Indians holding Indian Money in Swiss banks.Money in Swiss Banks List 1
”
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)
ICIJ which has done extensive research and unearthed 2.5 Millions Files on secret offshore dealings of Businessmen, politicians and others throughout the world, has divulged that Vijay Mallya, Liquor Baron, IPL Team Owner, who did not pay his Airways Pilots for want of money(!),Essar Group,Oswal, Satyam Computers, Visaka Group,Mama Mappillai of MRF, and Mumbai-based jewelers, Rashmi Kirtilal Mehta and his son Bhavin Mehta.
It assumes such proportions that The Central Board of Direct Taxes The Voluntary Disclosure Scheme on June 18, 1997. It continued till December 31, 1997 and it netted a revenue of Rs 7800 Crore to the Government of India.
In January 2011 , there were reports that The amount in the Swiss Banks was in the order of $ 14400 Billion !
Indian Black Money.
The recent information from Kejriwal of IAC is that the amount of black money of 700 Indians, lying in Swiss Banks is 5000 Crore which is very close to the Revenue netted by The Government under Voluntary Disclosure Scheme.
Sample the Finance Ministry’s White Paper on Black Money.
”
A chain Email, which first started circulating on the Internet in early 2009, states that Indians have
more money in the Swiss banks than all other countries combined. It claims that as per a Swiss Banking
Association report in 2006, bank deposits in the territory of Switzerland by nationals of a few countries are
as under: India, US$1456 billion, Russia, US $470 billion, UK, US$390 billion, Ukraine, US$100 billion,
China, US$96 billion.
2.6.2 It is now evident that there is no organization by the name of Swiss Banking Association,
7
although
there is a Swiss Bankers Association (SBA). On 13 September 2009 Zeenews.com reported a statement
from James Nason, Head of International Communications of the SBA, in which, referring to figures being
quoted based on the alleged SBA report, he asserted that the SBA had never published any such report
and that the story about Indian deposits was a complete fabrication. Thus these figures appear to be a
figment of the imagination and the email circulating them baseless and mischievous in intent.
2.6.3 Another report which was circulated in the media stating that Indian nationals held around US$ 1.4
trillion abroad in illicit external assets was based on the 2008 report of Global Financial Integrity (GFI),
‘Illicit Financial Flows from Developing Countries: 2002-2006’. In its November 2010 report, ‘The Drivers
and Dynamics of Illicit Financial Flows from India: 1948-2008’, however, it accepted on page 9 that the
back-of-the-envelope method used to derive the figure was flawed – the figure was based on GFI’s estimated
average illicit outflows of US$ 22.7 billion per annum (over the period 2002-06) multiplied by the 61 years
since independence and it is erroneous to apply annual averages to a long time series when illicit flows are
fluctuating sharply from one year to the next.
8
2.6.4 It is however useful to mention here one estimate of the amount of Indian deposits in Swiss banks
(located in Switzerland) which has been made by the Swiss National Bank. Its spokesperson stated that at
the end of 2010, the total liabilities of Swiss Banks towards Indians were 1.945 billion Swiss Francs (about
` 9,295 crore). The Swiss Ministry of External Affairs confirmed these figures when a reference was made
by the Indian Ministry of External Affairs to them. Since the information was publicly available on the
website of the Swiss National Bank, the figures of earlier years were also taken and are tabulated in
Annexure Table 1. ”
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.
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.
You must be logged in to post a comment.