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Indian Black Money in Swiss Bank

  1. #1
    Member Nidhi_malhotra's Avatar
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    Default Indian Black Money in Swiss Bank

    According to the data provided by the Swiss bank, India has more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in swiss banks, followed by Russia $470 Billion, UK $390 Billion, Ukraine $100 Billion and China with $96 Billion.

    Indian government should demand all the Indian black money in Swiss banks.India should and must act. We are not a banana republic.


    1) Yes, 1500 Billion Dollars of India are lying in Switzerland banks. This is the highest amount lying outside any country, from amongst 180 countries of the world, as if India is the champion of Black Money.

    2) Swiss Government has officially written to Indian Government that they are willing to inform the details of holders of 70 lakh crore rupees in their Banks, if Indian Government officially asks them.

    3) On 22-5-08, this news has already been published in The Times of India and other Newspapers based on Swiss Government's official letter to Indian Government.

    4) But the Indian Government has not sent any official enquiry to Switzerland for details of money which has been sent outside India between 1947 to 2008.. The opposition party is also equally not interested in doing so because most of the amount is owned by politicians and it is every Indian's money.

    5) This money belongs to our country. From these funds we can repay 13 times of our country's foreign debt. The interest alone can take care of the Center s yearly budget. People need not pay any taxes and we can pay Rs. 1 lakh to each of 45 crore poor families.

    6) Let us imagine, if Swiss Bank is holding Rs. 70 lakh Crores, then how much money is lying in other 69 Banks? How much they have deprived the Indian people? Just think, if the Account holder dies, the bank becomes the owner of the funds in his account.

    7) Are these people totally ignorant about the philosophy of Karma? What will this ill-gotten wealth do to them and their families when they own/use such money, generated out of corruption and exploitation?

    8) Indian people have read and have known about these facts. But the helpless people have neither time nor inclination to do anything in the matter. This is like "a new freedom struggle" and we will have to fight this.

    9) This money is the result of our sweat and blood.. The wealth generated and earned after putting in lots of mental and physical efforts by Indian people must be brought back to our country.

    Will the Indian economy improve if the money is brought back?

    It will do phenomenally. India will be in the top five league if all the Indian Black money in Swiss Bank is brought back. It will change the Indian Economic scenario.Swiss black money can take India to the top.

  2. #2
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    Default Black Money in Swiss Bank

    This is so shocking…….I wish black money deposits in Swiss Bank was an Olympics event….India would have won a gold medal hands down. The second Top Russia has four times lesser Black Money deposit in Swiss Bank. America is not even there in the counting in top five !! India has more money in Swiss bank than all the other countries combined.

    Recently, due to Wold pressure, Swiss govternment agreed to disclose the names of the account holders in Swiss BANKS only if the respective governments formally asked for it. Government of India is not asking for the details.

    no marks for guessing why ????

    We Proud Indians need to start a movement to pressurize the government of India to do so !! this is perhaps the only way, and a golden opportunity, to expose the Corrupt Politicians and weed out corruption in India !

    Is India poor, who says?

    DISHONEST Businessmen , Shameless politicians and corrupt bureaucrats have deposited Indian Black money in swiss bank in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them.

    Indian Black money in swiss bank is about 13 times larger than the country’s foreign debt.With this amount 45 crore poor people can get rupees one lakh each. This huge amount of black money has been appropriated from the people of India by exploiting and betraying them.

    Once this huge amount of black money and property comes back to India , the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably.

    Indian Black money in Swiss banks — Swiss Banking Association report, 2006 details bank deposits in the territory of Switzerland by nationals of following countries:

    Top five

    1. India—- $1,456 billion
    2. Russia —$ 470 billion
    3. UK ——-$390 billion
    4. Ukraine - $100 billion
    5. China —–$ 96 billion


    Now the question is Can India bring back the black money? It is one of the biggest loots witnessed by mankind — the loot of the common man since Independence, by his brethren occupying public office. It has been orchestrated by politicians, bureaucrats and some Industrialists.The list is almost all-encompassing. No wonder, everyone in India loots with impunity and without any fear.

    What is even more shocking and depressing is that this ill-gotten wealth of ours has been stashed away abroad into secret bank accounts located in some of the world’s best known tax havens. And to that extent the Indian economy has been stripped of its wealth.

    What is to be noted here is that most of the Black Money parked in these tax havens is illegitimate money acquired through corrupt means.

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    Default Indian Black money in Swiss Bank

    Indian black money in Swiss Bank or the undisclosed property has not just accumulated in one year but has been going on accumulating in their accounts of Swiss bank for many years. The main reason for this Black money accumulating in the Swiss banks are because of our corrupt Indian bureaucrats and Politicians of India and some of the selfish Industrialists and shameless citizens of India. It is very hard to trust the government of India acting in a responsible manner to bring back the Indian black money in Swiss bank to India as most of their close and dear ones are involved in this black money trade or Hawala Karobar.

    Now the question is what can we Proud Indians do to bring back the Indian Black money in India? You might have read in the News papers or iin Media as well have heard that after the 2008 global economic crisis which started in america and engulfed whole of the world, the America have pressurized the government of swizerland to disclose the identity of the American's bank accounts held in Swiss Banks. And Switzerland was forced to do so because of huge diplomatic pressure on American Government. Thinking of such steps being taken by the government of India is very hard to even think. Not only India but every country should try to develop and work on common issue to pressurize the Switzerland government to disclose the details of their Bank accounts in swiss Bank.

    It has been unofficially found that the biggest share of black money in swiss bank is of corrupt citizens of India. This issue of bringing back the Indian black money in swiss bank do also came up as a point of debate in the 2009 general elections of India. But after the general elections except BJP and BABA RAMDEV no one ever talked about it. When asked Indian government is telling that we are trying to know the Swiss account holders details diplomatically but nothing seems to be working in reality.

    Recently i saw in the newspaper that the Switzerland bank is thinking to go for Universal Withholding tax to be levied on the foreign swiss accounts. It seems to be a good steps because at least the Swiss Bank Association is ready to disclose something. But still they are not in a mood to disclose the ID of the Swiss account holders. This Universal Withholding tax plans if comes in the ground reality then it will be a big diplomatic win for the nations who has been looted by the so called Black Money.

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    Default Indian Black Money hidden in these tax havens!

    The Supreme Court of India has stated that stashing black money in foreign banks amounts to 'national plunder' and supreme court has asked the government of India to give it all the information it has on Indians who have siphoned-off their black money to tax havens.

    India is one of the world's largest exporters of Black money with an outflow of $104 billion between 2000 and 2008, according to Global Financial Integrity (GFI).

    The world's much sought after tax havens are

    Luxembourg

    A tax haven, Luxembourg has been included in 'grey list' of nations with questionable banking arrangements by the G20.
    There is no tax on bank interest, investment dividends, or capital gains for non-residents.

    Many people form part of trusts created just to evade taxes.

    Cook Islands

    The Cook Islands are in the South Pacific Ocean, north-east of New Zealand, between French Polynesia and American Samoa. There is no capital gains tax or tax on income here.

    Aruba

    Tourism is the mainstay of Aruba, an island of the Lesser Antilles in the southern Caribbean Sea along with offshore banking and oil refining and storage.

    Dominica

    It is an island between the Caribbean Sea and the North Atlantic Ocean, about half way between Puerto Rico and Trinidad and Tobago.

    Cayman Islands

    The Cayman Islands (Grand Cayman, Cayman Brac, Little Cayman) in the Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica, are a thriving offshore financial centre. The island has no direct taxation regulation.

    More than 68,000 companies were registered in the Cayman Islands as of 2003, including almost 500 banks, 800 insurers, and 5,000 mutual funds.

    The Bahamas

    The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. There is no personal income tax, capital gains tax, and inheritance tax here.

    Channel Islands

    In the Channel Islands, no tax is paid by corporations or individuals on foreign income and gains.

    Real estate-based investment trusts are attracted to Channel Island for the low tax rates.

    Guernsey-Jersey

    Non-residents are not taxed on local income. Local taxation is at a fixed rate of 20 per cent in Jersey, Guernsey, & Alderney and nil in Sark.

    Bermuda

    Bermuda does not levy income tax on foreign earnings, and allows foreign companies to incorporate there under an 'exempt' status.
    Businesses are allowed a total exemption from income and capital gains taxes.

    Anguilla

    Anguilla has few natural resources, and the economy depends on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants.

    Dubai

    No tax is levied on your income in Dubai. There is no tax on income from a property if you rent it out for profit.

    There are no tax audits and no information shared with government agencies. However, it might not be a very safe place for hoarders of illicit wealth to park their funds as Dubai has double taxation avoidance treaties with many nations, including India, making it possible for it to disclose sensitive information.

    British Virgin Islands

    British Virgin Islands have low incorporation and trust maintenance fees.

    Antigua and Barbuda

    Investment banking and financial services also make up an important part of twin-island nation lying between the Caribbean Sea and the Atlantic Ocean. Banking majors like Bank of America, Barclays, Royal Bank of Canada, and Scotia Bank have subsidiaries in Antogua.

    Switzerland

    Switzerland offers a safe haven for those seeking anonymity and protection on bank accounts. The high level confidentiality attracts the richest from all over the world to save huge funds in the country.

    Switzerland does not apply capital gains taxes, except for professional equity and real estate traders. Switzerland passed its banking secrecy laws in 1934 during a worldwide depression and under the threat of espionage by France and Nazi Germany.

    Swiss cantons levy a small wealth tax of maximum 1 per cent of your net assets. It levies a withholding tax on all interest earned in the personal Swiss accounts of European Union residents.

    Cyprus

    Known as one of the most attractive tax havens in Europe, Cyprus's taxation practices are widely appreciated across the country. It levies a low corporate tax of 10 per cent, has no capital gains tax, no withholding tax on offshore companies.

    Mauritius

    Mauritius has been used as a gateway to send foreign investments into India taking advantage of loopholes in the bilateral agreement on double taxation between the two countries. Mauritius ranks first among all countries in FDI inflows to India.

    No tax is levied on capital gains in the country.

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    Default Black Money in Swiss Bank

    Switzerland ready to share tax information with India : Swiss official


    Dismissing the perception that Switzerland is a tax haven, a senior Switzerland government official today expressed hope that the revised tax avoidance treaty with India will be ratified during the year, following which Switzerland authorities would provide administrative assistance to India to deal with cases of tax evasion.

    "We have recently signed an agreement with India, which is now in the Parliament in order to get rectified.

    And then, we will concretely take steps against tax evasion and as soon as this agreement is enforced... both sides can also grant administrative assistance (to deal with ) tax evasion," Switzerland Federal Department of Finance State Secretary Miachael Ambuhl said in an interview to private news channel NDTV.

    India and Switzerland in August last year signed a revised Double Tax avoidance Agreement (DTAA) that will enable exchange of information on tax evaders, considered a must for getting details on unaccounted funds stashed away by Indians in Swiss banks. The agreement, however, is yet to be ratified by the Switzerland Parliament .

    "This perception is wrong. Switzerland is not a tax haven...Switzerland has not given tax refuge to people who want to hide their money,"
    Ambuhl said, adding the agreement hopefully will be ratified this year.

    "We want to have confidentiality for the bank clients but we don't want to protect them from paying taxes. There is no such thing that in Switzerland you can avoid paying your taxes," he added.

    He further said that if India authorities would get the information, provided they are able to produce evidence of tax evasion.

    "If Indian authorities can show that there is evidence that people have evaded there money, then the answer is 'yes'. If Indian authorities can give evidence that for the person X or Y, there is evidence that they have evaded their taxes in Switzerland, we will grant administrative assistance",
    he added.

    On whether the treaty would bring about substantial change, Ambuhl said, "It will not change everything. We have already got a good legal basis to grant judicial and administrative assistance, but as soon as this commences in force, then it will become even better."

    htt p:// economictimes.indiatimes. com/news/politics/nation/switzerland-to-share-tax-information-with-indiaswiss-official/articleshow/7383861.cms

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    I don't think the government of India and Shameless Indian politicians are serious about the issue of bringing back the Indian black money stashed abroad in overseas banks by the Indians.

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    Default Black Money Drama

    We ,so called proud to be indian citizen are discussing the issue of stashing of crores of rupees in swiss account.Have we ever thought what is the driving force that has led to this situation ?You can block the every possible way to grab the black money but the scoundrel will always form a new way out of that.Stashing black money is not just an illegal way to cheat the common people,but it also shows how lower is our ethics,moral and compassion for other human being .Millions of people are starved to death and you are increasing your counting number.So a a call of conscience can only change the mentality of stashers to not only disclose their account but also make sure that the money is used for the development of nation and for the upliftment of human race.

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    it is sad that loads of our money is lying into the accounts of dirty people who have illegally stashed money into swiss bank. all that money if distributed to every indian, no one would be poor. there are people who are dying of hunger and these dirty people are stashing so much money which cannot be used for themselves in their present life

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    Default Indian Government has a new plan to bring back the black money

    Pay 45% tax
    Convert Black money into white


    This 2011 Budget, Finance Minister - Pranab Mukherjee may announce a scheme as a last and final call for all tax evaders who have deposited black money in Indian or foreign banks, to come clean after paying income tax plus a penalty, collectively amounting to 45 per cent.

    The Central Board of Direct Taxes has worked out an immunity — not amnesty — scheme where people can voluntarily disclose their hidden earnings without being prosecuted.

    However, there would be “no respite from tax compliance”. “Tax would be levied at normal structure wherein the real tax rate comes to about 23 per cent, and there would be a 100 per cent penalty on it,” said government officials.

    “The public perception is that Indian black money stashed abroad should be brought back. This would be the easiest way as taking legal recourse for confiscation is a litigious and time-consuming route,” said the officials.

    source : ht tp:// www. indianexpress. com/news/govt-has-a-new-plan-pay-45-tax-move-your-black-to-white/751615/


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    this is something better i guess.. atleast some part of the money would come back.. but this is not actually the right way.. mr mukherjee has shown leniency because most of them are politicians. they should be actually prosecuted and charged with being corrupt. sources of such huge amounts of money should be tracked and way of earning those huge money also should be brought out and guilty should be punished

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    If such rules come out, then everyone would get indulged into making black money and start paying 45% taxes. Should we appreciate this kind of move from such a finance minister? Why shouldn't the guilty be apprehended unto law? In my view the source of black money should be traced out and such processes involving generation of black money be stopped.

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    A hell lot of money is there in Swiss bank. People who possess high profile including ministers, politicians, actors, actresses and other high profile socialites money is there is Swiss bank and this is one of the main reasons why people are not paying any heed to take that money out or declare it as a national asset. If they do so then all their money will be handover to the government of india and then it will be questioned to use use that money in the proper way.

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