If they have names, then they need to make these names public.
They need to make these people who have huge deposits in Swiss banks answerable to the public. Since many people are public figures, the embarrassment factor is huge.
Black money in Switzerland and other tax havens
- Thread starter LETHALFORCE
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They need to make these people who have huge deposits in Swiss banks answerable to the public. Since many people are public figures, the embarrassment factor is huge.
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I'm not sure why they are not making it public. May be they are negotiating with account holders for their bribes
LETHALFORCE
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they need to keep names confidential and allow money to come back without penalty only a small govt fee 3-5% and make it more welcoming to bring the money back without humiliating anyone it would be a benefit for the nation.
Blademaster
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Fat chance of that happening. I strongly suspect that some of the names atop of the list are MPs, politicians and members of the "esteemed" Gandhi family.
jaganpjames
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can some one put some proof.. authentic link ? for the trillon stashed away??
this was an election gimmick by Advani.. which didnt took off... because aam aadmi had better sence than the politicians ...
There are a lot of myths about Swiss bank accounts. That is the main reason why Swiss banks often play a role in movies. This movies also contribute their part to keep the myth alive. Therefore most things people think they know about Swiss banks are more fiction than reality.
As for Indian money deposited in Swiss accounts—estimates vary between $500 billion and $1,400 billion—a spokesperson for the Swiss Bankers Association, James Nason, says it sounds outrageous. "These allegations are pure fantasy; the person who invented them is highly irresponsible," he says. According to Swiss National Bank statistics, foreign private clients account for only 671 billion Swiss francs ($585 billion) of the total managed assets worth 3,822 billion francs
this was an election gimmick by Advani.. which didnt took off... because aam aadmi had better sence than the politicians ...
There are a lot of myths about Swiss bank accounts. That is the main reason why Swiss banks often play a role in movies. This movies also contribute their part to keep the myth alive. Therefore most things people think they know about Swiss banks are more fiction than reality.
As for Indian money deposited in Swiss accounts—estimates vary between $500 billion and $1,400 billion—a spokesperson for the Swiss Bankers Association, James Nason, says it sounds outrageous. "These allegations are pure fantasy; the person who invented them is highly irresponsible," he says. According to Swiss National Bank statistics, foreign private clients account for only 671 billion Swiss francs ($585 billion) of the total managed assets worth 3,822 billion francs
LETHALFORCE
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US, Swiss Cement Deal On Secret UBS Bank Accounts
US, Swiss Cement Deal On Secret UBS Bank Accounts
MIAMI — The Swiss and U.S. governments announced a deal Wednesday to settle American demands for the identities of suspected tax dodgers, despite Switzerland's vaunted bank secrecy. But they kept all details under wraps, including how many of the 52,000 names sought by the IRS from banking giant UBS AG will be revealed.
Depending on the scale of the deal, it could be a new blow to Switzerland's reputation as a safe place to hide assets from the tax man back home.
Switzerland has long been under pressure from European neighbors and the U.S. to open its bank records for foreign tax authorities. The IRS case against UBS has been partly credited with pushing the Swiss government to agree in March to comply with tax investigation rules from the 30-nation Organization for Economic Cooperation and Development. UBS earlier this year named about 300 American clients in a separate case.
William Sharp, a Florida tax lawyer who represents American UBS clients, said he expects the agreement to allow Swiss authorities to interpret bank secrecy laws more broadly and allow a "substantial handover" of names.
"I would guess that the U.S. would not enter into this agreement in the absence of a major fine and penalty without having at least several hundred if not thousands of names turned over," Sharp said.
The IRS in February asked U.S. District Judge Alan S. Gold in Miami to force Zurich-based UBS to turn over names of some 52,000 American clients believed to be hiding nearly $15 billion in assets in secret accounts. UBS and the Swiss government had resisted, arguing that to do so would violate Swiss banking confidentiality laws that date back centuries.
The Swiss and U.S. governments announced in late July they had agreed in principle on major issues but released no details. They had hoped to present a final deal at a hearing Aug. 7, but resolving the differences took longer.
On Wednesday, lawyers for the U.S. and UBS told the judge in a brief conference call they had sealed the deal.
Story continues below
"The parties have initialed agreements. It will take a little time for the agreements to be signed in final form," Justice Department lawyer Stuart Gibson told the judge.
IRS Commissioner Doug Shulman said the deal "protects the United States government's interests." Shulman's two-sentence statement added only that more details will be released when the Swiss government signs the agreement as early as next week.
UBS and the Swiss government also welcomed the news and said no terms would be disclosed until it is signed. Swiss Justice Minister Eveline Widmer-Schlumpf said the agreement "is in the interests of both states."
The Swiss government got involved in the negotiations because the case goes to the heart of the country's legally enshrined banking secrecy.
Swiss banks hold an estimated $2 trillion of foreign money, and financial services add about 12 percent of GDP to the national economy. According to the Boston Consulting Group, those holdings amount to one-fourth of the world's foreign-owned assets.
Raymond Baker, director of Global Financial Integrity, an organization that works to end illegal international money transfers and improve transparency, has been following the case closely. He said the deal may waive bank secrecy for some but not all clients and that it is too soon to guess how many names might be revealed.
"It will be curious to see whether in the UBS settlement there were other negotiations that might have effects on other banks," Baker said, saying it was possible other Swiss banks might be required to disclose more information.
The U.S. and Switzerland in January agreed to increase the amount of tax information they share to help crack down on tax evasion. The details of that agreement, which have also not been revealed, could have an effect on what banks have to disclose.
UBS paid a $780 million penalty earlier this year and turned over names of about 300 American clients in a deferred prosecution agreement with the Justice Department. In that case, UBS admitted helping U.S. citizens evade taxes, which experts say is not a violation of Swiss bank secrecy laws.
So far, three UBS customers whose names were divulged under the prior agreement have pleaded guilty to tax charges in federal court. Hundreds of others holders of secret accounts at UBS and other Swiss banks have voluntarily come forward to the IRS under an amnesty program that requires payment of taxes and penalties but generally does not include the threat of prison.
That amnesty program ends Sept. 23.
News of the agreement has had an immediate effect at tax lawyer Sharp's office: "Our phone has been ringing off the hook since this morning. Clients recognize that voluntary disclosure is the only way to avoid the risk of being turned over," he said.
New York-listed shares in UBS were trading nearly 4 percent higher at $15.25.
US, Swiss Cement Deal On Secret UBS Bank Accounts
MIAMI — The Swiss and U.S. governments announced a deal Wednesday to settle American demands for the identities of suspected tax dodgers, despite Switzerland's vaunted bank secrecy. But they kept all details under wraps, including how many of the 52,000 names sought by the IRS from banking giant UBS AG will be revealed.
Depending on the scale of the deal, it could be a new blow to Switzerland's reputation as a safe place to hide assets from the tax man back home.
Switzerland has long been under pressure from European neighbors and the U.S. to open its bank records for foreign tax authorities. The IRS case against UBS has been partly credited with pushing the Swiss government to agree in March to comply with tax investigation rules from the 30-nation Organization for Economic Cooperation and Development. UBS earlier this year named about 300 American clients in a separate case.
William Sharp, a Florida tax lawyer who represents American UBS clients, said he expects the agreement to allow Swiss authorities to interpret bank secrecy laws more broadly and allow a "substantial handover" of names.
"I would guess that the U.S. would not enter into this agreement in the absence of a major fine and penalty without having at least several hundred if not thousands of names turned over," Sharp said.
The IRS in February asked U.S. District Judge Alan S. Gold in Miami to force Zurich-based UBS to turn over names of some 52,000 American clients believed to be hiding nearly $15 billion in assets in secret accounts. UBS and the Swiss government had resisted, arguing that to do so would violate Swiss banking confidentiality laws that date back centuries.
The Swiss and U.S. governments announced in late July they had agreed in principle on major issues but released no details. They had hoped to present a final deal at a hearing Aug. 7, but resolving the differences took longer.
On Wednesday, lawyers for the U.S. and UBS told the judge in a brief conference call they had sealed the deal.
Story continues below
"The parties have initialed agreements. It will take a little time for the agreements to be signed in final form," Justice Department lawyer Stuart Gibson told the judge.
IRS Commissioner Doug Shulman said the deal "protects the United States government's interests." Shulman's two-sentence statement added only that more details will be released when the Swiss government signs the agreement as early as next week.
UBS and the Swiss government also welcomed the news and said no terms would be disclosed until it is signed. Swiss Justice Minister Eveline Widmer-Schlumpf said the agreement "is in the interests of both states."
The Swiss government got involved in the negotiations because the case goes to the heart of the country's legally enshrined banking secrecy.
Swiss banks hold an estimated $2 trillion of foreign money, and financial services add about 12 percent of GDP to the national economy. According to the Boston Consulting Group, those holdings amount to one-fourth of the world's foreign-owned assets.
Raymond Baker, director of Global Financial Integrity, an organization that works to end illegal international money transfers and improve transparency, has been following the case closely. He said the deal may waive bank secrecy for some but not all clients and that it is too soon to guess how many names might be revealed.
"It will be curious to see whether in the UBS settlement there were other negotiations that might have effects on other banks," Baker said, saying it was possible other Swiss banks might be required to disclose more information.
The U.S. and Switzerland in January agreed to increase the amount of tax information they share to help crack down on tax evasion. The details of that agreement, which have also not been revealed, could have an effect on what banks have to disclose.
UBS paid a $780 million penalty earlier this year and turned over names of about 300 American clients in a deferred prosecution agreement with the Justice Department. In that case, UBS admitted helping U.S. citizens evade taxes, which experts say is not a violation of Swiss bank secrecy laws.
So far, three UBS customers whose names were divulged under the prior agreement have pleaded guilty to tax charges in federal court. Hundreds of others holders of secret accounts at UBS and other Swiss banks have voluntarily come forward to the IRS under an amnesty program that requires payment of taxes and penalties but generally does not include the threat of prison.
That amnesty program ends Sept. 23.
News of the agreement has had an immediate effect at tax lawyer Sharp's office: "Our phone has been ringing off the hook since this morning. Clients recognize that voluntary disclosure is the only way to avoid the risk of being turned over," he said.
New York-listed shares in UBS were trading nearly 4 percent higher at $15.25.
LETHALFORCE
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$1.4 trillion Indian Money in Swiss Bank - Asia Finest Discussion Forum
$1.4 trillion Indian Money in Swiss Bank, Is India poor? Ask Swiss bank
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 travelling 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---- $1456 billion
Russia---$ 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.
1) 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) German Government has officially written to Indian Government that they (German Government) 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 German Government's official letter to Indian Government.
4) But the Indian Government has not sent any official enquiry to Germany 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 Centre'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.
This is Hot Topic in elections right now & BJP wants to bring the money back
Go to the top of the page
+
$1.4 trillion Indian Money in Swiss Bank, Is India poor? Ask Swiss bank
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 travelling 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---- $1456 billion
Russia---$ 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.
1) 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) German Government has officially written to Indian Government that they (German Government) 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 German Government's official letter to Indian Government.
4) But the Indian Government has not sent any official enquiry to Germany 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 Centre'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.
This is Hot Topic in elections right now & BJP wants to bring the money back
Go to the top of the page
+
jaganpjames
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check the report of swiss banking association... its available on their site.. and see for yourself..
i am not saying there is no black money at tax havens.. but not at the levels of the amount being said.
i am not saying there is no black money at tax havens.. but not at the levels of the amount being said.
LETHALFORCE
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swiss will not give true numbers; especially now that USA has been able to break their secrecy laws. Big clients may already be looking for another place to move their money??
jaganpjames
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@lethalforce
Its estimated that there is around 20 -25million NRI and there estimated wealth is around or more than trillion $ .. and since you are in US, i believe you know what is the standard for considering as an NRI by the India Government, (any one who resides outside of India for 180 days in a yr and holds the indian passport). Taxing of this class of people was not there till last year as long as they maintain the NRI status
There was no incentives for these people to get the money back to india as the returns are very low in india.
what i want to say is .. dont portray that every $ in swiss bank is black money. it can also be of professionals .. who doesnt see any good in bringing the money back to India.
The difference in the case of USA is they tax their citizens, from where ever they get the income no matter what .. but for india, the rules are different in terms of taxation.
IRS was quoting, these people have been avoiding the legal framework of their country and hiding the money from tax, and they are criminals as per the US law. so UBS has to give the details, otherwise they will also be included as partners in crime.
Since you taken the above message from some blog(inclined to or supporting advani), .. again.. .Dont get blinded by what politicians say, but make your own study.
Its estimated that there is around 20 -25million NRI and there estimated wealth is around or more than trillion $ .. and since you are in US, i believe you know what is the standard for considering as an NRI by the India Government, (any one who resides outside of India for 180 days in a yr and holds the indian passport). Taxing of this class of people was not there till last year as long as they maintain the NRI status
There was no incentives for these people to get the money back to india as the returns are very low in india.
what i want to say is .. dont portray that every $ in swiss bank is black money. it can also be of professionals .. who doesnt see any good in bringing the money back to India.
The difference in the case of USA is they tax their citizens, from where ever they get the income no matter what .. but for india, the rules are different in terms of taxation.
IRS was quoting, these people have been avoiding the legal framework of their country and hiding the money from tax, and they are criminals as per the US law. so UBS has to give the details, otherwise they will also be included as partners in crime.
Since you taken the above message from some blog(inclined to or supporting advani), .. again.. .Dont get blinded by what politicians say, but make your own study.
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JaganPjames,
Go through the interview of Arun Shourie on Devil's advocate. They were talking about estimates of the money that must have stashed in swiss-banks by Indians. They were pointing at having some names from the swiss-banks through the German government. But the list has not been made public for unknown reasons.
Go through the interview of Arun Shourie on Devil's advocate. They were talking about estimates of the money that must have stashed in swiss-banks by Indians. They were pointing at having some names from the swiss-banks through the German government. But the list has not been made public for unknown reasons.
jaganpjames
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;-) ...
since you quoted the 2006 report of swiss banking association, i was asking you to check the report for yourself and make your own judgement. there is no refernce of india or wealth in terms of countries kept in swiss banks...
some smart kid wrote his figment of imagination, some news paper picked it up.. and then more people started looking at it.. and then politicians picked it.. there you are.. finding of the century. all indian money is stashed away in swiss banks .. thought people in the forum are sane enough .. not to just believe what ever politicans say, but to take it with a pinch..
"USA break the swiss bank secrecy laws" .. good for a heading.. but its there in UBS terms of agreement, if any credible evidence are provided, that the people are breaking the law, then they have to discolse the details, its this point on there terms of agreement which they were trying to avoid, saying privacy of the account holder cant be compromised.
LETHALFORCE
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Jaganpjames I agree with you, this is why it would be beneficial for the government to make it welcoming for people to bring money back instead to revealing their identities and humiliating them publicly. Simple keep it confidential and punishment free and government gets 3-5% duty, everyone is happy and the country benefits as a whole.
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The point should not be lost in arguing about the actual numbers of black money stashed in swiss-banks. Even if it is 200 billion dollars, sincere efforts should be made by GoI to get back that money. 200 billion dollars is still not a small amount by any means.
jaganpjames
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@daredevil
you dont get it still right ?? it was an election gimmick.. and the bjp themselves shoot the foot .. they couldnt comeout with any thing credible .. no proof, no numbers, no names .. just like some speculator saying about the stock price on sensex ..
you dont get it still right ?? it was an election gimmick.. and the bjp themselves shoot the foot .. they couldnt comeout with any thing credible .. no proof, no numbers, no names .. just like some speculator saying about the stock price on sensex ..
jaganpjames
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can you tell me on what pretext can we get that money?? what are we going to ask the swiss banks? these money kept are black in color, so it need to be given to the government. You are not joking right?
the extreme case is, the account is freezed, and the govt of swiss gets it.
appologies on the pun in my reply.. but my question is there anyway to get the money back? even US is only asking for the tax to be paid by the people who have kept the money in swiss bank
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You have not read the interview I have posted. Here is what Karan Thapar said
So, for 5 years the figure is around 120 billion dollars, you can imagine how much might have been stashed in preceding years, even if we go by very conservative estimates of 10 billion per year, the total should come around 300 billion dollars (for 20 yrs + from 2002-2006).
Swiss-bank doesn't give names/numbers of its account holders to any country. How do you expect a Political party to get them. It might be a election gimmick, who cares, there is black money out there and GoI should make efforts to bring it back. period.
LETHALFORCE
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jagan the easiest way to get it back would be to make it voluntary, Swiss cannot freeze any accounts while there is an account owner if accounts are not active for i believe 10 years they are frozen but that does not mean they get to keep the money until all efforts are exhausted to find the account owners or the beneficiaries and i believe it goes thru a legal process???
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GoI already has some names of Indian Swiss-bank account holders which it got from german govt. The german govt. got the names of a huge number of swiss-bank accounts from an employee of the swiss-bank, illegally.
Swiss govt. will accept any request from any govt. if they give details of the account holder and how he/she stashed the black money. It is for GoI to go through those names and find out from those guys why they stashed money in swiss-banks and what was the source. Once the ball is set in motion, things will fall into place and GoI can force those persons to get back the money or face prison. Difficult but still possible.
jaganpjames
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see.. we can keep on debating about how much Indian black money is in tax havens..
i agree there is black money stashed in swiss banks.. but what option do the GOI has to get it?
if the black money is kept in India, then GOI can get it.. if illegal money is any other country, the country in which it held/found is entitled to keep it.
i agree there is black money stashed in swiss banks.. but what option do the GOI has to get it?
if the black money is kept in India, then GOI can get it.. if illegal money is any other country, the country in which it held/found is entitled to keep it.
