎

65. India Infoline.com - 10 hours ago

66. ... from its earlier practice of drawing campaign issues from national politics, ... chief MamataBanerjee's proposals for industrial projects in the state. ...

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After Sonawane's death, Govt launches crackdown on oil mafia NDTV.com - ‎55 minutes ago‎ Mumbai: As government employees went on a mass protest against the burning alive of Manmad Additional Collector Yashwant Sonawane, the government launched a crackdown on adulteration dens around kerosene depots across Maharashtra. ... Decoding oil mafia: How adulteration takes place? IBNLive.com - ‎1 hour ago‎ Nashik: A few days after Yashwant Sonawane sacrificed his life gathering evidence against the oil Mafia in Maharashtra, CNN-IBN learns the chain of racketeers runs deep across the state with oil being pilfered at the very first level of its coming into ... After official's death, oil ministry to tackle adulteration Sify - ‎1 hour ago‎ New Delhi, Jan 27 (IANS) Petroleum Minister S.Jaipal Reddy Thursday condemned the burning alive of a Maharashtra government official by the oil mafia and said his ministry will take steps to prevent adulteration of kerosene, including reintroducing the ... Govt announces measures to reign in oil mafia IBNLive.com - ‎2 hours ago‎ New Delhi: It has taken the brutal killing of Additional Collector Yashwant Sonawane by the oil mafia for the government to wake up to the danger of black marketing in kerosene. A rattled state government conducted raids in 200 places across ... Maharashtra raids adulterators, widow seeks CBI probe Sify - ‎2 hours ago‎ Mumbai, Jan 27 (IANS) The widow of Nashik additional collector Yashwant Sonawane Thursday sought a CBI probe into her husband's killing as authorities cracked down on oil adulterators amid a state-wide strike by 1.80 million government employees ... Govt employees protest against Sonawane's murder IBNLive.com - ‎2 hours ago‎ Mumbai: About 15 lakh Maharashtra government employees went on strike in Mumbai on Thursday in protest of the brutal killing of Additional Collector Yashwant Sonawane in Manmad, Maharashtra. Government employees in Maharashtra held demonstrations to ... Maha govt employees go on strike over Sonawane''s murder Oneindia - ‎2 hours ago‎ Mumbai, Jan 27 (PTI) Over 15 lakh state governmentemployees today went on a strike protesting the brutal murderof Additional District Collector Yashwant Sonawane in Nashikdistrict two days ago. "Over 15 lakh gazetted and non-gazetted employees ... Sonawane's widow demands CBI probe; govt staff strike work Sify - ‎3 hours ago‎ Mumbai: The widow of additional collector Yashwant Sonawane, Vijaya, on Thursday demanded a CBI probe into her husband's killing even as 1.80 million Maharashtra government employees struck work and residents of Manmad city observed a total shutdown in ... 180 arrested during raids to crack down on oil mafia in Maharashtra All India Radio - ‎2 hours ago‎ Authorities in Maharashtra on Thursday carried out raids at nearly 200 places, in a move to crack down on the oil adulteration mafia. Additional Director General, Law and Order, KP Raghuvanshi said in Mumbai that so far, more than 180 persons have been ... Sonawane murder: Crackdown on oil mafia, over 180 arrested Times of India - ‎5 hours ago‎ MUMBAI/NEW DELHI: Authorities launched a massive crackdown on oil adulteration mafia across Maharashtra on Thursday raiding 200 places and arresting around 180 people after an official was burnt alive while the Centre unveiled steps to reduce scope for ... All 122 related articles »

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SC asks Indian government to trace black money kept overseas domain-B - ‎1 hour ago‎ The Supreme Court today prodded a reluctant government to bring out details of the billions of dollars in unaccounted money stashed away by Indian citizens in bank accounts in overseas tax havens. The court's direction comes close on the heels of union ... Black money: Apex court seeks details on government steps Sify - ‎1 hour ago‎ New Delhi: The Supreme Court on Thursday asked the central government to furnish details of the steps it has taken to get back the black money stashed away in foreign banks. The court asked Solicitor General Gopal Subramanium to file an affidavit ... SC slams govt silence on names of foreign account holders NetIndian - ‎42 minutes ago‎ The Supreme Court today slammed the Union Government for dragging its feet on the issue of revealing the identities of secret foreign bank account holders and asked "whether black money has been earned through arms deals, drugs and smuggling activities ... Advani hits government on black money issue TopNews - Ashok Rao - ‎21 minutes ago‎ NDA working chairman LK Advani has raised concerns over the dismal response of Congress-led UPA Government on the issues of black money and corruption. He raised a national campaign on these two issues. He accused the government for not revealing ... SC slams govt for not targetting those generating black money Indian Express - ‎4 hours ago‎ Government on Thursday found itself on the backfoot in the Supreme Court which asked why action has not been taken against those who have stashed black money in foreign countries and asked it to go after the source of money which may be from arms deals ... Is "black money" about tax evasion only? Supreme Court questions Govt. Law et al. News - Upmanyu Trivedi - ‎1 hour ago‎ Hearing the case over "black money" stashed in foreign tax heavens, Supreme Court of India today issued notice to six governmental agencies namely - Securities and Exchange Board of India, Enforcement Directorate, Central Vigilance Commissioner, ... SC issues notice to 6 govt agencies on tax information pacts Livemint - Nikhil Kanekal - ‎7 hours ago‎ New Delhi: The Supreme Court bench hearing the black money case issued notices to 6 economic and public agencies on Thursday seeking a response on why the Indian government had not yet ratified a 2003 United Nations Convention on Corruption to combat ... Do black money sources include drugs, asks Court NDTV.com - ‎8 hours ago‎ New Delhi: The Supreme Court once again confronted the government today over the poverty of information about black money sent abroad by Indians. "Is it from arms dealing... drug peddling? These are very serious issues," the court observed while ... Indian govt quizzed over tax haven billions AFP - ‎4 hours ago‎ NEW DELHI — India's Supreme Court on Thursday accused the government of being reluctant to publish details about billions of dollars of untaxed private and business money held in overseas bank accounts. The issue of so-called "black money" is the ... Prosecution proceedings against tax evaders: FM India Infoline.com - ‎11 hours ago‎ Ahead of a Supreme Court hearing on a public interest litigation (PIL) on black money, finance minister (FM) Pranab Mukherjee said the tax department would launch prosecution proceedings against some account holders in foreign banks. ... All 25 related articles »

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Pranab Mukherjee

Business Standard New Delhi Pranab calls meet with Oppn parties on Feb 8 Hindustan Times - ‎9 minutes ago‎ PTI Finance minister and Leader of the House in Lok Sabha Pranab Mukherjee has convened a meeting of leaders of political parties in an apparent bid to ... Mukherjee convenes meeting of political parties on Feb 8 Oneindia all 10 news articles » Email this story Moneycontrol.com SC asks Indian government to trace black money kept overseas domain-B - ‎1 hour ago‎ The court's direction comes close on the heels of union finance minister Pranab Mukherjee stating that legal constraints are blocking the government's move ... Advani hits government on black money issue TopNews Black money: SC gives govt time till Feb 3 indiablooms AFP - Sify - Indlaw.com - Economic Times all 113 news articles » Email this story The Hindu SC, BJP slam govt on black money: no takers for Pranab claims Tehelka - Iftikhar Gilani - ‎2 hours ago‎ Two days after Finance Minister Pranab Mukherjee refused to disclose the names of those who had accounts in tax havens abroad due to a secrecy clause in the ... BJP-SWISS Oneindia Black money trail may lead to Cong, its leaders: BJP Indian Express Calcutta Telegraph all 7 news articles » हिंदी में Email this story The Hindu 8 more IT units will be set up abroad Hindu Business Line - ‎Jan 26, 2011‎ ... income-tax overseas units as part of its efforts to strengthen its tax administration machinery, the Finance Minister, Mr Pranab Mukherjee, has said. Black money trail: Can't disclose names, says Finance Minister Pranab Mukherjee NDTV.com Five-pronged strategy to curb black money: Pranab The Hindu Oneindia - India Infoline.com - TopNews - Express Buzz all 305 news articles » Email this story Constitutional crisis Hindustan Times - Rajdeep Sardesai - ‎2 hours ago‎ The second was finance minister Pranab Mukherjee claiming that the government couldn't reveal the names of those who had stashed black money abroad. Sify Hasan Ali's $6bn in Swiss accounts missing Times of India - ‎Jan 25, 2011‎ NEW DELHI: The Central government is examining illegal deposits of Pune businessman Hasan Ali stashed in Swiss banks, finance minister Pranab Mukherjee said ... Government examining Hasan Ali's case: Mukherjee Economic Times ED, I-T pursuing Hasan Ali tax evasion case: Pranab Business Standard Oneindia all 15 news articles » Email this story Reveal names of those with black money accounts, Yadav demands Oneindia - ‎1 hour ago‎ Finance Minister Pranab Mukherjee is saying thatit is not possible because of the treaties with severalcountries," Yadav said here. Reveal Names of Blackmoney Account Holders: Yadav Outlook all 2 news articles » Email this story The Hindu Pranab Mukherjee asks Lankan Navy to desist shooting Indian fishermen Times of India - ‎Jan 22, 2011‎ CHENNAI: Voicing concern over alleged attacks on Tamil Nadu fishermen by Sri Lankan Navy, finance minister Pranab Mukherjee on Sunday asked the defence ... Video: Another fisherman killed by SL Navy NewsX Will take up TN fishermen killings with Lanka: Pranab Indian Express TruthDive - Calcutta Telegraph - Sify - Hindustan Times all 425 news articles » Email this story Sify Sushma slams Pranab for remarks Express Buzz - ‎Jan 23, 2011‎ Reacting to the disruption of winter session of Parliament over demand for the JPC, Pranab Mukherjee had said if the Opposition did not have no faith in ... Mukherjee hopes 'Budget Session' of Parliament will function smoothly Sify BJP says govt has more faith in CBI Indian Express Times of India - NDTV.com - indiablooms - Business Standard all 86 news articles » Email this story Operators against e-auction for FM radio Business Standard - Sharmistha Mukherjee - ‎Jan 26, 2011‎ A Group of Ministers (GoM) led by Finance Minister Pranab Mukherjee preferred the e-auction model and decided against the conventional open auction to give ... Don't launch any new schemes, cut oil subsidies: PM's advisor Rajan tells Govt Indian Express - ‎20 hours ago‎ With just about a month to go for Finance Minister Pranab Mukherjee to present the Budget for 2011-12, Honorary Economic Advisor to the Prime Minister of ... The Hindu Consensus on GST may take time: Pranab Economic Times - ‎Jan 24, 2011‎ NEW DELHI: Finance Minister Pranab Mukherjee today said the Centre is working at a "political level" with states for countrywide roll-out of Goods and ... India Continues Its High Growth Trajectory, Consensus On GST May Take Time Press Release Mag (press release) all 21 news articles » Email this story City airport to get iconic ATC tower Times of India - ‎Jan 25, 2011‎ ... control tower at Kolkata airport following trenchant criticism by a section of officers and intervention of Union finance minister Pranab Mukherjee. Black money: Stung Manmohan Singh puts Pranab Mukherjee on damage control job Daily News & Analysis - Harish Gupta - ‎Jan 20, 2011‎ ... prime minister (PM) Manmohan Singh sounded a note of urgency in the matter, asking finance minister Pranab Mukherjee to take appropriate steps. Pranab to clarify government stand on ending black money The Hindu 'Confidential' black money Economic Times Hindustan Times - Times of India - Calcutta Telegraph - NetIndian all 86 news articles » Email this story Centre urged to provide special facilities to state Times of India - ‎Jan 25, 2011‎ ... supported the demand of special category status for Bihar in its pre-budget memorandum submitted to Union finance minister Pranab Mukherjee recently. FM may extend tax holiday for IT exporters Economic Times - ‎Jan 25, 2011‎ NEW DELHI: Finance minister Pranab Mukherjee could give in to industry demand and extend tax benefits available to software and merchandise exports under ... Karunanidhi, Pranab kick off pre-poll talks Times of India - ‎Jan 23, 2011‎ CHENNAI: Tamil Nadu chief minister M Karunanidhi and Union finance minister Pranab Mukherjee on Sunday kicked off preliminary talks on alliance and other ... Pranab meets DMK chief ahead of state polls Express Buzz The Buzz Hindustan Times all 36 news articles » Email this story Moneycontrol.com Pranab Mukherjee holds pre budget consultations with State Finance Ministers Sify - ‎Jan 19, 2011‎ Union Finance Minister Pranab Mukherjee on Wednesday held discussions with the State Finance Ministers as part of his pre budget consultations, ... 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Black market

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"Black economics" redirects here. For the economic empowerment of black Africans in South Africa, see Black Economic Empowerment.

"Black Market" redirects here. For other uses, see Black market (disambiguation).

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The black market (sometimes known as underground or black economy) is trade, goods and services that are not part of the official economy of a country; this may be legal activities where taxes are not paid, or illegal activities, such as drug trafficking, arms trafficking, and prostitution.^[1]

Black market on graffiti. Kharkov, 2008

In modern societies, the underground economy covers a vast array of activities. It is generally smaller in countries where economic freedom is greater, and it becomes progressively larger in those areas where corruption, regulation, or legal monopolies restrict economic activity in various goods, services, or trading groups.^{[citation needed]}

Contents [hide] 1 Pricing 2 Consumer issues 3 Traded goods and services 3.1 Transportation providers 3.2 Illegal drugs 3.3 Prostitution 3.4 Weaponry 3.5 Alcohol and tobacco 3.5.1 Booze cruise 3.6 Copyrighted media 3.7 Currency 3.8 Fuel 4 Appearance and disappearance 5 Modern examples 5.1 Wars 5.2 Prohibition in the United States 5.2.1 Alcohol 5.2.2 Smoking 6 Comparison with regular economy 7 Market economy 8 See also 9 References 10 Further reading 11 External links

[edit] Pricing

Goods acquired illegally take one of two price levels:

• They may be cheaper than legal market prices. The supplier does not have to pay for production costs or taxes. This is usually the case in the underground economy. Criminals steal goods and sell them below the legal market price, but there is no receipt, guarantee, and so forth.
• They may be more expensive than legal market prices. The product is difficult to acquire or produce, dangerous to handle or not easily available legally, if at all. If goods are illegal, such as some drugs, their prices can be vastly inflated over the costs of production.

Black markets can form part of border trade near the borders of neighboring jurisdictions with little or no border control if there are substantially different tax rates, or where goods are legal on one side of the border but not on the other. Products that are commonly smuggled like this include alcohol and tobacco. However, not all border trade is illegal.

[edit] Consumer issues

Even when the underground market offers lower prices, most consumers still buy on the legal market when possible, because:

• They may prefer legal suppliers, as they are easier to contact and can be held accountable for faults;
• In some^[2] jurisdictions, customers may be charged with a criminal offence if they knowingly participate in the black economy, even as a consumer;
• They may feel in danger of being hurt while making the deal;
• They may have a moral dislike of black marketing;
• In some jurisdictions (such as England and Wales), consumers in possession of stolen goods will have them taken away if they are traced, even if they did not know they were stolen. Though they themselves commit no offence, they are still left with no goods and no money back. This risk makes some averse to buying goods that they think may be from the underground market, even if in fact they are legitimate (for example, items sold at a car boot sale).

But some actively prefer the underground market, particularly when government regulations and monopolies hinder what would otherwise be a legitimate competitive service. For example:

• Unlicensed taxicabs. In Baltimore, it has been reported that many consumers actively prefer illegal taxis, citing that they are more available, convenient, and priced fairly.^[3]

[edit] Traded goods and services

Largest black markets	Estimated annual market value (Billion USD)
Total	1,100[4] or 1,400[4]
Marijuana	142[4]
Prostitution	108[4]
Counterfeit technology products	100[4]
Counterfeit pharmaceutical drugs	75[4]
Prescription drugs	73[4]
Cocaine	70[4]
Opium and heroin	65[4]
Web Video piracy	60[4]
Software piracy	53[4]
Cigarette smuggling	50[4]

In developed countries, some examples of underground economic activities include:

[edit] Transportation providers

Where taxicabs, buses, and other transportation providers are strictly regulated or monopolised by government, a black market typically flourishes to provide transportation to poorly served or overpriced communities. In the United States, some cities restrict entry to the taxicab market with a medallion system— that is, taxicabs must get a special license and display it on a medallion in the vehicle. This has led to a market in Carpooling/illegal taxicab operation, although in most jurisdictions it is not illegal to sell the medallions themselves.^{[citation needed]}

[edit] Illegal drugs

Main article: Illegal drug trade

From the late nineteenth and early twentieth centuries, many countries began to ban the keeping or using of some recreational drugs, such as the United States' war on drugs. Many people nonetheless continue to use illegal drugs, and a black market exists to supply them. Despite law enforcement efforts to intercept them, demand remains high, providing a large profit motive for organized criminal groups to keep drugs supplied. The United Nations has reported that the retail market value of illegal drugs is $321.6 billion USD.^[5]

Although law enforcement officers do capture a small proportion of the illegal drugs, the high and very stable demand for such drugs ensures that black market prices will simply rise in response to the decrease in supply—encouraging new distributors to enter the market. Many drug legalisation activists draw parallels between the illegal drug trade and the Prohibition of alcohol in the United States in the 1920s.

In the United Kingdom, it is not illegal to take drugs, but it is illegal to possess them. This can lead to the unintended consequence that those in possession may swallow the evidence; once in the body they are committing no crime.

[edit] Prostitution

Prostitution is illegal or highly regulated in most countries across the world. These places form a classic study of the underground economy, because of consistent high demand from customers, relatively high pay, but labor intensive and low skilled work, which attracts a continual supply of workers. While prostitution exists in almost every country, studies show that it tends to flourish more in poorer countries, and in areas with large numbers of unattached men, such as around military bases.^[6]

Prostitutes in the black market generally operate with some degree of secrecy, sometimes negotiating prices and activities through codewords and subtle gestures. In countries such as the Netherlands, where prostitution is legal but regulated, illegal prostitutes exist whose services are offered cheaper without regard for the legal requirements or procedures— health checks, standards of accommodation, and so on.

In other countries such as Nicaragua where legal prostitution is regulated, hotels may require both parties to identify themselves, to prevent the rise of child prostitution.

[edit] Weaponry

The legislatures of many countries forbid or restrict the personal ownership of weapons. These restrictions can range from small knives to firearms, either altogether or by classification (e.g. caliber, automation, etc.), to explosives. The black market supplies the demands for weaponry that can not be obtained legally, or may only be obtained legally after obtaining permits and paying fees. This may be by smuggling the arms from countries where they were bought legally or stolen, or by stealing from arms manufacturers within the country itself, using insiders. In cases where the underground economy is unable to smuggle firearms, they can also satisfy requests by gunsmithing their own firearms. Those who may buy this way include criminals, those who wish to use them for illegal activities, and collectors.

In England and Wales some kinds of arms designed for shooting animals may be kept at home but must be registered with the local police force and kept in a locked cabinet. Some people buy on the black market if they would not meet the conditions for registration— for example if they have a record of committing a criminal offense, however minor.

In some jurisdictions, collectors may legally keep antique weapons. Sometimes they must be disarmed (incapable of being fired); but sometimes they are so ineffective by modern standards that they are allowed to be kept intact. For example a blunderbuss or cannon is hardly likely to be used for a drive-by shooting.

[edit] Alcohol and tobacco

It has been reported that smuggling one truckload of cigarettes from a low-tax US state to a high-tax state can lead to a profit of up to $2 million.^[7] The low-tax states are generally the major tobacco producers, and have come under enormous criticism for their reluctance to increase taxes. North Carolina eventually agreed to raise its taxes from 5 cents to 35 cents per pack of 20 cigarettes, although this remains far below the national average.^[8] But South Carolina has so far refused to follow suit and raise taxes from seven cents per pack (the lowest in the USA).^[9]

In the UK it has been reported that "27% of cigarettes and 68% of roll your own tobacco [is] purchased on the black market".^[10]

[edit] Booze cruise

Main article: Booze cruise

In the UK, the booze cruise— a day-trip ferry to continental Europe simply to get alcohol and tobacco at lower tax rates— is still very popular. Its popularity varies on the Euro to Sterling exchange rate, and the relative tax rates between the different countries. Some people do not even bother to get off the boat; they buy their stock on board and sail straight back. Ferry companies offer extremely low fares, in the expectation that they will make the money up in sales on the boat.^{[citation needed]} The same system exists for boats between Liverpool and Dublin, Ireland.

Providing the goods are for personal consumption, "booze cruises" are entirely legal. Because there are no customs restrictions between European Union countries it is not strictly a black market, but closer to a grey market. The UK and Ireland are both European Union members and are both in a Common Travel Area so there are neither customs nor passport checks between the two countries.

There is however a thriving black market in goods, rubbing tobacco in particular, which have avoided the payment of excise duty. This is partly supplied by "booze cruises".

[edit] Copyrighted media

Street vendors in countries where there is scant enforcement of copyright law, particularly in Asia, often sell deeply discounted copies of films, music CDs, and computer software such as video games, sometimes even before the official release of the title. A determined counterfeiter with a few hundred dollars can make copies that are digitally identical to an original and suffer no loss in quality; innovations in consumer DVD and CD writers and the widespread availability of cracks on the Internet for most forms of copy protection technology make this cheap and easy to do.

This has proved very difficult for copyright holders to combat through the law courts, because the operations are distributed and widespread— there is no "Mr. Big"^{[citation needed]}. Since digital information can be duplicated repeatedly with no loss of quality, and distributed electronically at little to no cost, the effective underground market value of media is zero, differentiating it from nearly all other forms of underground economic activity. The issue is compounded by widespread indifference to enforcing copyright law, both with governments and the public at large. To steal a car is seen as a crime in most people's eyes, but to obtain illicit copies of music or a game is not.^[11]

See also: Copyright infringement

[edit] Currency

Main article: Fixed exchange rate

Money itself is traded on the black market. This may happen for one or more of several reasons:

• The government sets ("pegs") the local currency at some arbitrary level to another currency that does not reflect its true market value.
• A government makes it difficult or illegal for its citizens to own much or any foreign currency.
• The government taxes exchanging the local currency with other currencies, either in one direction or both (e.g. foreigners are taxed to buy local currency, or residents are taxed to buy foreign currency)
• The currency is counterfeit.
• The currency has been acquired illegally and need to be laundered before the money can be used.^[12]

A government may officially set the rate of exchange of its currency with that of other currencies— typically the US dollar. When it does, it is often pegged at an exchange rate that is artificially low— that is, below what would be the market value if it were a floating currency. Others in possession of the foreign currency, for example expatriate workers, will sell the foreign currency to buy local currency at higher exchange rates than they can get officially.

More rarely, a government may peg its currency too high. This tends to make the foreign currency become a de facto currency for the country, since it is easier for everyone to deal in the tradable foreign currency than the local one. Tourists and occasional visitors tend to deal solely in a major hard currency instead of the local currency. The whole country is essentially then trading on the black market. Some countries, such as Ecuador, abandoned their local currency and now use US dollars, essentially for this reason, a process known as dollarization. See also the example of the Ghanaian cedi from the 1970s and 1980s.

The Cuban convertible peso and US Continental dollar both have had black market rates significantly different from their face value.

If foreign currency is difficult or illegal for local citizens to acquire, they will pay a premium to acquire it. Taxation is generally less important but, if it is high enough, can still encourage a black market simply for tax avoidance even if currency trading is generally legal.

[edit] Fuel

In the EU it is not illegal for a person or business to buy fuel in one EU state for their own use in another, but as with other goods the tax will generally be payable by the final customer at the physical place of making the purchase.

Between the Republic of Ireland and Northern Ireland there has often been a black market in petrol and diesel.^[13][14] The direction of smuggling can change depending on the variation of the taxes and the exchange rate between the Euro and Pound Sterling; indeed sometimes diesel will be smuggled in one direction and petrol the other.

In some countries diesel fuel for agricultural vehicles or domestic use is taxed at a much lower rate than that for other vehicles. This is known as dyed fuel, because a coloured dye is added so it can be detected if used in other vehicles (e.g. a red dye in the UK, a green dye in Ireland). Nevertheless, the saving is attractive enough to make a black market in agricultural diesel. In 2007 it was estimated that £350 million was not gained in potential revenue this way in the UK.^[15]

[edit] Appearance and disappearance

If an economic good is illegal but not seen by many in society as particularly harmful, such as alcohol under prohibition in the United States, the black market prospers. Black marketeers can reinvest profits in diverse legal or illegal activities, well beyond the original source of profit.

Some, for example in the marijuana-trade debate, argue for removing the underground markets by making illegal products legal. This would, in their view:

• decrease the illegal cashflow, thus making the performance of other, potentially more harmful, activities financially harder
• allow quality and safety controls on the traded goods, thus reducing harm to consumers
• let the goods be taxed, providing a source of revenue
• free up court time and prison space and save taxpayer money.

[edit] Modern examples

[edit] Wars

Black markets flourish in most countries during wartime. States that are engaged in total war or other large-scale, extended wars must necessarily impose restrictions on home use of critical resources that are needed for the war effort, such as food, gasoline, rubber, metal, etc., typically through rationing. In most cases, a black market develops to supply rationed goods at exorbitant prices. The rationing and price controls enforced in many countries during World War II encouraged widespread black market activity.^[16] One source of black-market meat under wartime rationing was by farmers declaring fewer domestic animal births to the Ministry of Food than actually happened. Another in Britain was supplies from the USA, intended only for use in USA army bases on British land, but leaked into the local native British black market.

During the Vietnam war, soldiers would spend Military Payment Certificates on maid service and sexual entertainment,^{[citation needed]} thus supporting their partners and their families. If the Vietnamese civilian wanted something that was hard to get, he would purchase it at double the price from one of the soldiers, who had a monthly ration card and thus had access to the military stores.^{[citation needed]} The transactions ran through the on-base maids to the local populace. Although these activities were illegal, only flagrant or large-scale black-marketeers were prosecuted by the military.^{[citation needed]}

[edit] Prohibition in the United States

Main article: Prohibition in the United States

[edit] Alcohol

See also: Legal drinking age

A classic example of creating a black market is the Prohibition of alcohol during the 1920s in the United States. Many organized crime syndicates took advantage of the lucrative opportunities in the resulting black market in banned alcohol production and sale. Most people did not think drinking alcohol was particularly harmful nor that its buyers and sellers should be treated like common criminals. So illegal speakeasies prospered, and organizations such as the Mafia grew tremendously more powerful through their black market activities distributing alcohol. This lasted until repeal of Prohibition.

Although Prohibition ended in 1933, there are still some parallels today with evasion of the drinking age of 21 in the United States, which is high compared to other industrialized countries and three years above the age of majority in nearly all states. Like Prohibition, this law is widely (but more covertly) disobeyed as well. Though social sources of supply predominate for underage drinkers, some bars and stores knowingly serve and sell to those who are underage, and some may even make deals with local police. Many college towns especially have a vast network of fraternities and sororities (and others) that run what can be considered modern-day speakeasies in their houses, in which age is irrelevant. Since the substance in question, alcohol, is legal for those over 21, it can be considered more of a gray market than a black market.

[edit] Smoking

This effect is seen similarly today, when jurisdictions pass bans on smoking in bars and restaurants. In these jurisdictions, smokeasies arise which allow smoking despite the legal prohibition. In a sense the owner is not a black marketeer since he is not necessarily selling tobacco, but he profits by the sale of other goods on his premises (typically alcohol).

This phenomenon is very prevalent in many US state jurisdictions with smoking bans, including California^[17][18], Philadelphia^[19][20], Utah^[21], Seattle^[22], Ohio^[23], and Washington, D.C.^[24].

[edit] Comparison with regular economy

Country	Estimated size of shadow economy in percent of GDP, average over 1990-93[25]
Developing economies
Africa
Nigeria and Egypt	68-76%
Tunisia and Morocco	39-45%
Central and South America
Guatemala, Mexico, Peru and Panama	40-60%
Chile, Costa Rica, Venezuela, Brazil, Paraguay and Colombia	25-35%
Asia
Thailand	70%
Philippines, Sri Lanka and Malaysia	38-50%
Hong Kong and Singapore	13%
Transition economies
Central Europe
Hungary, Bulgaria and Poland	20-28%
Romania, Slovakia and Czech Republic	7-16%
Former Soviet Union
Georgia, Azerbaijan, Ukraine and Belarus	28-43%
Russia, Lithuania, Latvia and Estonia	20-27%
Developed economies
Greece, Italy, Portugal and Belgium	24-30%
Sweden, Norway, Denmark, Ireland, France, Spain, The Netherlands, Germany and Great Britain	13-23%
Japan, United States, Austria and Switzerland	8-10%

[edit] Market economy

Agorists and some other proponents of the free market argue that the black market is the most free market.^[26] Other regulated markets, they claim, suffer one way or another from undue interference in the general working of a free market.

Others^{[citation needed]} argue that black markets are often controlled by other parties — such as a gang that aggressively regulates the drug trade in its territory — in a similar fashion to the government control of white markets, and are therefore not truly free markets. Agorists, however, use the term "red market" to distinguish between black markets in general and those based on violence and theft.^[26]

[edit] See also

• Agorism
• Counter-economics
• Informal economy
• Grey market
• Business ethics
• Wide boy
• Household electricity approach
• Unreported employment

[edit] References

1. ^ "New underground economy - Washington Times". www.washingtontimes.com. http://www.washingtontimes.com/news/2009/dec/09/new-underground-economy/. Retrieved 2010-07-06. 
2. ^ https://lagen.nu/dom/nja/1985s444
3. ^ Christina Royster-Hemb (21 April 2004), "Feature: A Baltimore Way of Life", citypaper.com, http://www.citypaper.com/news/story.asp?id=6264, retrieved 2009-05-11 
4. ^ ^{a b c d e f g h i j k l} Black Market Products Index at Havocscope. Retrieved on April 17, 2010. (Calculated by adding up the various black market activities that are currently being monitored [1])
5. ^ [2]^{[dead link]}
6. ^ Journal of Political Economy, "A Theory of Prostitution" February 16, 2001
7. ^ Horiwitz, Sari (8 June 2004), "Cigarette Smuggling Linked to Terrorism", The Washington Post: A04, http://www.washingtonpost.com/wp-dyn/articles/A23384-2004Jun7.html, retrieved 11 May 2009 
8. ^ North Carolina's Cigarette Tax Increase Is A Small Step In The Right Direction But Kids and Taxpayers Will Miss Benefits of Greater Increase (Campaign for Tobacco-Free Kids)
9. ^ The Tax Foundation— State Sales, Gasoline, Cigarette, and Alcohol Tax Rates by State, 2000-2008
10. ^ Scotish Grocers' Federation (2009-02-25). ""Illegal Cigarettes Partnership Must Address All Aspects of Black Market"". http://www.scottishshop.org.uk/site/Home/EB076AB4-678F-4125-96ED-61B7BCF87114.html. Retrieved 2009-03-23. ^{[dead link]}
11. ^ Charles W. Moore. "Is music piracy stealing?". http://www.applelinks.com/mooresviews/pirate.shtml. Retrieved 2009-03-15. 
12. ^ "PBS Frontline: Drug Wars: Special Reports: the black peso money laudering system". http://www.pbs.org/wgbh/pages/frontline/shows/drugs/special/blackpeso.html. 
13. ^ Tom Peterkin, Ireland Correspondent (31 Jan 2006). "IRA fuel smuggling 'drove oil giants to abandon Ulster'". The Daily Telegraph (London). http://www.telegraph.co.uk/news/uknews/1509280/IRA-fuel-smuggling-drove-oil-giants-to-abandon-Ulster.html. Retrieved 26 March 2009. 
14. ^ "Fuel smuggling down say customs". BBC. 3 May 2001. http://news.bbc.co.uk/1/hi/northern_ireland/1311445.stm. Retrieved 26 March 2009. 
15. ^ "Red diesel abuse costs UK millions". What Car? (Haymarket Group). 7 November 2007. http://www.whatcar.com/news-article.aspx?NA=229086. Retrieved 26 March 2009. 
16. ^ The Home Front (facsimile ed.). London: Imperial War Museum. July 1945. ISBN 1-904-897-11-8. 
17. ^ "California's Ban to Clear Smoke Inside Most Bars," The New York Times, December 31, 1997
18. ^ "The Land of Smoke-Easies, $500 Barfs," The San Francisco Chronicle, May 15, 1998
19. ^ "'Smoke-easys' ignore the tobacco ban", Philadelphia Inquirer, March 27, 2007
20. ^ "Smoke-easies", Fort Wayne News-Sentinel, March 28, 2007
21. ^ "Everyone Head for the Smoke-Easy," Utah Statesman, December 12, 2006
22. ^ "Smokers find refuge in secret nicotine dens", Seattlepi.com, May 31, 2006
23. ^ "smoke-easies, altoid tins, blue moon, janis joplin and vivid imaginations" Yellow Is The Color Blog
24. ^ "Smoke-easies offer cover from puff police; Aficionados just want a place to light up, relax," The Washington Times, November 20, 2003
25. ^ Matthew H. Fleming, John Roman, and Graham Farrel. The shadow economy
26. ^ ^{a b} Konkin, Samuel Edward. New Libertarian Manifesto

[edit] Further reading

• Schneider, Friedrich; Enste, Dominik H. (2000). "Shadow Economies: Size, Causes, and Consequences". Journal of Economic Literature (American Economic Association) 38 (1): 77–114. http://www.jstor.org/stable/2565360. .

[edit] External links

• Official March 2000 French Parliamentary Report on the obstacles on the control and repression of financial criminal activity and of money-laundering in Europe by French MPs Vincent Peillon and Arnaud Montebourg, third section on "Luxembourg's political dependency toward the financial sector: the Clearstream affair" (pp. 83–111 on PDF version)
• The Underground Economy from National Center for Policy Analysis (1998)
• Going Underground: America's Shadow Economy by Jim McTague (2005)
• The Underground Economy: Global Evidence of Its Size and Impact (1997)
• The Effects of a Black Market Using Supply and Demand
• Information on Black Market products
• Economist, 11 August 2010, A lengthening shadow: Shadow economies have grown since the financial crisis began

Retrieved from "http://en.wikipedia.org/wiki/Black_market"

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4. ingentaconnect Racial Exclusion and the Political Economy of the ...

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5. Amazon.com: Progress, Poverty and Exclusion: An Economic History ...

   "This valuable and densely packed book is the core outcome of a commission from the Inter-American Development Bank. May all their investments prove equally ...
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6. Videos for exclusion from Economy

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7. [PDF]

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1. Swiss Bank | Money | WikiLeaks | BJP | Government | UPA | Bank ...

   18 Jan 2011 ... Citing reports about WikiLeaks' possession of Swiss Bank accounts secrets, BJP asked UPA government to name the Indians who have money in ...
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2. Swiss Bank Black Money - India No.1

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   Swiss Bank Black Money - India No.1 in the HubPages Politics & Social Issues Forum.
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3. Answers.com - Total black money in India

   Economics question: Total black money in India? Swiss bank revealed India has more money than rest of the world This is so shocking.. ..If black money ...
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4. News for swiss bank black money india

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   SC on black money: you have names, did you act? 10 hours ago "Swiss bank has been persistently refusing to divulge information on black money," he said. "I have signed an agreement with Swiss authorities, ... IBNLive.com - 113 related articles - Shared by 20+ Ill-gotten wealth from scams stashed in Swiss banks: Sukhbir Singh ... Daily News & Analysis - 9 related articles Govt to reveal stand on black money on Jan 25 IBNLive.com - 305 related articles - Shared by 20+

5. 'Swiss black money can take India to the top' - Lok Sabha Election ...

   31 Mar 2009 ... Do you think that the Indian government should demand all the Indian black money in Swiss banks? Of course. India should and must act. ...
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6. Swiss info on black money: India may have to wait till 2012 ...

   25 Jan 2011 ... India may have to wait till at least next year for ...
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7. Can India recover the Black Money deposited in Swiss Banks?

   28 Jul 2009 ... As I am very new in this forum I could not check whether it was discussed in this forum or not....hope you all will participate and provide.
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   Switzerland ready to help India on black money issue‎ - 5 posts - 12 Mar 2010
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8. Black Money in Swiss bank-Alibaba Trade Forums

   9 posts - 9 authors - Last post: 3 Jan

   No wonder, everyone in India loots with impunity and without any fear. ... Black Money In Swiss Bank. Could some of that be from VAT fraud? ...
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9. How much Indian black money in Swiss Banks ?:eTI

   3 posts - 3 authors - Last post: 27 Feb 2009

   Bring back Indian money from Swiss banks: Ramdev The Hindu Haridwar (IANS): Yoga guru Swami Ramdev.
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10. No 'black money' statistics exist: Swiss banks - The Times of India

    13 Sep 2009 ... Amid claims that Indians have stashed away thousands of crores in secret bank accounts in Switzerland, the Swiss banks have asserted that ...
    timesofindia.indiatimes.com/india/...black-money...Swiss-banks/.../5005874. cms - Cached - Similar
11. $1.4 Trillion India's Black Money Stashed in Swiss Banks

    6 Jun 2010 ... India tops the list of countries with most black money in swiss banks, with almost $1500 Billion, followed by Russia $470 Billion, ...
    www.iretireearly.com › News - Cached

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