Swiss bank - Details of black money belonging to india

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Member since: Aug 06
Posts: 1761
Location: Mississauaga

Post ID: #PID Posted on: 07-07-10 08:55:40

Dear friends,

I came across this i posted here........

Latest update after Swiss Bank has agreed to disclose the funds &...

Our Indians' Money - 70, 00,000 Crores Rupees In Swiss Bank

1) Yes, 70 lakhs crores rupees 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.

10) As a service to our motherland and your contribution to this struggle,please circulate at least 10 copies of this note amongst your friends and relatives and convert it into a mass movement.

Member since: Jan 09
Posts: 881

Post ID: #PID Posted on: 07-07-10 10:52:47

Last evening I was at the Hindu temple in Ottawa listening to Baba Ramdev’s speech (he’s on North America tour). He touched this topic also. Its strange that everyone talks about it, but nothing happens. Every party stalwarts and business tycoons have stashed money in Swiss banks. So what? Even if the Indian govt officially asks for the details, then what? Will the Indian janata bring in the changes by defeating those netas? Nah…that wont happen. Democracy is a mockery in our country.

Slightly off the topic, hope Baba Ramdev wont enter politics and start a party. Rajneeti is not for him. If that happens, he will be attracting disgruntled netas from other parties. Then it will all be the same.


Member since: Jan 09
Posts: 407
Location: All over place

Post ID: #PID Posted on: 07-07-10 11:12:07

Originally posted by RBO

10) As a service to our motherland and your contribution to this struggle,please circulate at least 10 copies of this note amongst your friends and relatives and convert it into a mass movement.


Even if the money is there, these guys are capable and have guts to earn it, so they deserve it. If we are fools to elect them then what can they do. Give it a try...try to be a politician..fair or unfair type..batti gul ho jayegi , hawa nikal jayegi..not simple as writing few lines of y2k code or migrating to so called developed countries. Hats off to our politicians (ok Gandhi topi). When you invest in something you expect return. If you want to invest something and not expect return then you are a social worker not a politician/businessman.

oh Just for the records: Neither me or no one from my family is in politics otherwise instead of writing here I would have been showing off that I am eating lunch in some hut or preaching marathi in Sindhi Colony. At the same time millions in Swiss (ok RBC, need to be fair with Canada also) Account.

Member since: Jul 09
Posts: 917

Post ID: #PID Posted on: 07-07-10 12:34:41

New Delhi: Finance Minister Pranab Mukherjee on Tuesday said that New Delhi has initiated a dialogue with Swiss authorities to obtain information on Indian black money stashed away in banks there — an issue that had raised much political heat during the elections with BJP leader L K Advani making it a major poll plank.
Mukherjee, at the same time, said the Government has no plans to bring in a new amnesty scheme for tax evaders, pointing out that in the past there have been complaints that the government was penalising the honest tax payer as in every such scheme the normal rate of tax was reduced. Efforts to amend the Indo-Mauritius tax treaty to curb its abuse, however, are being pursued, he said.
Mukherjee said Swiss banks had until now taken a position that they would not divulge information but as a consequence of global meltdown, there is pressure by OECD countries to bring in more transparency and revision of the Avoidance of Double Taxation Agreements. “I am told that the Swiss authorities have ultimately agreed to enter into negotiations,” he told the Rajya Sabha while claiming that the government is working to revise Double Tax Avoidance Agreements, particularly the secrecy clause, which it has with other countries. “It is an international commitment. Unilaterally, we cannot simply ignore it. If we ignore it, then further sources of information will be dried out. We are, therefore, negotiating with them,” he said.
As far as the new amnesty scheme is concerned, he said, “We are not very enamoured to have another type of disclosure scheme,” adding that the government was in talks with Mauritius to amend the tax treaty to check companies evading paying taxes in both countries. Delhi has also offered to compensate the Mauritius for any loss in revenues because of a change in the treaty.

Is India poor, who says? Ask Swiss banks

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 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.

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 traveling 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, sucked 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
India—- $1,456 billion
Russia —$ 470 billion
UK ——-$390 billion
Ukraine - $100 billion
China —–$ 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 tax havens 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 one per cent of the world’s population holds more than 57 per cent 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 WOULD SAVE INDIA ?God... No No No, even he can’t..........!!

The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi

Member since: Jan 07
Posts: 3252

Post ID: #PID Posted on: 07-07-10 13:15:33

Forget about bringing this billion dollar black money back to India (as if Indian Govt. will spend it on public handsomely and honestly. It's as amusing as to believe there would be skyscrappers in Kabul soon), as is evident from the recent vote in favour of the Swiss Bank's secrecy policies. Here's the link:

So, when they didn't budge for United States, which is World's only power centre, it's a far cry for India. Indian govt. must divert it's attention to the most important matters such as uplifting the poor man's life and education to all than spending tax payer's money on this futile exercise.

Even if Swiss Parliament passes the secrecy vote to allow banks to reveal Indian black money, don't think lives would dramatically be changed in India for a common man. Now, this common man is not a CA or an IT professional making Rs. 1 million/year. The underlined common man is the one who could not send his/her kids to school due to misery, and for whom '2 waqt ki roti' is more important and takes precedence than anything else. Remember, the population of the latter is dominant than the former despite of what the sundry media have us believe. I will be way too much optimistic to ever believe that Indian polititians are honest in their public spendings even if they bring this black money back to India. Trust me, this money will be back in their pockets and shared by all the TiP(Thugs in Power) equally. They will make sure it happens. Thus, an equal distrubution of wealth (Economics is upside down), and then that money will be back in Swiss Bank. Talk about cycle of money-flow.

It is sad and appaling, but true state of affairs in our dear 'Swades'.

Member since: Jan 09
Posts: 881

Post ID: #PID Posted on: 07-07-10 13:38:58

Let's put it simple. If the Swiss banks reveal all the names, then there will be other banks in other coutnries who r ready to replace these banks. Say banks in Cayman islands.

If people start taking their money out of the secret a/c, that will lead t bank failures. When the bank fails, Swiss economy could collapse adding misery to EU. So why invite trouble?


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