Who Says India is a poor Country - Read the Swiss Bank Report

This is so shocking…….wish black money deposits was an Olympics
event….India would have won a gold medal hands down. The second best
Russia has 4 times lesser deposit. 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, Swiss govt. agreed to
disclose the names of the account holders only if the respective govts
formally asked for it. Indian govt. is not asking for the details…….no
marks for guessingwhy ????

                                   


We need to start a movement to pressurise the govt. to do so !! this

is perhaps the only way, and a golden opportunity, to expose the high
and mighty and weed out corruption !!


Is India poor, who says? Ask Swiss banks With personal account deposit
bank of $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?.

DISHONEST INDUSTRIALISTS, 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 thesedishonest
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—- $1,456 billion
Russia —$ 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.

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 these bank accounts.