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Op-Ed OCTOBER 08, 2021 | The Indian Eye 18

pandora lessons, Quad games and pakistan equation

Views and opinions from the top commentators in Indian media

or sure, all offshore ac- world. It is here that India has
counts are not illegal. The to protect its interests and bring
Flarger issue here is the eco- in more balanced and equitable
system that allows intermediar- positions in Quad. It has to do
ies to help clients use the banking so even while sharing the other
network to conceal income in tax three states’ opposition to Chi-
havens and thereby evade taxes. nese practices, which are harm-
Tax havens are characterized by ful to Indian and the developing
negligible or zero tax rates and a world’s interests as well.
system of secrecy that conceals The Quad membership may
a firm’s beneficial owner, or the be desirable but a very heavy
natural person behind a legal or price is being paid.
tax arrangement. It’s the secrecy -- Vivek Katju, The Telegraph
that causes problems for other
countries. The pushback against tHe IslamaBad angle
it came on the heels of the 2008
global financial crisis. In 2009, There are many reasons for
G20 leaders pledged to root out the US re-grading India. The
banking secrecy. Later, in 2013 Left progressive section of the
Democratic Party has very seri-
the foundation was laid for com- External Affairs Minister dr. S. Jaishankar and US deputy Secretary of State ous misgivings about the Bhara-
mon reporting standards that led Wendy Sherman exchange greetings, in New delhi on Wednesday(ANI) tiya Janata Party (BJP), partic-
to an automatic exchange of in-
formation between countries and ularly Modi. India’s advice to
information sharing on request. businessmen who have declared in a society. Ordinary individu- ousted Afghan President Ashraf
The goal behind the appara- themselves bankrupt before re- als who pay their share of taxes Gani not to abdicate also an-
covery tribunals, hold billions are unlikely to be comfortable gered Washington. India also did
tus is to ensure that beneficial through such offshore entities. knowing that the elite, with ac- not act on persistent US advice
owners cannot hide behind lay- Some have set up offshore trusts cess to expert advice, exploit the to start talking to the Taliban. In-
ered structures designed to con- to hold assets or have transferred loopholes, and game the system. dia torpedoed the prospects of
ceal their identity. This goal is
being pursued through multiple assets through an impenetrable -- Editorial, The Indian Express a Taliban-headed interim gov-
fora, including the FATF. Con- maze of offshore companies Quad and IndIa ernment in Kabul, which would
have facilitated an orderly US
sequently, two structures used in order to insulate themselves All this requires adroit Indi- withdrawal. The US also holds
from their creditors. While the
to conceal beneficial ownership, use of such structures may not an diplomacy to balance its in- India’s protectionist tariff and
nominee shareholding and bear- necessarily be illegal, they do terests and concerns. Did it suc- customs responsible for their
er shares, have been phased out raise questions over the nature ceed in doing so in the drafting failure to clinch a trade deal.
in many countries. In this context,
it’s relevant to note that India’s of the transactions. As the inves- of the Quad summit joint state- According to the US, the
electoral bonds are bearer bonds tigations have also shown, many ment? India took common posi- successful eight-month-long
which carry the same set of risks of the individuals concerned are tions with its Quad partners on ceasefire at the India-Pakistan
under the glare of the investiga- Covid vaccines, climate change, frontier is the perfect launchpad
as they provide complete ano- tive agencies in India. Some of technology and infrastructure for peace talks, but New Delhi is
nymity to the donor. Supreme them are in jail, others are cur- development, cyber and outer not holding out an olive branch
Court should decide on their
constitutionality at the earliest. rently out on bail. space, and freedom of naviga- to Pakistan. India and Pakistan
-- Editorial, The Times of India The government has re- tion. These are global issues that have recalled their High Com-
sponded to these revelations impact Indian interests and on missioners, the strength of their
with commendable swiftness. many of them Indian perspec- embassies has been reduced
rIcH and tax On Monday, the Central Board tives in view of its objective reali- by 50 per cent, and the nucle-
The Pandora Papers show of Direct Taxes (CBDT), an- ties necessarily have to be differ- ar-armed neighbors are not on
that over 300 Indians have set up nounced a multi-agency probe ent from those of the advanced talking terms.
such offshore structures. While to investigate these cases. While countries, including the other -- SNM Abdi, The Quint
there is a distinction between this is a welcome step, there is three Quad members. This is not
tax avoidance and evasion, such a larger problem that needs to surprising because India’s posi- Every week, we look at what
structures are typically used to be addressed. When the rich in- tion on the development ladder
not pay taxes, to launder mon- dulge in such manoeuvres — a lot necessitates adopting views on the top commentators in the
ey gotten through illegal means, of it is legal, but that is part of the economic and technology-relat- Indian media are talking about
and bring to you a slice
and to sequester assets. The Ex- problem — it carries a larger risk: ed issues that are more aligned of their opinions and comments
press investigation reveals that Of the delegitimization of wealth with those of the developing

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