INDIA`S BLACK MONEY IN SWISS BANK

This is not so surprising .India is the world`s most corrupt country.Corruption is not new in India.Recently due to international pressure, Swiss government agreed to disclose the names of the account holders only if the respective government formally asked for it.

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—- $1,456 billion
Russia —$ 470 billion
UK  ——-$390 billion
Ukraine – $100 billion
China —–$ 96 billion

India has more money in Swiss bank than all the other countries combined.Second best Russia has 4 times lesser deposit. US is not even there in the counting in top five.

609 people in India having legal property more than Rs- 100 crores (Rs- 10 Million). Indian President one day living cost is Rs-8 crore, living in a place where 350 flats.Oneday Indian Parliament running cost is around 9 crore Rupees.Britishers looted 350 Lakh Crore in 250 years whereas Indian himself looted 330 crore. 70 Lakh crore only deposited in swiss bank. 84000 corrupt people in India.India has around 450 Billion dollar of coal deposit & 170 billion of iron ore deposit,looted by state politicians .According to Indian Government around 1 Lakh place in India where people doing illegal mining.

Dishonest persons, scandalous politicians and corrupt IAS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them. From 2003 to 2010 out of 5,635 IPS officers fifty(50) IPS officers were resigned and joined private company.

This amount is about 13 times larger than the country’s foreign debt. With this amount 45 crore poor people can get Rs 1,00,000 each. This huge amount has been appropriated from the people of India by exploiting and betraying them.

Some 80,000 people travel to Switzerland every year, of whom 25,000 travel very frequently.“Obviously, these people won’t be  tourists.

Why our Indian Government is not asking to swiss Bank? Well the answer is simple , our Government is working under the influence of those politicians & industrialists who have huge deposit in Swiss bank.They cann`t expose their own people.

USA have settled their Swiss bank Account & their top Billionares in their countries paid to their country 50% of their Money which includes Gates & Bloomberg.Italy got 6.4 Billion dollar from swiss Bank,Germany got 5.7 Billion dollar from swiss Bank & France got 1.7 Billion dollar from swiss Bank.

Schweitzer Illustrierte, a Swiss news magazine,published on 19th November 1991, has alleged in an old issue that the Soviet intelligence agency KGB had deposited US $2.2 billion in a Swiss bank account in 1985 in the “minor” account of Rahul Gandhi managed by his mother Sonia Gandhi . Janata Party President Dr Subramanian Swamy, who had secured an order from the Delhi High Court to the CBI to investigate alleged receipt of slush money by late former Prime Minister Rajiv Gandhi’s family, has cited a November 1991 issue of the Swiss magazine in support of his charge.He has further claimed that the payments were authorized by CPSU by a resolution CPSU/CC/No 11228/3 dated 20/12/1985 and the same was also endorsed by the USSR Council of Ministers in Directive No 2633/Rs dated 20/12/1985. He also claimed that these payments had been coming since 1971 as the payments received by Sonia Gandhi’s family “have been audited in CPSU/CC resolution No 11187/22 OP dated 10/12/1984.   Reference:– http://swissprivacy.tripod.com/id8.html

Why Government is not taking action on corrupt peoples ? Why CBI is not independently working? well answer is simple ,Government is taking lots of money in the name of party fund and also taking help from those politicians who are involved in
criminal charges.Whole police in India is working under politicians.  According to RBI(Reserve Bank Of India) Rupees 17,18,826 crore notes print in India between  year 2000-2010. Rupees 10 Lakh Crore money incirculation in India. Generally 2-3 % of  GDP money circulation in other countries. But Indian Government has allowed  four Swiss bank  &  Eight Bank of Italy in India.

Sources says that NGO is also engaged in converting black money into white Money.

swiss bank(ubs) revealed 6000 USA people names . In may 2008 Germany bank revealed 28 people names but government is still hiding their names. Even the Supreme court of India asked for names three times. But Government only make deal with 23 countries of Double Taxation.
                                 USA got his money, France , Italy , countries like Singapore fought and get their money.India has more than 3.5 crore taxpayers. Black Money can be used by terrorists. Probably they are trying to move money to other countries or will invest in real-estate like in dubai or arab countries.After huge pressure from media & civil society Government has joined FATA (Financial Action Task Force) group only to delay issue. 

http://indiatoday.intoday.in/site/Story/126998/LATEST%20HEADLINES/indian-link-to-swiss-money-trail-revealed.html
In the data shared by Ex-Swiss banker Rudolf Elmer, there are at least three companies that go by the name of Annapurna. These accounts have been opened in the New York branch of the Swiss Bank Julius Baer.These accounts are Annapurna Convertible Ltd, account number 420331. Annapurna Leverage Ltd, account number 427039 .Annapurna Convertible USD, account number 431916.Money running into crores of rupees has been stashed away in these accounts.57 million dollars or Rs 259 crore have been stashed away in Annapurna Convertible ltd. 18.6 million dollars or Rs 84 crore are lying in Annapurna Leverage Limited.And10.3 million dollars or Rs 45 crore are hidden away in the account of Annapurna Convertible.Interestingly, the documents list the same company and same person as managing all the Annapurna accounts.Annapurna Convertible, Annapurna Leverage and Annapurna Convertible USD are all managed by Pius Fisch of Fisch Asset Management.The other name to come out was that of Asad Ali Khan and his wife Zahida, who was a co-account holder.   Headlines Today scoured through the records sent to us by Rudolf Elmer and found out how Asad Ali Khan had siphoned off a huge amount of money to the Julius Baer Bank in Cayman Islands.A company in the name of Unicorp Services was incorporated in Cayman Islands.Its registered address is Post Box 1100, Kirk House, Grand Cayman Island, BWI.According to Elmer’s documents, the registration number of the company is 00233755.In the year 1999, Asad Ali Khan and Zahida were present for the dissolution of this company as directors of Unicorp Services in Cayman Islands.Elmer’s data also shows that the account was being managed by J.M.I. Gillani.The official address is: Banque Julius Baer, 2 Boulevard du Theatre, Case Postale, CH 1211, Geneva 11, Switzerland.

Where Black money is being used? Election, Air  travel , Tour, Restaurants, Land, Jewelery.

Who is involved in Black Money? Senior bureaucrats (IAS,IPS officers), Ministers of Export-Import,Comerce, Chief Ministers, Top Industrialists , Horse Trader, Liquor Trader.

4000 kg gold sold in year 2010 in India.
144 nations signed UNCAC (United Nation Convention Against Corruption) but India is not signing because Indian Government is engaged in corruption. UNCAC Opened for signature from 9 December 2003 by the UN General Assembly & last date was  14 December 2005.

Highly placed sources in New Delhi and Mumbai say much of the money held in Swiss banks, and other tax havens like the Bahamas, have been routed into the Indian stock exchanges through Participatory Note (PN) bought in Mauritius through front companies. Since these instruments are not registered to trade in Indian domestic capital markets, the investors’ names remain undisclosed. “The route to take out the money is hawala and to bring it back is Participatory Note ,” says Hemen Kapadia, one of Mumbai’s top stock market analysts. Roughly 50-60 percent of FII investments, aggregating $85 billion till late 2009, were made through the Participatory Note route. And according to Kapadia, this route saw 75 percent traffic in the last few months. A worried market regulator, the Securities and Exchange Board of India (SEBI) is now learnt to have asked several FIIs to furnish details of the Participatory Note issued to their clients, but it has been consistently stonewalled. “They will always win by citing client confidentiality agreements, and I doubt whether SEBI has the necessary legal teeth to probe further,” Kapadia points out.

India`s economic debt—http://www.indiabudget.nic.in/es2009-10/chapt2010/tab84.pdf

FII investment in Indian stocks this year touched a record $18.13 billion ( Rs.82,360 crore), according to the SEBI website. In dollar terms the previous high was in 2007 ($17.65 billion) and in rupee terms in 2009. Stock market analysts say FII investment in rupee terms is lower because of appreciation in the Indian currency against the dollar. The Sensex last year gained over 80 percent — a figure it is likely to surpass this year.

Not taking into account the recently concluded Coal India IPO, the FII bids amounted to Rs. 1.20 lakh crore. Some foreign entities that have placed large bids for Coal India through PNs include Citibank ($1 billion), Merrill Lynch ($2 billion) and Deutsche Bank ($3 billion). The Qualified Institutional Buyer (QIB) quota in the Coal India IPO that was oversubscribed 24 times was primarily due to intense FII interest.

In fact, in 2007, when the then National Security Adviser MK Narayanan had spoken of terror funds routinely penetrating and manipulating the markets, he was hinting at PNs. Earlier, the RBI too had come out with a report expressing concern over the illegal traffic. At that time 89 percent of the funds invested by FIIs had come through the PN route, RBI data showed.According to recent estimates, roughly $200 billion — four times the external debt of Pakistan — is stashed away in Swiss banks and is now being withdrawn.

“A major area of vulnerability for us is the high consolidated public-debt to GDP ratio of over 70 percent … (and) consolidated fiscal deficit,” says the Governor of Reserve Bank of India (RBI), Mr. Yaga Venugopal Reddy.

According to CIA world fact book, the Current account balance of India is MINUS -37,510,000,000 (minus) while China is the wealthiest country in the world with $ 426,100,000,000 (Plus) . India listed as 182 and China as no.1 . Money inflow in India is currently Rs 7,000 crore.

Total number of registered corruption cases was 64,00,000 in 1989 , now in year 2010 is 1,64,00,000 .
Hasan Ali 6 Billion Dollar swiss Bank account—-
http://timesofindia.indiatimes.com/india/Hasan-Alis-6bn-in-Swiss-accounts-missing/articleshow/7365076.cms

Surely it`s time to Ban 1000 rupee note—-
http://www.governancenow.com/news/regular-story/check-corruption-ban-rs-1000-note

Sources say that NGO is the main source of Black Money in India.
http://www.hindustantimes.com/833-NGOs-blacklisted-for-misappropriation-of-funds/H1-Article1-488589.aspx

The GFI report says, “From 1948 through 2008, India lost a total of $213 billion in illicit financial flows (or illegal capital flight). These illicit financial flows were generally the product of corruption, bribery and kickbacks, and criminal activities.” The total of $213 billion is a misleading figure because “the present value of India’s illicit financial flows is at least $462 billion,” the GFI report explains, adding, “This is based on the short-term US Treasury bill rate as a proxy for the rate of return on assets.” The GFI (Global Financial Integrity) report points out that the “total capital flight represents approximately 16.6 percent of India’sGDP as of year-end 2008”; that “illicit financial flows out of India grew at 11.5 per cent per year”; and, that “India lost $16 billion per year between 2002-2006”.The present value of illicit assets held abroad ($462 billion) “accounts for approximately 72 per cent of India’s underground economy — which has been estimated to account for 50 per cent of India’s GDP ($640 billion at the end of 2008)”. Just above a quarter of illicit assets are held domestically.The fact that deposits in tax havens have increased from 36.4 per cent of illicit financial flows in 1995 to 54.2 per cent in 2009 tells its own story.

Well if Swiss Bank cann`t give information to India then why Indian Government is not stopping money that they are coming from outside India. But how can a corrupt system do?

We need to start a movement to pressurize the government to do so !! this is perhaps the only way, and a golden opportunity, to expose the high and mighty and weed out corruption !!

Is India poor, who says? Ask Swiss banks With personal account deposit bank of $1500 billion in foreign reserve which have been misappropriated, an amount 13 times larger than the country’s foreign debt, one needs to rethink if India is a poor  country?.