Indian media reported in 2011 that Swiss bankers said Indians had the largest deposits of illegal foreign money in Swiss banks. However, the Swiss Bankers Association denied making this claim. While some reports estimated $1.4 trillion in black money from India in Swiss banks, the Swiss National Bank estimated total Indian deposits of CHF 1.95 billion (US$ 2.1 billion) in 2010. The Indian government received names of 782 Indians with HSBC accounts but did not release them for privacy reasons. After investigations, the Indian government assessed in 2012 that total Indian deposits in Swiss banks constituted only 0.13% of deposits from all countries, declining from 0.29% in 2006.
Indiaenews - Sept 22, 2008 - Markets close nearly flat as traders grapple wit...Jagannadham Thunuguntla
Markets close nearly flat as traders grapple with data
Lacklustre, directionless trading saw Indian equities markets close nearly flat Monday with marginal
losses as investors took a breather and were still trying to evaluate the avalanche of global cues.
'Although these rates are applicable only to the immediate short term and do not indicate any long
term trends, there are indications that the cost of funding new projects will go up,' said Thunuguntla.
Boloji - Sept 22, 2008 - Markets Close Nearly Flat as Traders Grapple with DataJagannadham Thunuguntla
'Similarly, the US budget deficit has gone up today by exactly $700 billion from $10.615 trillion to
$11.315 trillion which means the bailout of banks will be financed entirely through deficit financing,' he said.
Indi Blitz - Sept 22, 2008 - Markets close nearly flat as traders grapple wit...Jagannadham Thunuguntla
Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market
front,' said Jagannadham Thunuguntla.
Indiaenews - Sept 22, 2008 - Markets close nearly flat as traders grapple wit...Jagannadham Thunuguntla
Markets close nearly flat as traders grapple with data
Lacklustre, directionless trading saw Indian equities markets close nearly flat Monday with marginal
losses as investors took a breather and were still trying to evaluate the avalanche of global cues.
'Although these rates are applicable only to the immediate short term and do not indicate any long
term trends, there are indications that the cost of funding new projects will go up,' said Thunuguntla.
Boloji - Sept 22, 2008 - Markets Close Nearly Flat as Traders Grapple with DataJagannadham Thunuguntla
'Similarly, the US budget deficit has gone up today by exactly $700 billion from $10.615 trillion to
$11.315 trillion which means the bailout of banks will be financed entirely through deficit financing,' he said.
Indi Blitz - Sept 22, 2008 - Markets close nearly flat as traders grapple wit...Jagannadham Thunuguntla
Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market
front,' said Jagannadham Thunuguntla.
Demonetization and its effects
Dr. Abdul Azeez N.P.
Assistant Professor of Economics,
Aligarh Muslim University Malappuram Centre abdulazeeznp@gmail.com
Why are Indians so much hyper about black money abroad when it is a worldwide...D Murali ☆
Why are Indians so much hyper about black money abroad when it is a worldwide phenomenon? - T. N. Pandey - Article published in Business Advisor, dated February 25, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This article is about the 2016 decision to demonetise 500- and 1000-rupee banknotes. It is not to be confused with The High Denomination Bank Notes (Demonetisation) Act, 1978.
Introduction to Banking, Evolution of Banking, History of Banking system, Route map from traditional banking to Modern banking, Modern Banking system and its evolution, Growth of Indian Banking System
INDIA ASSAULTS CASH AGAIN, 100% FINE FOR CASH USE WILL BOOST BITCOIN PRICESteven Rhyner
The Indian {finance|financing|money} {minister|priest|preacher} Arun Jaitley {presented|provided|offered} the Union Budget to the parliament, India's {most important|essential|crucial} {financial|monetary|economic} {event|occasion} {expected|anticipated} with hopes {and|as well as|and also} {worries|concerns|fears}.
Its a common question for all ''How swiss banks works' ? Here is the description about the SWISS BANKING which gives powerful information about all the structures and business. Content includes start up and present scenario about the banking in swiss.
Demonetization and its effects
Dr. Abdul Azeez N.P.
Assistant Professor of Economics,
Aligarh Muslim University Malappuram Centre abdulazeeznp@gmail.com
Why are Indians so much hyper about black money abroad when it is a worldwide...D Murali ☆
Why are Indians so much hyper about black money abroad when it is a worldwide phenomenon? - T. N. Pandey - Article published in Business Advisor, dated February 25, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This article is about the 2016 decision to demonetise 500- and 1000-rupee banknotes. It is not to be confused with The High Denomination Bank Notes (Demonetisation) Act, 1978.
Introduction to Banking, Evolution of Banking, History of Banking system, Route map from traditional banking to Modern banking, Modern Banking system and its evolution, Growth of Indian Banking System
INDIA ASSAULTS CASH AGAIN, 100% FINE FOR CASH USE WILL BOOST BITCOIN PRICESteven Rhyner
The Indian {finance|financing|money} {minister|priest|preacher} Arun Jaitley {presented|provided|offered} the Union Budget to the parliament, India's {most important|essential|crucial} {financial|monetary|economic} {event|occasion} {expected|anticipated} with hopes {and|as well as|and also} {worries|concerns|fears}.
Its a common question for all ''How swiss banks works' ? Here is the description about the SWISS BANKING which gives powerful information about all the structures and business. Content includes start up and present scenario about the banking in swiss.
1. Black money in Swiss banks[edit source | editbeta]
In early 2011, several reports in Indian media alleged Swiss Bankers Association officials to have said
that the largest depositors of illegal foreign money in Switzerland are Indian. [1][7] These allegations were
later denied by Swiss Bankers Association as well as the central bank of Switzerland that tracks total
deposits held in Switzerland by Swiss and non-Swiss citizens, and by wealth managers as fudiciaries of
non-Swiss citizens.[2][8][9]
James Nason of Swiss Bankers Association in an interview about alleged black money from India,
suggests "The (black money) figures were rapidly picked up in the Indian media and in Indian opposition
circles, and circulated as gospel truth. However, this story was a complete fabrication. The Swiss Bankers
Association never said or published such a report. Anyone claiming to have such figures (for India) should
be forced to identify their source and explain the methodology used to produce them." [8][10]
In August 2010, the government revised the Double Taxation Avoidance Agreement to provide means for
investigations of black money in Swiss banks. This revision, expected to become active by January 2012,
will allow the government to make inquiries of Swiss banks in cases where they have specific information
about possible black money being stored in Switzerland. [11]
In 2011, the Indian government received the names of 782 Indians who had accounts with HSBC. As of
December, 2011, the Finance Ministry has refused to reveal the names, for privacy reasons, though they
did confirm that no current Members of Parliament are on the list. In response to demands from
the Bharatiya Janata Party (BJP) opposition party for the release of the information, the government
announced on 15 December that, while it would not publish the names, it would publish a white paper
about the HSBC information.[12]
According to White Paper on Black Money in India report, published in May 2012, Swiss National Bank
estimates that the total amount of deposits in all Swiss banks, at the end of 2010, by citizens of India
were CHF 1.95 billion (INR 9,295 crore, US$ 2.1 billion). The Swiss Ministry of External Affairs has
confirmed these figures upon request for information by the Indian Ministry of External Affairs. This
amount is about 700 fold less than the alleged $1.4 trillion in some media reports.[2]
In February 2012, Central Bureau of Investigation (CBI) director A P Singh speaking at the inauguration
of first Interpol global programme on anti-corruption and asset recovery said: "It is estimated that around
500 billion dollars of illegal money belonging to Indians is deposited in tax havens abroad. Largest
depositors in Swiss Banks are also reported to be Indians". In a hint at scams involving ministers, Singh
said: "I am prompted to recall a famous verse from ancient Indian scriptures, which says – यथा राजा तथा
प्रजा. In other words, if the King is immoral so would be his subjects" [4][13] The CBI Director later clarified in
India's parliament that the $500 billion of illegal money was an est imate based on a statement made to
India's Supreme Court in July 2011.[6]
After formal inquiries and tallying data provided by banking officials outside India, the Government of
India claimed in May 2012 that the deposits of Indians in Swiss banks constitute only 0.13 per cent of the
total bank deposits of citizens of all countries. Further, the share of Indians in the total bank deposits of
citizens of all countries in Swiss banks has reduced from 0.29 per cent in 2006 to 0.13 per cent in 2010. [2]
The Ministry of Finance through the Investigation Division of the Central Board of Direct Taxes released a
White Paper on Black Money