India Richest says Swiss Bank

Is India poor? Says who? Ask Swiss banks with personal account deposits of US$ 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.

If black money deposits was an Olympics event, India would have won a gold medal hands down. The second best Russia has 4 times lesser in deposits. 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, the Swiss Government agreed to disclose the names of the account holders only if the respective countries’ Governments formally asked for a list. The Indian Government is not asking for the details. No marks for guessing why!

Dishonest Industrialists, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited their funds in foreign banks in their illegal personal accounts - a sum of about US$ 1500 billion.

Like stated above 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, even then the Central government will be able to maintain the country very comfortably.

2006 details bank deposits in the territory of Switzerland by nationals of following countries: Top five:

• India - US$1,456 billion
• Russia US$ 470 billion
• UK - US$390 billion
• Ukraine - US$100 billion
• China - US$ 96 billion

Simple math - India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world combined. Public loot since 1947.

Some 80,000 Indians travel to Switzerland every year, of which 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 Organization (WTO) negotiations went into a tailspin!

The following details describe 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?

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 Capitalisms
Achilles Heel: Dirty Money and How to Renew the Free Market System estimates that at least US$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 worlds 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 it.