Do you know that according to Swiss External Affairs Ministry, only 9000 Crore rs. is held by Indians in Swiss Banks. This is much less than 9 Lakh Crore Rs claimed by Indian Political parties and Media. We bring you more important facts about Indian Black Money in Swiss banks.
Now India can get access to the black money holders in the Swiss bank by 2019. After lots of international pressure and efforts, the country has finally agreed to share details of the account holders in Swiss banks. The main issue with these banks is that they have client confidentiality agreement signed. That means nobody in the world will come to know about the cash information or personal details of the account holders. We are enlisting 10 facts about Indian Black Money in Swiss Banks.
Top 10 Facts About Indian Black Money In Swiss Banks
1. It is surprising to note that according to Swiss National Bank, more than Rs 9,000 crore or 2 billion in the Swiss Banks are held by Indian accounts by the year 2012. This figure was confirmed by The Swiss Ministry of External Affairs. Globally, however, the total amounts stashed in the Swiss banks are Rs 90 lakh crore.
2. From the total of more than 2 billion, the deposits were made by individuals from Indian entities. The remaining 70 million Swiss francs were collected through wealth managers.
3. In the years 2001 to 2008, the amount of black money leaving India was more than $100 billion, which is a very high number. Among the developing nations, India is ranked at eighth position. According to a report by Global Financial Integrity, the illicit funds are more than $1 billion.
4. The Global Financial Integrity also has seen the total outflow from India of black money, at $232 billion. From 1947 to 2010 the illicit assets and black money come to around more than $400 billion, which is a staggering amount of money for a less developed country.
5. Only close to 20% of Indian Black Money are in the country whereas the remaining 80% are stashed abroad and other nations.
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6. India was ranked 94 out of 176 countries in the year 2012, by the Transparency International’s Corruption Perceptions Index along with countries like Colombia, Djibouti, Benin, Moldova, Mongolia, Greece, and Senegal.
7. More than 50% of Indians have paid bribes in public offices to have their tasks performed. It was at more than 60% in the year 2005.
8. In the survey which was conducted in the year 2012, they were able to detect Rs 8000 crore in undisclosed income. It was Rs 6000 crore a few years earlier.
9. The largest sector which holds the highest amount of illicit money is the real estate industry. Most of their transactions are not reported. Moreover, it contributes close to 11% to the GDP to the treasury.
10. In order to get Black Money stashed in Switzerland, The banks must share the details of its account holders who are having accounts in their banks. More than 50 countries have signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.