Indians’ Black Money

      Money earned by citizen of this country is taxable and after paying tax owner is free to spent money wherever he wants but if concerned skip to pay tax then money become illegal and holder of it try to look spots where he can hide his illegal or black money and for these categories of people Switzerland is one of the country of the world where individual can deposit money and benefit for account holder is that neither bank ask their source nor they disclose to anyone, thus it is the safest vault treated by corrupt individual. Government sources’ are not sure about the amount of black money of Indians’ in Switzerland banks but as per unofficial estimates the black money of Indians’ is 1.5 trillion dollars or 1500 billion dollars and if the same money comes to India then how much it would be helpful for the country one even cannot imagine, once this huge amount of black money comes back to India, the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably.
    Black Money of Indians in the Switzerland banks comes to limelight in the second phase of general election which was held this year for 15th Loksabha. During the second phase major party Bharatiya Janta Party (B.J.P.) of National Democratic Alliances’ (N.D.A.) designated Prime Ministerial Candidate Mr.Lal Krishan Advani announced that if their alliance get the majority and form the government then their top most priority would be to bring back Black Money of Indians to India, but after the counting N.D.A. lost the elections and it was believed that United Progressive Alliance (U.P.A.) wont touch the issue raised by N.D.A. but giving halt to speculations U.P.A. make agenda for hundred days in which black money also get preference.
    Swiss bank revealed India has more money than rest of the world. Indians’ black money in Swiss banks than all the other countries combined, have a look of it-

• India $1,456 billion 
•  Russia $470 billion 
•  U.K. $390 billion
• Ukraine $100 billion
• China $96 billion

       Due to international pressure, the Swiss government agreed to disclose the names of the account holders only if the respective governments formally asked for it, Indian government had not step ahead in the past for details, no marks for guessing why? Is India poor, who says? Ask the Swiss banks. With personal account deposit bank of $1,500 billion in foreign reserve which have been misappropriated, an amount 13 times larger than the country's foreign debt, one needs to rethink if India is a poor country? This huge amount has been appropriated from the people of India by exploiting and betraying them.
    Now U.P.A. after coming to power second consecutive time and bringing back black money dialogue proceed with Swiss authority relating to black money but it make everybody in India frustrated when Swiss authority deny to give access and information of Indians’ accounts and said if Indian officials want and have proof of any of their citizen have account then they can give us information and we will pass on details, then it was believed here that bringing back money to India wont be possible so this chapter is close for ever now.
      This week news came that Indian officials are going to meet again to Swiss authority in the month of December and they are going to discuss the matter with them. In the midst of a row over tainted money stashed in banks in Switzerland, we are pursuing with the Swiss authorities and after our persuasion they have agreed to discuss and begin the negotiations on the amendment of the avoidance of double taxation agreement in respect of the exchange of information. So hopefully if everything will be on right track during meeting then we will step closer to get the black money back in India.