Hi Friends
Just read the following details and note how these dishonest industrialists,scandalous politicians, corrupt officers, cricketers, film actors, illegal sex trade and protected wildlife operators, to name just a few, sucked this country’s wealth and prosperity. This may be the picture of deposits in Swiss banks only. What about other international banks?
Depositors money in Swiss banks — Swiss Banking Association report, 2008 details bank deposits in the territory of Switzerland by nationals of following countries:
Now do the math’s - India with $1,891 billion or $1.8 trillion has more money in Swiss banks than rest of the world combined. Public loot since 1947:
If this revelation is believed to be true then it is indeed shameful of our government to ignore this fact and still crib about our fiscal debt and unplanned expenditure. The black economy is as big as our real economy. This suggests that we are growing at a much faster pace than actually reported
The facts and figures reveal that the money of Indian nationals is much higher than the money of all other country nationals put together. As per policy, Swiss bank does a tracking of origin of funds before they accept deposits. Then the question is whether 1891 bio $ have come from official channels? I do not think so!
Going by these figures, if Indian nationals withdraw their deposits, the Swiss Bank will collapse as there would be heavy asset liability mismatch and Swiss government would require it to bail out. However this is possible only on paper as where on earth people will keep their black money. There is no safe place than Swiss account. It is high time that banks follow transparent policies and there is adequate disclosure of information.
The same money is flowing in Indian stock market via P-notes who again take the safety net of tax havens created for shell businesses. This is a big global corruption chain which one person cannot break. It requires a revolutionary effort to expose this.
One example is of Bernie Madoff who was arrested for 50 bio $ hedge fund fraud. Are we saying the big institutional investors were not aware of the Ponzi scheme? Impossible! This goes to show how global corruption has been embedded and normal citizens are being duped
What can the government do to bring the money back?
1/ 7-8 years back the government had come out with Voluntary Disclosure of Income Scheme (VDIS) which has met good success. This scheme allows people to disclose their black money and pay nominal penalty. No action will be taken against such persons. The government should come out with such scheme to arrest such funds. This will help India finances considerably
2/ Income tax authorities should have the rights under RTI/Income Tax Act to ask Indian government to request/pressurise Swiss Bank to reveal the details of the Indian depositors and do an Income mapping in India to identify tax evasion.
3/ Political will is necessary to implement any such step. Most of the people will be reluctant as this might expose the entire chain of corruption prevailing in India. Thus we cannot expect much from our Indian government. In such a situation a mass retaliation by people of India can help. They can use the powers conferred on them by the Indian constitution and pressurise the government to know the details of these deposits
Even if considering that 50% is black money and we are able to bring back 50% of the black money then also we can add 500 bio $ to our kitty which will clean our fiscal debt totally and add 300 bio $ more to our forex reserves
Revelation on Swiss Bank Accounts "who can save india no one knows where tax payer money is going "
Revelation on Swiss Bank Accounts
This is so shocking . . . . . wish black money deposits was an Olympics event . . . . . India would have won a gold medal hands down.
The second best Russia has 4 times lesser deposit. US is not even there in the counting in top five !! India has more money in Swiss banks than all the other countries combined !!!!
Recently, due to international pressure, Swiss govt. agreed to disclose the names of the account holders only if the respective govts formally asked for it. Indian govt. is not asking for the details . .
. . no marks for guessing why ????
We need to start a movement to pressurise the govt. to do so !!
This is perhaps the only way, and a golden opportunity, to expose the high and mighty and weed out corruption !!
Please read on . . . . . and forward to all the honest Indians to . .. . . like somebody is forwarding to you . . . . . and build a ground-swell of support for action !!
Is India poor, who says? Ask Swiss banks With personal account deposit bank of $1500 billion in foreign reserve which have been misappropriated, an amount 13 times larger than the country's foreign debt, one needs to rethink if India is a poor country?.
DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them. This amount is about 13 times larger than the country's foreign debt. With this amount 45 crore poor people can get Rs 1,00,000 each.
What about other international banks?
Black money in Swiss banks -- Swiss Banking Association report, 2006 details bank deposits in the territory of Switzerland by nationals of following countries :
Might be i am late to write this post but i do not have exact digit so that i post late this all are exact digits!!!!
