Update:
Zurich/ New Delhi: India has slipped to 70th position in terms of foreign money lying with Swiss banks and accounts for a meagre 0.10 per cent of total global wealth held in the country’s banking system.
While much hue and cry is made over huge amounts of illicit wealth stashed by Indians in Swiss banks, the latest official data released by Switzerland’s central bank shows that the money they owed to Indian clients at the end of last year was 1.42 billion Swiss francs (aboutRs. 9,000 crore).
While the UK continues to account for the largest chunk of such funds, India has now slipped lower to 70th position – the lowest rank among all major economies of the world, shows an analysis of annual data released by Swiss National Bank (SNB) on all the banks present in the European country(NDTV June 23,2013)
Do not for a moment feel elated as the money might have been shifted to Caribbean offshore account.!
I have a Post on this
Please read my blog on Rajiv Gandhi 2.5 Billion Francs under corruption.
Figures in the story,does it include Rajiv’s?
I can not count the zeroes.
Story:
The revised Tax treaty between India and Switzerland which will be placed before the Swiss Parliament for final approval is creating nightmares to those tax evaders who have cheated tax to the tune of Billions of Rupees.
(Weak heart people may skip the below paragraphJ)
It is believed that an astonishing sum of around 1400 Billion dollars of black money is deposited in Swiss banks by the Indian Tax evaders. This amount is equivalent to 6300000,00,00,000 INR which is about 13 times larger than the country’s foreign debt !!!!
Now there arisen a ray of hope to pull through this black money from these banks as the Switzerland’s Parliamentary Committee has given the go-ahead to the revised tax treaty between India and Switzerland that would eventually allow our government to access the secret Swiss bank accounts of Indian tax evaders.
The extremely stable economy, privacy and good returns on the investment have made people across the globe to deposit their money in the Swiss Banks. It is often misapprehended by many of us that the term SWISS BANK is a single bank, which is not the case. There are more than 400 banks in Switzerland ranging from two very big banks to small banks. Union Bank of Switzerland (USB) and Swiss Bank Corporation are the two biggest banks in Swiss of which the branches have spread across many continents.
Related:
It has become clear to the Supreme Court that the looters are preparing the grounds for the cover-up If Wikileaks exposes Indian accounts in Swiss Bank.The looters over a period of time digesting, scam after scam have become immune to public opinion. They have developed a skin so thick, that it would make a Rhino blush.
Even if Wikileaks and Rudolf Elmer publish all the names of the illegal Indian account holders in Julius Baer, and the other Swiss Banks follow suit, nailing the looters is a far cry. These accounts will have been masked by layer upon layer of bogus legal entities. The looters are sure to have taken all these precautions to ensure that the trail does not lead to them. This is more than sufficient excuse for the Indian investigating agencies, controlled and directed by the looters themselves. The ‘Bofors Loot’ scam investigation is an eye-opener.
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