India ranked 55th in terms of funds belonging to overseas clients in Swiss Bank

India ranked 55th in terms of funds belonging to overseas clients in Swiss Bank

By : Akash Singh (Sufi)

What is Swiss Bank? Why it’s in news? Several questions haunting your mind, this article will answer all your queries.  In a nut shell, Swiss bank is a drop box for dirty money with the most important feature of banking secrecy laws of Switzerland, Europe.

Diverse class of persons including politicians, business czars, corrupt dictators, and under world have all capitalized on banking secrecy laws.

There is no doubt about Swiss bank account being a best destination to stash untaxed money as account information remains confidential. This gives an opportunity to corrupt people of our country to bank upon- right from our politicians to top industrialists and senior bureaucrats to liquor Traders.

India is one of the world`s most corrupt countries. We have to admit the bitter fact that we are a great nation of corrupt individuals. As per the Swiss Banking Association (Report- 2006), $1,456 billion, a mind boggling amount of money is stashed in Swiss Bank, least is done to get back those funds due to high involvement of our government in corruption.

Some experts say that largest depositors in Swiss Banks are also reported to be Indians and about 500 billion dollars of illegal money belonging to Indians is deposited in tax havens abroad.

Switzerland’s economy stands on two most important pillars- Tourism and Banking. Hence, though European Union is pressurizing Switzerland to scrap the banking secrecy laws but its government is trying hard not to change it as this will lead to loss of profits.

Recently, the US and EU (European Union) lead a campaign against untaxed funds stashed in the Swiss bank account, but Swiss officials are acting deaf to these campaigns.

According to the Switzerland’s central bank -Swiss National Bank (SNB) latest data, the heap of money held by Indians in Swiss banks stood about Rs 11,800 Crore at the end of 2011, increased by about 370 million Swiss francs to 2.025 billion Swiss francs.

Experts say, the amount of money that Indians might have in Swiss banks in the names of others is not included in these official figures.  Approximately the amount can go up by 26 billion dollars, though there is no official estimate for such unaccounted funds. Bahamas and Mauritius are also tax havens other than Swiss Bank, experts added.

India is now ranked 55th in terms of funds belonging to overseas clients in Swiss banks, according to the latest data disclosed by SNB.

Switzerland not only allows earnings of Corruption but also incomes through drug trafficking and terrorism. It also held money for corrupt dictators who misused the hard earned money of people and the natural resources such as oil, gas, gold, diamond, timber and other resources of their country.

Most of the poor countries like Africa, Pakistan and Bangladesh lack better infrastructure and basic needs such as roads, electricity, sanitation facilities, telecommunication, rail transportation, hospitals, schools and colleges due to monster called corruption. The all money meant for the needy people goes to the Swiss accounts of these corrupt politicians and bureaucrats. The money which could have been used for saving millions of needy people from hunger, starvation and diseases has been stashed in the Swiss Bank.

Why Indian Government is spineless:

USA and Singapore fought diplomatically with Swiss Bank and got their money back. But our government is just busy in making false promises to bring back the unaccounted money.

CBI is not working independently, bossed by ruling party.

Indian Government is not signing United Nation Convention Against Corruption (UNCAC) which has been signed by 144 nations.

Swiss Government is ready to divulge the details of Indian bank account holders if Indian Government officially asks them but ruling party and opposition both are not at all interested in any enquiry as there are big political names involved.

Government is not interested in banning 1000 rupee note which is indirectly related to rise in inflation and corruption.

Both the major parties of our country use illicit money during elections.

Lack of proper law or government body to scrutinize NGOs as it is the main source of Black Money in India. NGOs are involved on a large scale in converting black money into white Money.

Pressurizing the government through- Mass Movement is the only option to bring back our money due to high level political nexus of corruption.

In order to fight tax evasion and money laundering, public awareness initiative must be launched extensively for reforms.

There should be revision in Prevention of Corruption Act and stringent laws to tackle fraud in financial auditing of companies. Simplified and transparent processes should be brought in financial dealings.

Illicit money generated out of corruption is nothing but Haram. Hence, we require stringent laws as well as most importantly, a good governance to uproot corruption as it is rightly said if the King is immoral so would be his subjects.