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  #1  
Old September 1st, 2009, 12:02 PM
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Exclamation 70, 00,000 Crore Rupees in Swiss Bank

Please read this first and then the related news story below.

Quote:

70, 00,000 Crore Rupees in Swiss Bank

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 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 Center’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.

10) As a service to our motherland and you contribution to this struggle,
please circulate at least 10 copies of this note amongst your friends and
relatives and convert it into a mass movement.
From Times Of India
Quote:
Govt will talk to Swiss banks on disclosing details: Pranab
AGENCIES 24 August 2009, 03:14pm IST

NEW DELHI: Finance minister Pranab Mukherjee on Monday said the government will look into the rejection by Swiss banks to hand over details of their Indian clients.

Speaking to newsmen before entering his North Block office Mukherjee said, "What can I comment? I will look into the matter and discuss the Swiss banks’ rejection to disclose details with authorities in banking sector."

This reaction from the finance minister comes after Swiss banks declined India's request to unearth its black money parked in their banks. India has also been told not to come on 'fishing expeditions'.

Swiss bank authorities rejected India's request to disclose details of clients, saying Swiss law and the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention do not permit fishing expeditions.

The Swiss authorities added that they would not co-operate in the indiscriminate trawling through bank accounts in the hope of finding something interesting.

"This means that India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here," a top Swiss bankers’ association official said.

According to sources the Swiss bank-client confidentiality has never been 100 percent absolute and Swiss legislators have built in provisions for it to be lifted during criminal investigations and also in many civil cases and it has also evolved over time.

"The key for the exchange of information in tax matters is the Double Taxation Agreement between Switzerland and India," said SBA's Head of International Communications James Nason.

Double Taxation Agreements are being currently revised to incorporate the OECD standard on the exchange of information in tax matters according to the OECD's own Model Tax Convention.

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Old September 1st, 2009, 12:12 PM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

I recall Advani raised the issue in a big news conference just before general elections this year.
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Old September 1st, 2009, 12:39 PM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

Nothing will come of it as every politician who has been in power at some point will have his name in the swiss bank accounts.
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Old September 1st, 2009, 08:01 PM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

Some days ago there was a report on TV saying that Indians had an estimated $1500bn in tax havens, and led the world in this regard, followed by Russians (~$700bn), US (~$450bn), Brazil etc..

Hell, this was one good election issue that BJP had, but fcuked it as usual, warmed to it very late in the day and didn't capitalize on it enough.

Can't they do something about it when in Opposition? It is an issue that they can keep warm for years, if they play it right, and collect the credit for any action taken in this regard, while blaming the Govt. for goof-ups (like submitting forged documents, throwing the telephone directory at the Swiss authorities etc.).

If the Govt. is serious about this issue, I am sure they can do a lot more about this.
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Old September 1st, 2009, 08:41 PM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

Quote:
Originally Posted by raniraja View Post
Some days ago there was a report on TV saying that Indians had an estimated $1500bn in tax havens, and led the world in this regard, followed by Russians (~$700bn), US (~$450bn), Brazil etc..

Hell, this was one good election issue that BJP had, but fcuked it as usual, warmed to it very late in the day and didn't capitalize on it enough.

Can't they do something about it when in Opposition? It is an issue that they can keep warm for years, if they play it right, and collect the credit for any action taken in this regard, while blaming the Govt. for goof-ups (like submitting forged documents, throwing the telephone directory at the Swiss authorities etc.).

If the Govt. is serious about this issue, I am sure they can do a lot more about this.

BJP had raised the issue, but just a few weeks before the elections. BJP has lost its spirit. They could not capitalize the Mumbai terror attacks too.

I am sure that nothing will come out of this. At most, a couple of politicians will be made scape goats and the swiss accounts of others will continue.
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Old September 1st, 2009, 08:52 PM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

Quote:
Originally Posted by echarcha View Post

I am sure that nothing will come out of this. At most, a couple of politicians will be made scape goats and the swiss accounts of others will continue.
I don't think any politicians will be caught, they will probably find someone unknown so far (like that Hassan fellow) and declare him the underground kingpin.. Hey this will be like the Mafia/D company thing, some underlings will be caught to show successes and pat the Govt. on its back, but the fat cats will always roam free. They can perhaps buy any investigator..

I have a feeling that a large chunk of the money from the various stimulus packages (?Rs.80,000 Cr) will also somehow find its way outside the country.. The recession has fuelled huge amounts of government funding across the world. We know what happens with government funds, maybe 10 paisa out of every rupee is utilised for the purpose it was meant to..

Depressing...
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Old September 1st, 2009, 09:00 PM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

No not 10 paisa oout of every rupee... Its more like 10 paisa out of every 100 rupees.
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Old September 5th, 2009, 06:16 AM
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Arrow Re: 70, 00,000 Crore Rupees in Swiss Bank

really some concrete steps should be taken to bring the black money back. But unfortunately in our country too there would be billions of black money
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Old September 5th, 2009, 07:59 AM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

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Originally Posted by deshbhakt View Post
really some concrete steps should be taken to bring the black money back. But unfortunately in our country too there would be billions of black money
Kuch nahi hoga.
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Old September 5th, 2009, 07:11 PM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

And some still claim that we are not a banana republic
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Old September 6th, 2009, 11:09 AM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

How would German govt know how much is India's money in Swiss account....shouldn't Swiss govt be saying that??
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Old September 10th, 2009, 09:55 AM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

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Originally Posted by dhurandhar View Post
How would German govt know how much is India's money in Swiss account....shouldn't Swiss govt be saying that??

Swiss govt. will not say a word about this until they decide to close down their Swiss banks. The only thing they provide is confidentiality to all their clients with black money. Releasing that type of info will be violation of code of conduct and can be sued for some insane amount.

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Old September 13th, 2009, 08:23 AM
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Re: 70, 00,000 Crore Rupees in Swiss Bank

What I was trying to say is that the information posted by Cha is suspect...here's what Swiss govt has to say

This goes on to prove that TOIlet paper is as usual, unreliable

http://timesofindia.indiatimes.com/n...ow/5005874.cms
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