Srichand Hinduja, one of the UK’s most influential international business figures, has called on the Indian government to offer an amnesty to Indians holding an estimated one trillion dollars in “black money” in offshore bank accounts.
His proposal was made in a letter to India’s finance minister, Pranab Mukherjee, ahead of his Budget next week, and is part of a wider call for greater liberalisation of investment and currency regulations.
Srichand and his brother Gopichand have an estimated family fortune of more than £8bn and a business empire spanning oil, gas, power generation, heavy goods and truck manufacturing and banking.
His intervention comes amid a growing domestic political row over the Indian government’s failure to repatriate "black money" held in Switzerland, Liechtenstein and Mauritius, and fears that associated corruption allegations are damaging the country’s reputation as a destination for foreign investment.
The opposition Bharatiya Janata Party had accused the Congress Party’s president, Sonia Gandhi, and her late husband, Rajiv, of holding funds in Swiss bank accounts, though its leader L.K. Advani apologised and withdrew the allegation earlier this month after Mrs Gandhi issued a strong denial.
In his letter to the finance minister, Mr Hinduja said an amnesty for Indian businessmen holding undeclared “black money” overseas would help increase the flow of funds into India and boost investment in its infrastructure sector.
His proposal was made in a letter to India’s finance minister, Pranab Mukherjee, ahead of his Budget next week, and is part of a wider call for greater liberalisation of investment and currency regulations.
Srichand and his brother Gopichand have an estimated family fortune of more than £8bn and a business empire spanning oil, gas, power generation, heavy goods and truck manufacturing and banking.
His intervention comes amid a growing domestic political row over the Indian government’s failure to repatriate "black money" held in Switzerland, Liechtenstein and Mauritius, and fears that associated corruption allegations are damaging the country’s reputation as a destination for foreign investment.
The opposition Bharatiya Janata Party had accused the Congress Party’s president, Sonia Gandhi, and her late husband, Rajiv, of holding funds in Swiss bank accounts, though its leader L.K. Advani apologised and withdrew the allegation earlier this month after Mrs Gandhi issued a strong denial.
In his letter to the finance minister, Mr Hinduja said an amnesty for Indian businessmen holding undeclared “black money” overseas would help increase the flow of funds into India and boost investment in its infrastructure sector.
