Thursday, March 20, 2008

India owes New York City $42.3 Million!!!

It is quite common for politicians to misuse governmental funds and
property. I remember cases when ex Presidents would not vacate the Raj
Bhavan on time or during their reign at the Raj Bhavan made sure that
their post poilitical home was a fairly equivalent mansion. But to
come to a foreign country and abuse diplomatic relations with a host
is another thing.

An excerpt from the New York TImes --
"The governments of India, Mongolia and the Philippines owe New York
City roughly $57 million in property taxes, a federal judge has ruled,
closing a long chapter in the Bloomberg administration's efforts to
force foreign governments to shoulder some of the costs of their
presence at the United Nations.

The ruling, released on Monday by Judge Jed S. Rakoff of the United
States District Court in Manhattan, awards the city $42.3 million from
India, $10.9 million from the Philippines and $4.4 million from
Mongolia. The bulk of the amount is interest that had accrued on
outstanding taxes over decades.

Whether that money will ultimately land in New York's coffers remains
to be seen, since the city cannot enforce the liens in the usual way
by foreclosing on the buildings. But Michael A. Cardozo, the city's
corporation counsel, said he hoped the ruling would persuade the three
countries and other nations to pay taxes they owed. A provision of the
Foreign Operations Appropriations Act penalizes countries with unpaid
taxes by withholding 110 percent of the debt from their foreign aid."

Read the full article at --

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