Is Black Money Menace Under Control? India Slips To 88th Position In Money Parked With Swiss Banks

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India has got the position of 88th in the list with 676 million Swiss francs or CHF (about Rs. 4500 Cr) money parked by the citizens of India with Swiss banks. In the previous year of 2015, India was placed at 75th position while in the year 2014, India had occupied a position of 61st.Before 2007, India used to be in the list of the top 50 countries as far as money in the Swiss banks is concerned. The year 2004 was exceptional when India was closest to the top of the list when it was ranked on the position of 37th.

It is believed that the Indians have allegedly held a mammoth amount of illegal or black money in Swiss banks which they have transferred in past to other places when there was a global suppression began on the banking secrecy practices in Switzerland.

The Swiss National Bank (SNB) had compiled a data in the December month of the year 2016, according to which as per the figures, the money which is officially parked by the Indians in the Swiss bank accounts only contributes to a nominal share of 0.04%as compared to the share of 0.08% in 2015 of the total funds kept by all the foreign clients in the Swiss banks. This data comes from the Zurich based SNB. A rather new framework has been established for the automatic exchange of the worthwhile information like black money related data is shared between the two countries. The Swiss authorities disclose only the official figures which as per them are ‘liabilities’ or ‘amounts due’ to their clients. These figures, however, do not clarify the magnitude of the alleged black money which is parked by the Indians in the Swiss bank accounts. Also, these official figures as confirmed by the SNB does not include the money that is held by the Indians, NRIs or other people who have an account in Swiss banks in the names of entities from different countries.

The business news states that the amount of total money that the foreign clients have held in the Swiss banks has increased nominally from 1.41 trillion CHF to 1.42 trillion CHF.The number one position in relation to the money parked with swiss banks is held by the citizens of United Kingdom. UK has accounted about 359Bn. CHF which means a whopping share of 25%alone of the total foreign money with Swiss banks. The United States has closely followed the league with CHF 177 bn. or around 14%share of the total foreign money.Others countries that hold the top ten positions include West Indies, France, Bahamas, Germany, Guernsey, Jersey, Hong Kong and Luxembourg with a single digit number shares.

The legal news confirms that the total money that belongs to the developed countries is around CHF 824 bn. Whereas the developing nations account for CHF 208 Mn.

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