We can not say exactly in absense of any official data. However it seems to be huge.
Have all forgotten how India lost much of its wealth? Over centuries, India was the looting place for many nomadic kings.
Except Britain, no invader kept any documentary evidence for their conquests and lootings. Instead of looking on our own citizens to return their hard-earned money from foreign banks, why not we go in for acquiring the lost wealth from our former rulers? Including the Kohinoor diamond and peacock throne?
I am not in favour of bringing back the foreign bank money.
Let them have it and help those banks open branches in India. Let them invest their present earnings in India. That is enough.
India Poor , Who say this ?
1. India ---- $1,456 billion
2. Russia ---$ 470 billion
3. UK -------$390 billion
4. Ukraine - $100 billion
5. China -----$ 96 billion
swiss bank black money
In the absence of public discipline and conscience, everyone will tend to save some unaccounted money somewhere. Swiss bank caters to their aspirations. How can we find fault with them when even China and Russia holds money there?..... when "lotus" held a swiss bank account from some kick-backs.... It will stop only when swiss banks refuse to hold unofficial and unaccounted money from foreigners.
How could some one know the exact amount from a country deposited in Swiss Bank. The very notion of Swiss Bank is secracy.
NEW DELHI, May 13, 2009: On Behalf of All citizen of India, a Delegation of 05 members submitted a memorandum in Switzerland Embassy to the Ambassador of Switzerland - Mr. Arthur Mattli at 11:30 am on 13th May 2009
The Delegation demanded vide memorandum - from Switzerland Govt. disclosure of illegal Black money deposited in Swiss banks by Corrupt Indians so that the seized money be brought back to India for the economic prosperity of Millions of Indian’s. The memorandum demanded that Switzerland Government and United Nations should make immediate Steps to stop this heinous Money Laundering being done by Corrupt Indians.
A quote from the memorandum; If the Switzerland government is unwilling to act towards the noble and the ethical and the legal cause of prosperity to other nations, our delegation of common people will seek support of all the social organizations in India and world wide to endeavor, declaration of Switzerland as an “Economic Terrorist Country”.
The Discussion re presented by a 05 member delegation with Mr. Arthur Mattli, Minister & Deputy Head of Mission resulted in exchange of several new facts. One of the relevant point of those facts was that Mr. Mattli expressed by his long experience in Swiss Administration that - There are many countries apart from Switzerland involved in similar Money Laundering being done by illegal method of money transfers through a designed route that covers several countries.
Our Delegation had been giving presentations to the Ministries & PMO on this issue since January 2009 on the facts given by Swiss Bank Association, But there was no reply of action by the government. We strongly feel that since last 60 Years, the money Laundering in Swiss Banks was being done with the knowledge of Political Parties, but no political party took any step to stop this crime, Therefore “No Political Party should play politics on this issue of Political shame”
“The demand for Swiss bank money' as an issue raised by one Political Party seems to be a makeover for a better Political image in current Lok Sabha Elections, but this fact of money laundering was never been a serious motive for all the political parties” says one of the member of delegation.
The delegation expressed shock over the disclosure made by Swiss Govt that it had received forged documents from New Delhi two years ago in connection with an alleged Rs.40,000 crore ($8 billion) money laundering case involving racehorse breeder Hassan Ali.
The Delegation sincerely feels that if illegal wealth deposited in foreign banks is brought back to India, many basic problems like Malnutrition, Poverty, Unemployment, Economic disparities and others can be resolved properly.
TN Purwar, Kaushal Kauma, Anuj Guliyani, Nidhi Mahajan, Gurbinder Singh
More than 75% of the money from India is from LTTE of Sri Lanka under 3 names in Chennai. For some reason they have given the Indian address. May by they have no idea to claim from Sri Lanka.
$1,456 billion dollars? I've been thinking for a while now that India has got to be the country with the biggest spread between the filthy rich and the desperately poor. Here I am living on disability support in Canada sponsoring a foster child in India. Maybe it's about time your country demanded that your filthy rich start spreading the wealth. Instead of relying on the generosity of people in other countries to take care of your poor. Do you really think that 75% of the $1,456 billion is owned by just three people connected to the Tamil Tigers? That's kind of hard to believe, don't you think? I doubt it.
From the list of the 100 wealthiest people in the world I see that people from India hold the 4th, 5th, 6th, 9th, 45th, 62nd, 66th, 78th, 88th and 93rd spots. It lists their names. Your country needs to demand that they start to spread their wealth. Ten out of the top 100 wealthiest people in the world are from India. That's pretty good out of what, more than 200 countries. But pretty despicable considering the condition of your country's poor.
THAT'S TOTALLY BASELESS. THIS IS ANOTHER SCAM, AND IT IS A RUMOUR BEING SPREAD BY LTTE. THE MONEY IN SWISS BANK BELONGS TO INDIAN POOR PEOPLE. AND IT WILL BE SPEND IN THE EDUCATION OF DOWNTRODDEN PEOPLE IN INDIA, AND OTHER KIND OF UPLIFTMENT OF THOSE GROSSROOT PEOPLE OF INDIA.
Everyone feels happy to descibe India as "poor". Once India was the richest country in the world and people from every corner of the globe made their dream that they land in India. How was America dicovered? Did Columbus plan his voyage to America? No. It is India which was his dream. On landing in America, they called the native people "Red Indians", thinking that it was India. A flurry of invaders including the British, squeezed India to the present position. We are not really poor now also. Seeing some beggars, thinking that they represent the whole India, some foreign tourists take photos and display them at their places. One beggar had more than a million Rupees in his baggage when he was dead. One time millionairs become beggars overnight in some cases and vice-versa. In almost all cases, family quarrels make people go to begging. So, India was, is and will be the wealthiest country in the world.
If India has to regain the foreign wealth, it should first approach the British Queen to return the Kohinoor diamond. Let Indians have their accounts anywhere they like.
Well Venugopal I agree with most of what you say here, including the return of the Kohinoor diamond. Although with what you are saying it makes me wonder why Mother Teresa's mission was in Calcutta. But are you saying that the family of the child that I sponsor from India is actually wealthier than I am? I'm certainly far from being wealthy compared to other Canadians. I was under the impression that the funds that I send to sponsor the child in India also helps sustain his whole family. Am I mistaken? I would appreciate an honest answer because if what you are saying is true I'm sure there are other places in the world where my funds would be more beneficial, like Haiti or parts of Africa or South America. And possibly be more appreciated.
Mother Theresa's Missioneries of Charity was necessary at the time of its establishment. Orphans left by India's partition in 1947 were taken care. Pakistani reprisal on Bengalis in 1971 made several orphans and were taken care at the missionery.
You may approach the concerned District Collector of the place where your family of the Child is situated for investigating the management of your funds by the caretaker.
The main problem in India is not democracy, or "filthy rich" or anything else. Some people have some "misplaced faith" and "misplaced doubts".
If the LTTE is able to spread rumours against India, they would not have suffered so much. The whole organisation has been wiped out. Even after this, you are spreading such "rumours" about LTTE. Till this kind of aversion on our well-wishers persist, India will remain in bad light. LTTE is not India's enemy.
ACTUALLY, THE PROBLEM IN INDIA IS THE DEMOCRATIC SYSTEM. IT IS A COMPLETE FAILURE. THIS MONEY IN SWISS BANKS MAY NOT BE EVEN 1% OF TOTAL INDIA-OWNED MONEY IN FOREIGN COUNTRIES, IT IS JUST A TIP ON THE ICE-BERG. MANY OTHER COUNTRIES HAVE TRILLIONS OF DOLLAR WHICH BELONGS TO INDIA. ALL THE CORRUPT INDIVIDUALS OF INDIA HAVE LOOTED THIS MONEY FROM INDIA AND RUN AWAY WITH IT. FOR EXAMPLE GREAT BRITAIN IS ONE OF THEM. THEY LOOTED INDIA 200 YEARS. THEY ARE NOT SO GREAT AS THEY CALL THEMSELVES. IF THERE IS ANY GREAT COUNTRY, THAT IS INIDA.
- Kamaal A. INDIANA
We cannot say Britain looted India. They came here for trade. They set up their first shop in Chennai in 1600 near Spencer Plasa. Their decency and discipline attracted more people to trade with them. To protect their trade, they had to bring soldiers from England. On loosing America in 1774, England turned its eyes on India and appointed Governor General in 1776 to administer the East India's territories. The sepoy mutiny in North India made England to takeover the Indian administration directly. Had they not come, India will not be what it is now. Full of petty kingdoms, fighting each another and finally subjecting itself to another foreigner.
Before accusing, their legacy should be taken into account.
Which is higher? Their legacy to India or their looting India?
Certainly not looting. Their legacy to India is legacy to the whole world.
Why not we consider Babar who came here to loot? The conditions here at that time made him "emperor". The loot made by England is far less than our north-western invaders who came across Khyber. The looting of one such "king" in Somanathapuram temple in Gujarat had to be carried by several camels.
i think all the indian investors who had already a swiss bank account, they all are a shame for india b'cuz they don't want that india and indian banks have to get a place on world they only know that how to safe his black money through the swiss bank...!
we have to do something.....dis is our money.....it's not depend on that is it black money or is it white money......it's depend on that this money is our indian peoples property, they earned it by his hard working but all the gamblers (politicians, some businessman and some other people) who think that dis is his money and they r the only caretakers of it, they're wrong, dis is the most bigger mistakes of him, i only want to say to our people that we have to make a chain for dis fight to make it happen.......
There should be some way to take money back . I think BJP is telling this in this election.
Don't worry. India is a big country. UK has a population of 60 million and India has a population of 1.1 billion. Going by the same ratio, the $390 billion for UK would translate to $7.15 trillion for UK in swiss bank black money if UK was as large as India.
No , Exactly it's wrong . If you have any doubt check this ...
Most of ppl forward unauthorised details to ....
check this info :
http://forum.padukai.com Main Padukai
As long as the restrictions on individual wealth remain in India, people having money will tend to deposit it somewhere. For example, any earning over 3 lakhs will attract a taxation of 30%. If one has a billion Rupees, calculalte how much he should pay to the Government. Is it justifiable? For income earned already and deposited in a bank, one should pay wealth tax. Unless Indian Govt. softens the taxation laws, such foreign deposits will continue, even if the present deposits are brought home.
It is enough if the Indian Govt. announces a tax exemption for all the money transferred from foreign banks by the investors. Very simple.
Very astute observation. Have you ever heard of the Mises Institute? It's the school of Austrian Economics. You have a good grasp of the fundamentals of free markets, you may profit by visiting their website: http://www.mises.org
I'm sorry to say that my current knowledge of Indian history current and previous is somewhat lacking. I know that since the 1970's India has been, like China, removing governmental centralization of the economy. I applaud the Indian people for making the wise choice and wish I could say the same for my own. Still India's success may prove to be a beacon to the world to abandon the darkness of collectivism and embrace the light of liberty.
How long we wait for all these things.......
we saying let d govt reduce tax and govt says let everybody pay tax sincerely w'll consider abt redusing tax this is end less.
even we r part of govt we have responsibility to ...
There must be a strict rule and every induvidual should be forced to pay the tax and eqally govt give all the benifits to a tax payer..
every long journy begins with a first step towards it.
When India invite foreign direct investments and foreign deposits in Indian banks, how is it correct to call for return of deposits in banks in foreign countries?
(I have no deposits in foreign banks... my balance in Indian banks is very small, unworthy of mentioning)
Are you saying that the Indian government is calling for the recall of all funds invested in foreign banks and industries? If so that could be one of two things. One they could be seeking more tax money in order to "spread the wealth" a little more. If so, I'm sorry for the Indian people. On the other hand, if they are not seeking an increased tax base, they may be seeking increasing investment in India, herself. In which case they have my blessings. I don't believe that to be the case, however.
If they were really seeking to increase investment in India, they would approach foreign investors and stress the relatively free nature of India's markets and the ability of its investors to keep what they earn. The first country to do that will see literally billions of dollars flood into their country. Of course that has its own problems and could cause the sorts of problems there with inflation and malinvestment that we have seen lately in the United States.
Since it does not seem like the Indian government is courting foreign investors, my belief is that they want the far flung wealth of the Indian people so they can better tax it. BHO himself has done much the same here as regards Americans and their foreign investments. The sad thing is that, because of the new taxes, there will be less money for foreign infrastructure and the poor will suffer disproportionately.
Just how rich are you ledefensetech? You always talk like a man with millions of dollars to protect.
One need not be a millionaire to express his views on HP. This topic is about black money deposited in foreign banks by Indians.
I didnt say that you have to be a millionaire to express views on hubpages, why would I even consider saying such a thing when I am precisely £1,001,697 away from having £1,000,000? I have had plenty of conversations with ledefensetech in the past, he is a grown man, your concern is just as well not expressed.
I'm unemployed actually. But I'd like to be rich one day. Being able to keep what I earn is a start on becoming rich. I mean, what's the point if you work hard all your life to build something up, then some scum sucking politician takes it away so he can bribe the electorate into sending him back so he can loot the rich some more?
Its time for the citizen of India to get united and built a pressure on all political parties to BRING BLACK INDIAN MONEY FROM SWISS BANK this money is basically earned by Politicians/ government officials and businessmen through corruption and un mean resources , and this money in real sense belongs to the innocent citizens of India , Today if we Indian don’t join our hands these corrupt politicians will never stop and the business houses of our country will continue to bribe the politicians and government officials and the end looser will be non other we common people so called country citizens , We common citizens are not aware or not using our power we have the most powerful right to throw out these corrupt so called (Netas) Politicians those who are the main cause of corruption , Its really shameful that every day we read news about corruption , Our country will get sold if We common citizens don’t weak up , Its time please don’t support and vote these corrupt politicians and also don’t support such parties not willing to bring back black money from SWISS BANK
Mukesh Ambani is stashing $1 billion of his $50 billion fortune in a new 27 storey house for his wife and three children in Mumbai.
http://www.smartmoneydaily.com/personal … -hell.aspx
I think if we convert this 1500 Billion $ to Indian Rupee, it converts to 150000x45=6750000 Crores Rupees. If this is divided by 125 Crores (Population of India): 6750000/125=54000 per person can get irrespective of the income of the person of india. If we leave the rich ones say 15-20% people, who have enough money with them. then per person distribution of money will increase.
Next election should be fought on the promise from the Government that this money is to be brought back to India and a group should be formed as a lobby to put pressure on the government, nowadays, we have lot of learned people in India and a writ petition in the Supreme court can also work.
PEOPLE OF INDIA WAKE UP AND PUT PRESSURE ON GOVERNMENT TO BRING BACK THE MONEY DEPOSITED IN THE SWISS BANK.
JAGO BHAI JAGO.........
I suggest, we should act rather than fighting each other. The black money could not come out unless some force to do it so. Something like protest. May be this is the time to act..............I mean not to hurt others but just wanna tell u my opinion.
To change an impovrished country into a wealthy country, the citizens need only realize one thing: the rich need the poor, the poor do not need the rich. As proof, look at Russia. The communists seized power, lined up and shot all the rich people, and then competed against America sucessfully for well over fifty years. And they did all that, without any rich people. Forget the swiss bank accounts, that is not where the real wealth lies.
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