Money In Swiss Banks!

[situ1962 21]

The following is a mail forwarded by my brother.I could not resist myself from sharing the info with you all.please spare a little time and read it.

LOOK WHERE OUR MONEY IS GOING????

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.

This huge amount has been appropriated from the people of India by exploiting and betraying them.

Once this huge amount of black money & 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..

Some 80,000 people travel to Switzerland every year, of whom 25,000 travel very frequently. 'Obviously, these people won't be tourists.

They must be travelling there for some other reason,' believes an official involved in tracking illegal money. And, clearly, he isn't referring to the commerce ministry bureaucrats who've been flitting in and out of Geneva ever since the World Trade Organisation (WTO)

negotiations went into a tailspin!

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, ****ed this country's wealth and prosperity. This may

be the picture of deposits in Swiss banks only. 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 :

Top Five

1. India ---- $1,456 billion

2. Russia ---$ 470 billion

3. UK -------$390 billion

4. Ukraine - $100 billion

5. China -----$ 96 billion

Now do the maths - India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world combined.

Public loot since 1947: Can we bring back our money? It is one of the biggest loots witnessed by mankind -- the loot of the Aam Aadmi (common man) since 1947, by his

brethren occupying public office.

It has been orchestrated by politicians, bureaucrats and some businessmen. The list is almost all-encompassing. No wonder, everyone in India loots with impunity and without any fear. What is even more depressing in 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.

Ordinary Indians may not be exactly aware of how such secret accounts operate and what are the rules and regulations that go on to govern such tax havens. However, one may well be aware of 'Swiss bank accounts,' the shorthand for murky dealings, secrecy and of course

pilferage from developing countries into rich developed ones.

In fact, some finance experts and economists believe taxhavens to be a conspiracy of the western world against the poor countries. By allowing the proliferation of tax havens in the twentieth century, the western world explicitly encourages the movement of scarce capital

from the developing countries to the rich.

In March 2005, the Tax Justice Network (TJN) published a research finding demonstrating that $11.5 trillion of personal wealth was held offshore by rich individuals across the globe. The findings estimated that a large proportion of this wealth was managed from some 70 tax

havens. Further,augmenting these studies of TJN, Raymond Baker -- in his widely celebrated book titled 'Capitalism' s Achilles Heel : Dirty Money and How to Renew the Free Market System' -- estimates that at least $5 trillion have been shifted out of poorer countries to the

West since the mid-1970.

It is further estimated by experts that 1 % of the world's population holds more than 57 % of total global wealth, routing it invariably through these tax havens. How much of this is from India is anybody's guess. What is to be noted here is that most of the wealth of Indians

parked in these tax havens is illegitimate money acquired through corrupt means.

Naturally, the secrecy associated with the bank accounts in such places is central to the issue, not their low tax rates as the term 'tax havens' suggests. Remember Bofors and how India could not trace the ultimate beneficiary of those transactions because of the secrecy

associated with these bank accounts?

IS THERE ANY ONE WHO CAN SAVE INDIA?

[Sadikk 301]

wondering how much Mr A Raju is sharing in this

Major chunk is from the politicians or industrialists??

[Mufaddal 678]

major share must be of poiliicians .this is a fact and it was and is been pointed out again and again

Edited January 22, 2009 by mufaddal_km

[Harshal 11]

I seriously doubt the credibility given the quantum it is trying to project. Just too much.

[savramesh 37]

because of these people, rich are becoming richer and poor people are becoming poorer.. now a days poor people cant even imagine to buy a small land..

[santhoshavanoor 7]

because of these people, rich are becoming richer and poor people are becoming poorer.. now a days poor people cant even imagine to buy a small land..

You said it Ramesh....

Before we have a faith on Left parties until 1995. Now they are the most corruptive party. Look at the latest CBI report on Lavlin Case from Kerala.

Nobody is there to stand for poor people even by myself also.

[kshah 452]

These figures are doing round on net since year and they are published in some swiss government Gazzet. .

Business people are just small fractions of all money laundered out of country. I know people belonging to party ruled our country for 50years, have so much of money that we can not imagine... I know custom officer in mumbai, who throw party, worth 15 lakh every month in five star hotel in mumbai and I have attended such party once.

[Harshal 11]

Ouch. That suc*s.

Edited January 23, 2009 by Harshal

[chintan1 6]

Just to reiterate.

http://www.mydigitalfc.com/economy/slowdow...onomy-black-483

pasted from above link.,.

Compared to the rest of the globe which appears on the verge of collapse, the Indian economy is doing pretty well indeed, thanks mainly to the abundance of black money in the country.

At Sony Centre, the Japanese consumer electronics giant’s exclusive products store in one of Delhi’s upmarkets, it’s business as usual or even better. The so- called slowdown seems to have had no impact.

“You want it. You will get it, slowdown or not,” says a store manager. There is no dearth of customers of high-value consumer electronics products such as the 54-inch Sony Bravaria LCD TV that costs Rs 3 lakh.

It’s remarkable how buyers mostly pay in cash -- in wads of currency notes. Cash transactions sustain the black money economy. The parallel economy, last estimated in 1999 at one-fifth of the Indian economy, could, in fact, now be doing a rescue act for the country’s troubled $1-trillion economy. As the economy is slowing down, after three years of 9 per cent plus growth, there are indications that black money is sustaining economic activities. Sectors ranging from real estate to road transport have a huge black money element, and this is what is keeping them going in these “bad” times.

The cash economy is thriving. Evidence: currency holding by people, according to latest Reserve Bank of India (RBI) data, was up Rs 93,610 crore in a year to a whopping Rs 6,18,713 crore as on November 21, 2008. This is the highest ever year-on-year increase in cash holding by the public – over Rs 20,000 crore more than the rise seen in the preceding year.

“This could be an indication that the cash economy is on the rise,” says the chief economic advisor in the finance ministry, Arvind Virmani. He says the government keeps no track of the stock and flow of black money. Black money, by definition, is unaccounted for.

However, it is possible that in times of economic downturns like these, the parallel black economy gets a boost and, in fact, helps absorb some of the shocks.

Despite the reluctance of official India to dwell on the subject, a top RBI official, who did not want to be named, said, “It is a fact that in a difficult situation like this, the cash economy (read black money) thrives in a big way when legal business earns a lower return or loses money.”

He said, “RBI is aware that, since credit market is frozen, cash transactions could take a pre-eminent place in these times of global financial crisis which has also hit the Indian economy.”

RBI has no firm estimates but, according to this official, cash transactions are growing by over 30 per cent and these are keeping both domestic and foreign trade channels brimming with activity. High-value consumer goods, cars, commercial real estate deals and commodity trading have a large cash component. These are sustained by the black economy.

There is no official count of the size and the growth of the parallel economy. The last such study was by the National Institute of Public Finance and Policy (NIPFP) in 1985. It estimated the size of the parallel economy at between Rs 31,500 crore and Rs 36,786 crore in 1983-84. This amounted to about 20 per cent of India’s GDP that year.

The latest estimates of the black economy were made by the Indira Gandhi Institute of Development Research (IGIDR) in its India Development Report 1999-2000. The report put the quantum of black money at Rs 3,54,000 crore in 1999 when India's GDP was Rs 17,70,000 crore. That again was 20 per cent of the GDP.

Economists say policy liberalisation, lower tax rates, easier availability of bank credit and higher transparency in business transactions in recent years have discouraged the growth of the black economy, but there is an impetus for the parallel economy to grow in times of difficulties.

“In sectors such as real estate, the buyer is compelled to transact in black even if the source of his funds is legitimate. This could be on the rise as funding from banks has dried up,” planning commission member Kirit S Parikh, who authored the IGIDR report, said.

The black economy is also expected to get a shot in the arm with general elections due in a few months. Each parliamentary poll generates between $10.19 billion and $11.33 billion of black money, a CMIE (Centre for Monitoring Indian Economy) study in 2006 said. Parikh agrees that there have been little electoral reforms that may suggest that the flow of black money may be ebbing.

More evidence of the black economy doing well for itself and for the normal economy can be seen in the country’s largely unorganised and unaccounted for business of goods transport by road.

The convenor of the Indian Foundation of Transport Research and Training, S P Singh, who keeps a close tab on road transport, says cargo offerings by small and medium enterprises are on the decline, but cargo booking companies still have a roaring high-margin business in carriage of goods on which excise is evaded.

“Small and medium enterprises, in order to stay afloat in the current downturn, are tempted to evade excise on goods they manufacture. The tendency was rampant before the government slashed the cenvat rate on goods by 4 percentage points across the board recently. The excise evasion by manufacturers at the factory gate sets into motion a chain of tax evasions, including that of state levies and income-tax, on the part of other players, including transporters", he says.

The central board of excise and customs (CBEC) has no official comment to make, but it acknowledged heightened concerns over duty evasion when in October it came up with five notifications demanding stricter compliance from tax-payers.

Revenue officials say the 36 per cent fall in income-tax collections and the 15 per cent drop in the excise mop-up in November are only partly on account of the economic slowdown. Tax evasion has come to the fore as a major factor.

The black economy has already been hailed for keeping the white economy safe from home mortgage crises of the kind experienced in the US. Since the “black component” in a home buying transaction is often 50 per cent or more, the deal is grossly undervalued and shown as such. The lender banks always have the assurance of a much higher market value of the mortgaged property.

But as the IGIDR study pointed out the black economy could have other benefits for the normal economy. Even if returns from black investment go unaccounted for in the national accounts, they may trickle down to improve the overall standard of living in the country. If such is the case, the black economy may be a good thing, it said.

(ends)