An email forward

I wonder if anyone has got this mail.  I found it on this blog and thought I would copy+paste it here – found it shocking and was deeply disturbed.


Revelation on Swiss Bank Accounts “who can save india no one knows where tax payer money is going ”
 Revelation on Swiss Bank Accounts

This is so shocking . . . . . wish black money deposits was an Olympics event . . . . . India would have won a gold medal hands down.
The second best Russia has 4 times lesser deposit. US is not even there in the counting in top five !! India has more money in Swiss banks than all the other countries combined !!!!

Recently, due to international pressure, Swiss govt. agreed to disclose the names of the account holders only if the respective govts formally asked for it. Indian govt. is not asking for the details . .
.. . no marks for guessing why ????

We need to start a movement to pressurise the govt. to do so !!
This is perhaps the only way, and a golden opportunity, to expose the high and mighty and weed out corruption !!

Please read on . . . . . and forward to all the honest Indians to . .. . . like somebody is forwarding to you . . . . . and build a ground-swell of support for action !!
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?.

DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them. 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.

Once this huge amount of black money & property comes back to India , the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in
earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably. .

Some 80,000 people travel to Switzerland every year, of whom 25,000 travel very frequently. ‘Obviously, these people won’t be tourists.
They must be travelling there for some other reason,’ believes an official involved in tracking illegal money. And, clearly, he isn’t referring to the commerce ministry bureaucrats who’ve been flitting in and out of Geneva ever since the World Trade Organisation (WTO)
negotiations went into a tailspin!

Just read the following details and note how these dishonest industrialists, scandalous politicians, corrupt officers, cricketers, film actors, illegal sex trade and protected wildlife operators, to name just a few, sucked this country’s wealth and prosperity. This may
be the picture of deposits in Swiss banks only. What about other international banks?

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
1. India —- $1,456 billion
2. Russia —$ 470 billion
3. UK ——-$390 billion
4. Ukraine – $100 billion
5. China —–$ 96 billion
Now do the maths – India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world combined.

Public loot since 1947: Can we bring back our money? It is one of the biggest loots witnessed by mankind — the loot of the Aam Aadmi (common man) since 1947, by his
brethren occupying public office.
It has been orchestrated by politicians, bureaucrats and some businessmen. The list is almost all-encompassing. No wonder, everyone in India loots with impunity and without any fear. What is even more depressing in that this ill-gotten wealth of ours has been stashed
away abroad into secret bank accounts located in some of the world’s best known tax havens. And to that extent the Indian economy has been stripped of its wealth.

Ordinary Indians may not be exactly aware of how such secret accounts operate and what are the rules and regulations that go on to govern such tax havens. However, one may well be aware of ‘Swiss bank accounts,’ the shorthand for murky dealings, secrecy and of course
pilferage from developing countries into rich developed ones.

In fact, some finance experts and economists believe taxhavens to be a conspiracy of the western world against the poor countries. By allowing the proliferation of tax havens in the twentieth century, the western world explicitly encourages the movement of scarce capital
from the developing countries to the rich.

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. Further,augmenting these studies of TJN, Raymond Baker — in his widely celebrated book titled ‘Capitalism’ s Achilles Heel : Dirty Money and How to Renew the Free Market System’ — estimates that at least $5 trillion have been shifted out of poorer countries to the
West since the mid-1970.

It is further estimated by experts that 1 % of the world’s population holds more than 57 % of total global wealth, routing it invariably through these tax havens. How much of this is from India is anybody’s guess. What is to be noted here is that most of the wealth of Indians
parked in these tax havens is illegitimate money acquired through corrupt means.

Naturally, the secrecy associated with the bank accounts in such places is central to the issue, not their low tax rates as the term ‘tax havens’ suggests. Remember Bofors and how India could not trace the ultimate beneficiary of those transactions because of the secrecy
associated with these bank accounts?



9 thoughts on “An email forward

  1. This has been going around for quite a while and many bloggers have gone ballistic on their blogs.

    Many such mails eventually turn out to be fakes. The only point of difference that one could have is on the quantum of amount stashed away in these bank vaults.

    It may be worth checking this through RTI whether this sort of information was received officially and whether the government had declined to initiate moves to get the relevant information.

    Hmm, you are right Mavin – I should have checked up. The point is that it could be true to a certain extent

  2. Pingback: Stocks and Bonds » Blog Archive » An Email Forward : Weaving a Web

  3. Information is indeed shocking but the facts need to be verified.
    I have, though, never been able to understand how and why should the swiss banks keep such secrets? I mean I associate Swiss people with high morals.

    Mampi, the Swiss made their money out of the poor Jews who had stashed their money in Swiss banks to escape from the Nazis. Google this and you will know. It is sad and painful to even think about it … scarcely high morals

  4. Oh man… what a revelation! is it really true?
    I know that most people stash away their illegal money either in Swiss banks or in Cayman Islands, Bahamas… But, Indians having the highest deposits?! wow…

    Amazing isnt it?

  5. The amounts are bloated, for sure! But Indians keeping the highest amount of money in Swiss Banks may be true.
    Just make a visit to the Income Tax/Sales Tax Office. Over there the officers need an excuse to pee very very frequently. Know why?
    They need to go out and deposit their loot with the local paanwala/chaiwala.
    Don’t believe me? Check for yourself!!

    I did not know that! The paanwala/chaiwala must be having a cut in the take too

  6. See, I am sure atleast some of these deposit wallahs were affected by the Mumbai terror attacks, them being rich and all that. But how many of them came out to pay their dues ( in taxes, not candle light vigils ) so that the establishment can function better?? Zero.

    That just shows that nothing is going to happen for a looong looong time.

    Hmmmm, come to think of it, its a very important and valid point you’ve raised

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