But import duties are very low, only 3 per cent or so, which makes Singapore a big world market for international goods. It is also a big financial centre, with currencies being traded freely anywhere. There are hundreds of moneychangers in the city, operating even at midnight, and the laws are so stringent that you can buy or sell currencies freely, no questions asked. Indian rupees are, however, not traded, though some Indian stores and money changers do buy them at a pinch. Singapore's main revenues come from financial services and custom duties, as also tourism.
Tourism is a big industry in the island, and it has been carefully developed.
The infrastructure for tourism is no par with that in the west, with good roads, good restaurants, and exceedingly good transport. India is a byword for corruption throughout the world and most businessmen think that any Indian can be purchased, no matter how big he is and what price he demands. One American businessman told me that the biggest centre of corruption in India was the PMO itself, though he declined to give details. There is very little corruption in Singapore and the rules of law are observed to the letter. This may be the case because Singapore is a small place and the government can keep a watch over everybody and everything.