Mangalore, November 2: Indian politicians and business tycoons have stashed countless money in various foreign banks other than those in Switzerland, said B Madhava, Dakshina Kannada district secretary of Communist Party of India (Marxist).
Addressing a protest demonstration in front of the office of deputy commissioner here on Wednesday, Mr Madhava said that most of the people of this country are unaware of the fact that a huge amount of Indian money has been languishing in banks in countries like Mauritius.
The protest was organised as part of the leftist party's nationwide campaign against price rise, corruption and increase in the Foreign Direct Investment in the retail trade.
Mr Madhava said that Indian business tycoons and politicians are now taking advantage of treaty between India and Mauritius to avoid double taxation. “No tax is being imposed on money kept in Banks of Mauritius”, he said.
He also said the UPA led union government's decision to increase the FDI in the retail trade to 51 per cent would have adverse impact on the small time traders involved in retail trade.
Sunil Kumar Bajal, Mangalore City CPI (M) Secretary and others were present.
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