Indian Money in Swiss bank
We know how often illegal market operates in the whole world and India is one of the most participative country. Well, this is totally a bad news. I do not quite know how the illegal traders managed to keep their business untraced by the government, but they really have managed to do so. If you want to know more what this type of illegal business is, I am very much willing to share what are the things I know regarding the so called black market, since I believe that the extinguishment of it lies on how knowledgeable the people are.
Photo Credits : The Hindu
What is a Black Money?
Black money is the money generated out of the businesses done in a Black Market. It is called a Black Market since the businesses are not legally recognized by the government due to its illegal nature such as drug deal or project hedges. The so-called black money, then, is not remitted any taxes to the government, and this makes it more illegal.
The black money in India is literally a money covered with black ink. The swindlers try to persuade the victim that the latter can benefit more out of the black money in India.
Where are These Black Money Kept Then?
Since black money could not be kept in Indian banks, people who keep this type of money further, keep them in Swiss banks. They choose to deposit it in foreign banks to avoid any operative to view their identity. The Switzerland government has been alarmed by this news, but they also cannot just give India the information they need since they also follow the rules of confidentiality for their clients.
The people who hold the black money managed to deposit the money in Swiss banks by traveling more frequently to Switzerland and this has just been discovered recently by the government. What more should I say! Ministers, government officials, and many big names are involved in black money. People are trying to convince the government to take control of those accounts who have millions of dollars in the Swiss bank. The money is still filling in those accounts and we don't even know how much money we have in Swiss bank.
Call for Action
India is currently implementing the best plans just to get the black money back to India since it will not just help the government, but also the people. They keep on giving out pressure to the Swiss banks so they will just open out the names of Indian account officers who hold accounts for saving black money. Fortunately, India is getting progress now as we gathered some data regarding the account holders from the third party countries such as the United States, which is known to actively participate in the elimination of this illegal business.
How terrifying it is to know that there are several people who keep untaxed money for the benefit of their own. It is difficult to calculate the total black money in India, so how can we calculate the money in the Swiss bank? If this practice continues, what will happen to us and to other people in India? For sure many will suffer while others lie on the bed sheets loaded with money. If you know something regarding black money operations, make sure to also call for an action.