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Monday, April 27, 2009

Readings of the day

The Pyramid Saimira order is a landmark in SEBI's history. It seems to be grounded in high quality investigative work and if it survives appeal, it will put a new level of fear in the minds of the bad guys. On this, read : Palak Shah in Business Standard, and Vivek Law and Priyal Guliani in Mint.

Writing in Business Standard, Mahesh Vyas disagrees with the gloomy scenario for corporate investment, drawing on the information in the CMIE Capex database.

Writing in Business Standard, Sunil Jain reviews the fracas about Indians holding money in Switzerland. For recent research on capital movements through trade misinvoicing, see this work by Abhijit Sen Gupta, Ila Patnaik and me: slideshow, paper. While on this subject, see Somasekhar Sundaresan in Business Standard on the messy legal foundations of India's capital controls. The system of control that seeks to tie down India's capital flows is grossly out of touch with the realities of India's openness today.


  1. Ajay,
    Do you have any thoughts on this matter:

    It has now become somewhat clear to any reader that thinks beyond the print a bit, that Satyam was a black money converting laundry machine for various Hyderabad politicians.

    Question: could there be other companies doing the same? Software is notoriously hard to audit. no export invoices etc. all vaporware (software). Maybe wireless telephony (eg artel, spice etc) could be in the same boat?

  2. i think it is matter of concern that how the Indian money in Swiss account.

  3. really there are lots of problem in maintaining the money.there should be legal control of money transfer from india.


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