Hello All, Elections are up. We again stable for next 5 more years under UPA Govt. At this juncture I would like to quote one issue we all need to review. Ofcourse this was quoted in some manifestos for namesake. Black Money in Swiss Bank, Switzerland. Yeah, we heard NDA raised some voice in this issue as they will get it back if they come to power. In Obama Governance, Swiss Bank is pressurized by federeal prosecutors, could get details of black money in their accounts. UBS, the largest banking institution from Switzerland, has also committed to provide names of the top 250 persons who have kept money in offshore accounts, out of 19,000, to US authorities. UBS has also committed to pay a fine of $780 million to settle claims that it has defrauded US Internal Revenue Service. Black money in Swiss banks -- Swiss Banking Association report, 2006 details bank deposits in the territory of Switzerland by nationals of following countries: Top five India---- $1456 billion Russia---$ 470 billion UK-------$390 billion Ukraine- $100 billion China-----$ 96 billion India is leading the chart. It can be said that Black Money of all countries is even less than the black money by Indians in Swiss Banks. India is developing country for past 60 years. But with such figures should we say is not developed due to financial crisis? We can repay all our international debts and invest for country prosperity. It is not impossible to get all the amount back to India. Swiss Bank officials themselves quoted if requested they will give details of accounts of its holders. But our govt didn't make move in this aspect inspite of swiss bank co-operation. There are even dozens of such banks across globe. But there is an other angle for the same issue - Economics. Trillions of dollars if recovered from Swiss Bank will have impact on our economic conditions - GDP, prosperity factors and other measurements. It will grossly increase our income. We can do the same with our Reserve bank. We can release trillions of rupees from reserve bank and repay all our debts and invest in our development projects. Instead of lengthy procedures of recovering money from such foreign banks we can do that all by our selves [ reserve Bank releasing additional funds]. But this will result inflation resulting in further loss of value of rupee. That is the very reason we could not act in such direction in global market. In same way we could get back all the black-money from Swiss bank accounts. This will result in inflation and further loss of rupee value. US Govt could achieve with out much issues because they do not experience inflation [as global market is based on USD]. But if we leave that money in such banks, money is being for destructive purposes across the globe for terrorism and other negative factors. All our money will be in wrong hands. Our money will be indirectly invested for national, global destruction. here we need to deal with some trivial issues: 1.So what will be the solution for this Black Market? 2. Can we recover our money with economic issues like inflation by gradual release of funds recovered? 3. How to avoid misuse of such black money for global destruction and affect our balance? 4. Most importantly, how is all these black money is transferred and piled up in such banks? 5. Is there possibility to strict such illegal piling of black money in foreign banks? 6. how should our govt act in this critical situation? I request one and all to make their comments and suggestions in this issue. Hope we could find a solution for critical issue. Look forward all your response. Thanks and Regards, JAIHIND L.Navya Sree |
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