Supreme Court says a "mind-boggling" amount of money is stashed in banks outside India! Is our administration doing enough?

Submitted by aurora on Sat, 06/30/2012 - 12:44

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This is what different people/organisations have to say on this matter. Reading all these there is perhaps no conclusion that is drawn on really how much money is illegally deposited outisde or even inisde India.

 

  • Media Reports claim a total exceeding US$1.4 trillion are stashed in Switzerland.
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  • Swiss Bankers Association and the Government of Switzerland, claim that the total amount held in all Swiss banks by citizens of India is about US$2 billion
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  • In January 2011, the Supreme Court of India asked why the names of those who have stashed money in the Liechtenstein Bank have not been disclosed. The court argued that the government should be more forthcoming in releasing all available information on what it called a "mind-boggling" amount of money that is believed to be held illegally in foreign banks.
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  • The Central Bureau of Investigation (CBI) director (Amar Pratap Singh) on 14 Feb 2012 openly admitted that Indians are the largest depositors in banks abroad with about $500 billion (nearly Rs24.5 lakh crore) illegal money stashed in tax havens.
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  • In March 2012, the Government of India clarified in its parliament that the CBI Director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.
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  • In May 2012, a White paper was tabled by the Government in the Parliament. Detailing the reasons and various means and modes of black money generation, the paper took cognizance of one estimate of the amount of Indian deposits in Swiss banks which noted that the total liabilities of Swiss banks towards Indians at the end of 2010 totalled 1.945 billion Swiss francs or about Rs. 9,295 crore. A more startling revelation is that this marks a sharp decrease from Rs. 23,373 crore in 2006.
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    Source of information: Wikipedia, Leading Indian dailies like Indian Express, the Hindu, Business Stanard