illigal wealth of india

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Black wealth of indiaand

swiss banks



Black Money

U naccounted-for and untaxed cash generated

by dealings in a black economy, black market,or organized crime.

HAWALAGHOTALA



Swiss Bank s

Bank ing in Switz erland is characterised bystability, privacy and protection of clients' assetsand information

All banks in Switzerland are regulated by SwissFinancial Market Supervisory Authority (FINMA)Swiss Interbank Clearing (SIC). The system issupervised by the Swiss National Bank and isoperated via a joint venture.SIC handled over 250million transactions in 2005, with a turnovervalue of 41 trillion Swiss francs.



Swiss Bank s

According to the CIA World Factbook,Switzerland is "a major international financialcenter vulnerable to the layering andintegration stages of money laundering;despite significant legislation and reportingrequirements, secrecy rules persist and

nonresidents are permitted to conductbusiness through offshore entities and variousintermediaries..."



Swiss Bank s

A Federal Bureau of Investigation anti-terrorism official noted that Switzerland wasone of several countries to participate in jointtask forces targeting financing of Al-Qaedaterrorist cells; a former Assistant Secretary of the Treasury praised Swiss cooperation and

the country's assistance in the finding andfreezing of terrorist and Iraqi assets.



Swiss Bank s

In January 2003, the U nited States Department of Treasury announced a new information-sharingagreement under the already extant U .S.-Swiss IncomeTax Convention;the agreement was intended tofacilitate more effective tax information exchangebetween the two countries.

However, Swiss policy has continued to come underinternational criticism, and in March 2009 Switzerlandagreed to renegotiate more effective tax cooperationwith the U nited States and other countries.



INDIAN BLACK MONEY

Black money in Swiss banks -- Swiss BankingAssociation report, 2006 details bank deposits in theterritory of Switzerland by nationals of followingcountries:

Top five

Ind ia $1456 b illionR ussia $ 470 billionUK $390 billionU kraine $100 billionChina $ 96 billion



HOW MU CH IS$1456 b illion

With this amount 45 crore poor people can get R s1,00,000 each.This amount is about 13 times larger than thecountry s foreign debt.If this surplus amount is invested in earninginterest, the amount of interest will be more than

the annual budget of the Central government.Tax on money R s 70 lakh crore, more than India'snational income of around R s 50 lakh crore.



What U .S. did?

Appoint 800 agents to collect information andavidence

Political pressure

Treaty with Swiss govt.



What INDIA didn t

Team for issue

Political will power.



Conclusion

We need a Govt. which emphasize more onthis issue.

Leaders who are not corrupt.

This is possible that Swiss Govt. hand over thedetails of indian account holders because theyalready given these kind of details to U S.



THANK YOU

KAPIL SHAR MA

illigal wealth of india

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