Indian Black Money

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  • Topic: Bank, Lok Sabha, Swiss franc
  • Pages : 1 (294 words )
  • Download(s) : 504
  • Published : June 4, 2012
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Black money was one of the major issues debated during the 15th Lok Sabha elections. Indian black money is deposited in foreign countries mainly in Switzerland Swiss Bank) and in the UK. What has made this old styled issue a major one during the election, and what are the estimates of the quantum of black money from India parked in the tax havens across the world?Recently, due to international pressure, the Swiss Government agreed to disclose the names of the account holder only if the respective Governments formally asked for it. According to Swiss banking Association report, 2006 details of bank deposits in the territory of Switzerland by nationals of following countries are as below. The top five countries are India $1456 billion, Russia $470 billion, UK $390 billion, Ukraine @100 billion, China $96 billion.India with $1456 billion or $1.4 trillion has more money is Swiss Banks than rest of the world combined, suggests public loot since 1947. this figure is only of the Swiss Bank, obviously amount will be more once other countries’ account will be added. Even the amount of $1456 billion is about 13 times larger than the country’s foreign debt. With this amount 45 crore poor people can get Rs. 100000 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 in India, the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, the country will still 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.
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