Wednesday, December 14, 2011

What is the exact black money stashed in Swiss bank by Indians

What is the exact India black money stashed in Swiss bank

Black money is the money which is earned through black market and in which taxes has not been paid. In context to the amount of black money of India, different people have different way of calculation for black money stashed in LGT, Liechtenstien. According to the IIM professor R Vaidyanathan it is about 7,280,000 Crores or US$1.14 trillion. According to Swiss bank officials (unidentified source) it is about 65 lakh crores.  According to the main opposition party of India BJP it is about 25 lakh crores.
And going far ahead from all these great (mathematician of India) another mathematician Yogic Baba Ramdev through his wit calculated the amount to be 400 lakh crore. That’s about 16 times more than the amount calculated by BJP.  Baba Ramdev is real genius, though he also able to crack out the list of names who have stashed the black money in Swiss bank, but now he is not in the mood to release the names and asking the Govt. to reveal it first.
Pranab Mukherjee signed an agreement called “Double Taxation Avoidance agreement” with about 77 countries by now. According to which Indian govt. will not be able to reveal the name of those who have stashed black money unless they provide a criminal record of that person to the bank. The advantage of this treaty is that now onwards any further deposits in the 77 countries, with which Indian govt. had signed the agreement will be restricted. That is no more stashing of black money will be allowed by any Indian on these countries. And if anyone deposits, it will be informed to the Indian govt.
This is the main reason due to this agreement with Germany Indian govt. unable to reveal the names publicly. Indian govt. has the list of all the names of people who have stashed their money in different bank accounts outside India like UBS bank of Switzerland.

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