Showing posts with label Swiss Banking Association report. Show all posts
Showing posts with label Swiss Banking Association report. Show all posts

Swiss Banking Association report, 2006

Revelation on Swiss Bank Accounts

India has more money in Swiss banks than all the other countries combined!!!!This is so shocking . . . . . wish black money deposits was an Olympicsevent . . . .. .The second best Russia has 4 times lesser deposit. US is not even there inthe counting in top five !!

Recently, due to international pressure, Swiss govt. agreed to disclose thenames 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 pressurize the Indian govt. to do so !! This is perhaps the only way, and a golden opportunity, to expose the highand mighty and weed out corruption !!Is India poor, who says? Ask Swiss banks With personal accunt deposit bankof $1500 billion in foreign reserve which have been misappropriated, anamount 13 times larger than the country's foreign debt, one needs torethink if India is a poor country?.

DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, IPSofficers have deposited in foreign banks in their illegal personal accountsa sum of about $ 1500 billion, which have been misappropriated by them.This amount is about 13 times larger than the country's foreign debt. Withthis amount 45 crore poor people can get Rs 1,00,000 each.

This huge amount has been appropriated from the people of India byexploiting and betraying them.Once this huge amount of black money & property comes back to India , theentire foreign debt can be repaid in 24 hours. After paying the entireforeign debt, we will have surplus amount, almost 12 times larger than theforeign debt. If this surplus amount is invested in earning interest, theamount of interest will be more than the annual budget of the Centralgovernment. So even if all the taxes are abolished, then also the Centralgovernment will be able to maintain the country very comfortably..

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

They must be travelling there for some other reason,' believes an officialinvolved in tracking illegal money. And, clearly, he isn't referring to thecommerce ministry bureaucrats who've been flitting in and out of Genevaever since the World Trade Organisation (WTO) negotiations went into atailspin!Just read the following details and note how these dishonestindustrialists, scandalous politicians, corrupt officers, cricketers, filmactors, illegal sex trade and protected wildlife operators, to name just afew, sucked this country's wealth and prosperity. This may be the pictureof deposits in Swiss banks only. What about other international banks?

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

Top Five countries:
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 moneyin Swiss banks than rest of the world combined.

Public loot since 1947: Can we bring back our money? It is one of thebiggest loots witnessed by mankind -- the loot of the Aam Aadmi (commonman) 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 lootswith impunity and without any fear. What is even more depressing in thatthis ill-gotten wealth of ours has been stashed away abroad into secretbank accounts located in some of the world's best known tax havens. And tothat extent the Indian economy has been stripped of its wealth.

Ordinary Indians may not be exactly aware of how such secret accountsoperate and what are the rules and regulations that go on to govern suchtax havens. However, one may well be aware of 'Swiss bank accounts,' theshorthand for murky dealings, secrecy and of course pilferage fromdeveloping countries into rich developed ones.
In fact, some finance experts and economists believe taxhavens to be aconspiracy of the western world against the poor countries. By allowing theproliferation of tax havens in the twentieth century, the western worldexplicitly encourages the movement of scarce capital from the developingcountries to the rich.

In March 2005, the Tax Justice Network (TJN) published a research findingdemonstrating that $11...5 trillion of personal wealth was held offshore byrich individuals across the globe. The findings estimated that a largeproportion of this wealth was managed from some 70 taxes 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 atleast $5 trillion have been shifted out of poorer countries to the Westsince the mid-1970..It is further estimated by experts that 1 % of the world's population holdsmore than 57 % of total global wealth, routing it invariably through thesetax havens. How much of this is from India is anybody's guess. What is tobe noted here is that most of the wealth of Indians parked in these taxhavens is illegitimate money acquired through corrupt means.

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