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  • Category: Miscellaneous

    BJP promised to bring back black money from Swiss banks but 50% deposits increased from India. Why?

    During 2014 elections BJP promised to bring back all the black money of Indian's from Swiss banks with in 100 days and deposit it in the accounts of Indian's. But it never happened till now. But in this year it was found that the black money deposits of India increased by 50%. All these black money deposits of Indian's account to be around 1% only. These Indian's may be big businessman or politicians. During 2016 there is slash down of 45% deposits in Swiss banks but in 2017 increased by 50%. Is it indicates there is accumulation of black money of corrupt people in India? Then what BJP government is doing?
  • #641084
    This subject has been discussed two days back , and since it is hot topic and trending in social media also we are also tempted to discuss again and again. What the government gave the explanation that the so called increase in Swizz bank deposits need not be considered as black money, instead it must be construed as the Investments in that bank as the Indian banks are giving lesser Interest for money deposited , And regarding bringing the black money to the country, the process is on the Swizz authorities already handed over the list of past account holders and it is being brought back to India.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #641087
    Today itself I come to know from a discussion on TV9 from eminent personalities like Prof.Nageswar, professional CA's that the Swiss banks gives 2% interest for deposits unlike in India 6.5% to 7.5%. Black money hoarders only deposit in these banks and have to pay reverse interest to them and they don't reveal details of these accounts. This is the major business of that country what I come to know from that discussion.

  • #641092
    Oh! That Professor Nageswar! Arnab Goswami heckles him everyday. He keeps mum in Arnab's programme. Till date, I have not understood what the Professor wants to convey. But it can be easily understood that he is an unabashed Congress supporter and his stand doesn't have any logic.
    Beware! I question everything and everybody.

  • #641103
    The Interest may be low, but the secrecy of maintaining number two account in Swizz banks is the feature loved and liked by the black money holders and hence save there.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #641116
    Two days before there was a similar thread on the same subject. This might have been posted on that thread as a response. However Editors may do the needful.
    The government told that the money deposited in the Swiss banks this year is not completely black money. However we have to wait for the details. There is a decrease in 2016 by 47%. But there is an increas e by 50% on the deposits of 2016 in the year 2017. This indicates that the deposits are more or less same as that of 2015. If you see the actual figures we. Will understand this fact. But the people conveniently for get this fact.

    always confident

  • #641121
    The explanation of the Government is quite interesting. In 2014, all the money in Swiss Banks was propagated as black money by the BJP. Now in 2018, the same party says it could be white money. So whatever money that was parked during the BJP rule is white and the rest is black.
    " Be Good and Do Good "

  • #641125
    We cannot draw an exact conclusion from the data now available.
    The growth is on year to year percentage. However the absolute amount is much much lower than what it was just a few year ago.
    It is to be admitted that people do not deposit money in Swiss banks for earning interest. The money is parked for various conveniences which are not available in India. The amount of deposit by private individual is only about 3200 crores. I do not have the dat for the previous years to make comparison. But it may also have followed the growth pattern and surely there would have been considerable growth from last year.

    Logically I feel that the black money component may not be of high portion. Why I think so is because, there is definitely a general awareness that the government is taking various measures to unearth black money. There is also awareness that the Swiss banks have agreements with India to exchange such data,there is also awareness that Swiss Banks are no longer the secrecy holders as in early times. Moreover the tax rates in India are much much less than the early years and there are more liberalisations in remitting money or taking money abroad.

    The Swiss bank money of Indians can also be from those NRIs residing in other countries also. If so then we do not have jurisdiction over that. To know that there need more sub data explanations and clarifications.

    I have seen that the exchange rate of Swiss franc with USD or INR has become favourable and slowly rising for the last two years. People would have used this opportunity and would have deposited legitimate accounted money, either remitting from India or transferring it from other countries.

    So just from the fact that the deposits in Swiss Banks have grown we cannot jump to a conclusion that all that is black money and black money has grown. The government and RBI can make a study and come out with more clarifications.

    However it all depends how effective are the governments follow up measures in unearthing and curbing black money. Personally I feel that the steam has been lost after the few months of demonetisation. Even now general public has the stereotype belief that big people can do whatever they want. That lethargy and stereotype has to be removed by the government's sincere and focused action.

  • #641127

    Look at the horrible way in which Mr Nirav Modi and Vijay Mallaya have managed to escape abroad. Look at how the Adani group has grown in the past four years. Sir, the collective debt of the big houses like Reliance, Essar, GVK, and DLF, among several others, is so huge. Yet, there is no action whatsoever to recover these debts running into several hundreds of thousands of crores. Most of these horrible industrialists have announced new projects or get into some businesses only to sell them latter. What will happen to the employees?

    We have different yardsticks to judge the poor and the rich in India. The BJP Government is as bad as the Congress, if not worse. Did they not have any better person than the most corrupted Yedi in Karnataka as the CM candidate? The corruption in the BJP States has not come down. Yes, there is not much corruption among the Union Ministers. However, at the State level, the BJP's record is a big zero.

  • #641160
    There is a news that by coming Jan'10, the Swiss Bank may provide us with the details of such accounts & the deposited amount. Let's wait till than.

  • #641162
    The list of previous account holders with the Swizz were already with the Swizz authorities and the latest ones would also be included as our PM Modi has good relations with Swizz government to share the information.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

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