‘Swiss bank’; the term is not new to us. When we come across this term, the image of hundreds and thousands of stacks of Indian rupees comes to our mind. And we very well know the nature of this money. The very money that should be used for country’s development, has been illegally dumped into this chamber of wealth by black hearted politicians and beaurocrats.
THE HISTORY OF SWISS BANKS
Before moving onto the way Swiss banks work, let’s take a sneak-peak into the history of the banks.The currencies of the most of the European countries became unstable during the dawn of the first World War, and this was when
depositors across the continent got attracted to the Swiss banks. It so happened that France raided a Swiss bank’s office in Paris and revealed all the names of its accounts following a heavy loss of revenue. It was during this time, in the year 1934, the Swiss passed a law making such disclosures criminal. As the years passed by, the banks began to house looted and ill-gotten assets of various political leaders and millionaires. In the 1990s, after having faced rampant criticism from several foreign governments, Switzerland added a new set of laws to fight money-laundering and cracked down the numbered accounts.
SWISS BANKS AND THE INDIAN BLACK MONEY
It is not very surprising to say that India is amongst the world’s most corrupt countries, with over $1476 billion of black money stored in the Swiss banks around the world. The shocking news that the largest depositors of illegal foreign money in the Swiss bank are Indian surfaced in the year 2011. The Swiss Bankers Association alleged that the news was a complete fabrication, and that it had never published a report on Indian black money. However, in the end of 2011, the Indian government received the names of 782 individuals who had illegitimate accounts with HSBC.
The ‘White Paper on Black Money in India’ report said that the Swiss National Bank had estimated the worth of our country’s total number of deposits in Swiss banks to be over 9,300 crore rupees. This amount, though stunningly huge, is 700 times less than the projected amount by the Indian media.