Would you believe that starving, begging India is by far the highest
depositor of Swiss Banks that keep secretly the
monies made of corruption That explains how Trillions of dollars
have been siphoned off Indian economy and secretly tucked away in
Swiss Banks.
Here is the detailed re****t.
Black Money In Swiss Bank ~ Swiss Banking Association re****t 2006
by Naman Sood on Apr 15, 2008 01:44 PM
Deposits in Banks located in the territory of Switzerland by
nationals of following countries
Top 5
======
India---- $1456 billion
Russia----- $470 billion
UK-------- $390 billion
Ukraine $100 billion
China------ $96 billion
Now do the math India with $1456 billion or $1.4 trillion has more
money in Swiss banks than rest of the world COMBINED. Public loot
since 1947: Let us bring back our money
M R Venkatesh | April 15, 2008 | 09:34 IST
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 striped 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
offs
hore by rich individuals across the globe. The findings estimated that
a large pro****tion 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 ****fted out of poorer countries to the West since
the mid-1970s. 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.
Javed Iqbal Kaleem
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