$1.4 trillion Indian ‘black’ money in Swiss banks
* Amount more than deposits of rest of world combined
By Iftikhar Gilani
NEW DELHI: A 2006 report of the Swiss Banking Association dug out by an Indian private channel, CNN-IBN, claims Indians are the biggest depositors of black money in banks located in Switzerland.
Top five countries
in terms of such
India: $1456 billion
Russia: $470 billion
UK: $390 billion
Ukraine: $100 billion
China: $96 billion
India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world combined. This must be unaccounted money earned in India by wrong means as otherwise any Indian wanting to open a bank account abroad has to take permission of the Reserve Bank of India and records do not show any such permissions granted for deposits in Switzerland.
In March 2005, the Tax Justice Network (TJN) published a research finding demonstrating that $11.5 trillion of personal wealth was held offshore by rich individuals across the globe.
The findings estimated that a large proportion of this wealth was managed from some 70 tax havens.