India has more money in Swiss banks than all other countries combined

[Gossipmonger]

India has more money in Swiss banks than all other countries combined. Russia comes second with four times lesser deposits. US doesn't feature in the top five. If the money stashed in foreign banks is brought back, an estimate says, the country's roughly 45 crore poor can get Rs 100,000 each.

If this money comes back, India can repay its entire foreign debt. If this surplus is invested, interest from it will be more than our annual budget. 80,000 people travel to Switzerland every year, of them 25,000 travel very frequently.

SHOCK STATS

India lost $462bn in illicit flows from 1948 to 2008 India's black economy estimated at 50% of India's GDP, or about $640bn (end-2008 figures). Total value of illicit funds abroad represents about 62% of the size of India's underground economy.

Global financial integrity report

Most used Black money channels:

Under invoicing/ over invoicing of exports and imports, getting the balance stashed abroad Kickbacks from major defence/civilian contracts & not bringing in the earnings made in foreign lands In the olden days smuggling of gold and illegal money Transactions done abroad, not reported here Transactions through hawala funds Funds earned by artists/ entertainers/sportspersons stashed abroad.

Source: Estimates & research papers available in the public domain.

India has more money in Swiss banks than all other countries combined - The Economic Times

 

[ashokdeiva]

Its pathetic for our nation not to take any action against these miscreants. The problem is that the money deposited will mostly be by the people in power and the people who were in power.
I am happy at least now, people have started voicing their grievances and anger as people like Anna Hazare show us the path to redemption.

To my knowledge if i have to put the party names that are the most corrupt as per ranking than it would be like
1) Congress (60% of the nations assets are corrupted by this party alone) National Party
2) DMK - Tamil Nadu
3) RJD - Bihar
4) SP - UP
5) BSP - UP
6) BJP - National Party
7) AIADMK - Tamil Nadu
8) CPI M & CPI

 

[luckyyy]

India has more currupt people than all other countries combined..

 

[Galaxy]

This is the biggest problem we have currently. The Amount is 20-30 Time 1 year Defence Budget or 4-5 Time of Pakistan GDP. All Corrupt politicians should be hanged till death.

I Hope, this agitation, Hunger strike will help GOI to take certain step so that it can come back to India and will help in big way for our economy.

 

[Gentle Typhoon]

If the money stashed in foreign banks is brought back, an estimate says, the country's roughly 45 crore poor can get Rs 100,000 each.

45 crore poor = 9 crore families ie. Rs 5 Lakh (10 Lakh Pakistani Rupees) for each family. Thats a very large amount, enough to start own small business.

 

[ChinaToday]

this is guess work only, any proof on the figure in swiss account?

 

[pulsar220]

this is guess work only, any proof on the figure in swiss account?

Duh... If there was proof of it, it wouldnt be called black money!

 

[blood]

$1.4 Trillion India’s Black Money Stashed in Swiss Banks
By iretire editor on 6 June, 172 Comments


According to the data provided by the Swiss bank, India has more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in swiss banks, followed by Russia $470 Billion, UK $390 Billion, Ukraine $100 Billion and China with $96 Billion.

It’s embarrassing for any country to top the list of black money holders. The money which belongs to the nation and it’s citizens, is stashed in the illegal personal accounts of corrupt politicians, IRS, IPS officers and industrialists. An amount which is 13 times larger than the nations foreign debt. Every year this amount is increasing at a rapid speed but the Indian government seem to be silent over this matter from a very long time. The total black money accounts for 40% of GDP of India, if all the money comes back to India then that could result in huge growth burst for India.



A nation where more than 450 million live below the poverty line, which means they make less than $1.25/day and could probably use an easy cash advances from somebody. By bringing back the black money back to the country there is so much which can be done for the development of the nation and the people who live below poverty line. India will also be able to clear all their foreign debts in 24Hrs. Even if all the taxes are abolished, the government can maintain the country easily for 30 years.

It’s been found that about 80 thousand people travel to Switzerland every year of whom around 25 thousand travel frequently. Those travelling on regular basis must be doing it for some reason.

The Indian government needs to take some serious steps to get the money back to India which is stashed in Swiss banks. They should work to find out the names of account holders in Swiss banks and also pressurize Swiss bank to get the black money back to the country. This has also become a matter of pride of nation and if the government still keeps silence about this issue then they will only be making themselves a laughing stock for the entire world.


and the congress say's it is doing enough on black money.with so much money in swiss account's our economy is growing at 8% , where would we be if all this money comes back

 

[Abingdonboy]

I thought the point in Swiss accounts was they were kept confidential and anonymous how is this exact figure generated and then allowed to be published? It seems to me to be politically founded. However if it is true it is an utter joke- it is no good is the very top of GOVT are cleaner than White if all below them are doing such things. No doubt, if all this money was invested in Indian economy it would be a huge boost but I just can't see it happening- firstly those who own these accounts are in power or exercise enough power on the GOVT so there would be little political will to do so, secondly I can't see how the money could be retrieved- Switzerland is a sovereign country where Indian law doesn't apply and how could you differentiate between illegal money in Indian accounts and clean money in Indian accounts that has been generated legally?

 

[luckyyy]

GOI should introduce a VDS ( volunenrty disclosure sceam )

 

[Galaxy]

GOI should introduce a VDS ( volunenrty disclosure sceam )

I heard it will come soon. Don't know when. Ya, It should come

 

[Evil Flare]

India has more currupt people than all other countries combined..

But top 3 positions are reserved for us

 

[Tripathy]

What about Advani's estimated 1500 billion???

 

[3rdCoy/9thKar Bn]

We have the worlds richest and the worlds poorest...

 

[nForce]

Imagine what can be done if the perpetrators are brought to justice and the black money brought back to India.