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Old 5th November 2009, 23:08   #1
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Default Indian Wealth in Swiss Bank

Dear BHPians

I am reproducing ad verbatim a mass circulated email message about money stashed away in Swiss Bank accounts. The content is rather disturbing.

Here is an eye-opening revelation

Latest update after Swiss Bank has agreed to disclose the funds.

Our Indians' Money - 70,00,000 Crores Rupees In Swiss Bank

1) Yes, 70 lakh 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) Swiss Government has officially written to Indian Government that they 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 Swiss Government's official letter to Indian Government.

4) But the Indian Government has not sent any official enquiry to Switzerland 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 Centers 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.

10) As a service to our motherland and your contribution to this struggle, please circulate this note amongst your friends and relatives and convert it into a mass movement.
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Old 6th November 2009, 00:31   #2
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I don't think the Indian government is ever going to take up this issue with the swiss. All politicians be it in Congress,BJP or the left, have millions stashed away in swiss accounts. Why would they want to create trouble for themselves.
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Old 6th November 2009, 00:41   #3
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First of all, since this is a mail sent to so many people, I doubt the figures. I've also got this mail lots of times.

One thing to keep in mind is that we are dealing with Swiss banks here. Just because India goes up to it and asks them to reveal the bank accounts and names, they will not do it.

Indian govt tried it recently. They got snubbed. The Swiss told them not to fish for names and details. They asked the Indian govt to give proof and complete details of the bank accounts and then they will think about giving access to the Indian government.

The Swiss have dealt with the US, UK, Germany, etc.... All of them wanting their money back. They havent given in(except once recently to the US and that too after more than a decade of arguments, debates and some proof from the Americans) till now. You think they will oblige the Indians?

I also highly doubt this fact.

1) Yes, 70 lakh 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.

I dont believe this. Sure, we have our Birlas and Tatas who have been rich for many decades, but other countries have had their rich dynasties(Kennedys for example) as well.

We should try to get back our money. That's for sure. But we cant expect the Swiss to hand it over without a fight. We need to furnish proof and lots of evidence and then we might have a chance.

Also, as harishnair said, no government is actually going to do so much work because all political parties have skeletons in their closets. Frankly, I believe the Nehru-Gandhi family has a LOT of money in the Swiss banks.
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Old 6th November 2009, 11:58   #4
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Well even if the figures mentioned are not genuine, be rest assured that by the time the Govt. decides to take action, the crores/billions would move from those banks and would have changed hands a million times around, if they already haven't.

Remember by the time stuff gets published in the papers or elsewhere its already old news!!
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Old 6th November 2009, 13:02   #5
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My two pennies worth :

1. No political party will ever be interested in bringing the money back.
2. No administration in India will devise a transparent and iron clad process for this ( reason same as in #1)
3. As more and more Indians reach middle class living standards, their attitudes will evolve and they will become more vigilant about adherence to good norms of ethical behaviour ( because it is in their interest)
4. #3 will propel the media to become more demanding of accountability of the government and its organs ( witness the outcry on the corrupt practices of the CJ of the Karnataka HC in the media nowadays)

Finally, education and upward mobility will make Indians less paranoid about financial security for themselves and their offspring alone; they will start thinking of the rest of us as well. This is a long trek, but this is the surest way to dispel aberrant and corrupt behaviour of the Kodas of this world.

A century or more of relative affluence has ensured that corruption levels are a lot lower in Scandinavian countries, in Western Europe and in the US-Canada ( in general).

P.S. : Remember, although we have our more than fair share of corrupt individuals, we also have our Baba Amtes whom we look upto with hope and admiration. The message of such noble people will surely outshine the darkness of the Kodas...
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Old 6th November 2009, 13:37   #6
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This is not likely at all.
Swiss banks are world renowned for their policy of silence - this is why most really rich people & other people with sources of highly illegal income use banks in either Switzerland, Liechtenstein or Luxembourg to stash the money away.
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Old 6th November 2009, 18:33   #7
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Ask not what Swiss banks can do for you, ask how you can open accounts in Swiss banks!
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Old 7th November 2009, 00:39   #8
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Easy way for a poor little country to become rich - ask other people to keep money in their country.

They call it "Swiss Chocolate". Indians like to use the term even more (to show off, ro to be proud, proud of what?). Why not just stop buying their chocolate.

They dont even have land to cultivate cocoa, the cocoa comes from Africa and South America. Duh!.

Some countries have threatened to stop doing business with Swiss, unless they stop this practice. India/Indians should also do so.
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