Sunday, July 17, 2011

Swiss Central Bank:Indian holders over USD 2bn

Swiss Central Bank has put estimates the total liabilities of Swiss banks towards Indian holders at about USD 2.5 billion in 2010 , against projections of about USD 1.5 trillion by experts,political parties,NGO's. 
Media reports, to the data provided by the Swiss bank, India has more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in swiss banks, followed by Russia $470 Billion, UK $390 Billion, Ukraine $100 Billion and China with $96 Billion. http://www.iretireearly.com/1-4-trillion-indias-black-money-stashed-in-swiss-banks.html

"The Swiss National Bank  only say that liabilities of Swiss banks towards Indian holders according to our annual statistics... were Swiss francs 1.945 billion [USD 2.5 billion] in 2010," Walter Meier, the spokesperson for the Swiss National Bank President, told PTI. He said the liabilities of the Swiss banks towards Indian holders were Swiss francs 1.965 billion (USD 2.7 billion) in 2009 and Swiss francs 2.4 billion (about USD 3 billion) in 2008.

  Aftermath of the financial crisis of West after the the collapse of the Lehman Bank in the United States in 2008, Swiss private banks, UBS,  suffered huge losses. A substantial withdrawals of funds from Swiss banks.Many legal cases against banks, UBS, for parking funds by wealthy US citizens tax evasion, plus infuriating  international pressure from the Paris-based OECD (Organization for Economic Cooperation and Development) along with G-20, financial regulation forced the Swiss government to considerably relax their secrecy
  confidentiality provisions of numbered accounts. Swiss government thus gradually relaxed its banking secrecy laws.

EU,chapter, Organization for Economic Cooperation and Development’s (OECD) in its report,has  listed "uncooperative" countries such as Switzerland, Luxembourg, Austria and Liechtenstein, to the G-20, thus a panic reaction.OECD formulated a set of strong rules and standards to curb banking secrecy laws in the offshore tax havens that include the Isle of Man, Hong Kong, and Singapore along with Switzerland, Liechtenstein Monaco, Austria and Andorra.Reported, Indian companies and private holders have moved funds from Switzerland to Singapore following the financial crisis in 2008.Trends suggest that Switzerland continues to attract funds on a huge scale, its banks are now in robust health even as other industrialized countries are drowned in unprecedented fiscal crises."The strengthening of the Swiss frank against all major currencies over the last one year is a clear sign that funds are coming back to the Swiss banks," said an Indian banker in Geneva, anonymously.Walter Meir said, Swiss government is holding negotiations with the governments on the proposal of having a "withholding tax" on assets held by foreign entities in Swiss banks, suggesting that he doesn’t have any information about India looking at a similar arrangement.

India  opened  window for money laundering in late 90s in Mauritius and  is actively used now for carrying out illegal money transactions,there are 9000 international corporations and financial institutions including Swiss Private banks registered in Mauritius  are doing business in India and investing in Indian stock /commodities markets. Mauritius  becomes the defacto route for FDI and FII money flow in and out of India,Reports NGO-would not take much time to get the banks in India to provide the reports of all the cash inflows and outflows from and to to all these tax havens including Mauritius in the past 10 years in matter of weeks this can be done - these reports are also filed with RBI
Tax heavens, Swiss, Cayman, BVI, Guyana, Jersey and a host of other countries over 70 tax heavens not just tax treaties also extradition treaties with governments who are known to encourage asylum like US /EU/ Canada /UK.

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