The Candid Eye

May 19, 2009

Has India become Swiss??

Has India become a safe haven for black money?Yes,says M.R.Venkatesh from Swadeshi Jagran Manch of Chennai branch.Narendra Modi had earlier asked Manmohan Singh to stop the Swiss FIIs from investing in Indian markets.See the news here. Also it is to be noted that he had raised this issue before the G20 summit, that was scheduled to happen in April 2009.This news made me curious to know more about Swiss banking and Secrecy laws.Caputo & Partners says that minimum balance that has to be maintained in a swiss bank account is just over Rs.2.25 crore!! Most of these accounts are numbered.Even the bank staff will not be able to tell the name of account holder.The account holders receive their bank statements with the asssociated numbers only.When they receive or transfer funds to another person/bank, their numbers are used.Their names are not used in any of the transactions.

These banks have to protect the secrecy of their clients in Switzerland as per Article 47 of the Federal Law on Banks and Savings Banks, which came into effect on November 8, 1934.Even the swiss goverment cannot ask for the identities of the bank’s customers.At the same time, these banks don’t guarantee the secrecy in the foreign countries in which they operate.These banks need to comply with the laws and requirements of the governing bodies of the foreign country.These swiss banks, acting as FII – Foreign Insititutional Investor,are allowed to invest in India.For this they need to comply with laws and regulations of SEBI.

The series of videos of Mr.Venkatesh’s talk give a clear picture on these Swiss FIIs and how the illegal black money was used to create the stock market boom in India in the last few years under UPA goverment.Tax payers money was used to create this bubble and it did not last long.I believe the Indian stock market bubble would be created only when Congress comes to power using their black money and thus making investors/people believe that India is progressing.Simply put, the tax payers money will be embezzled time and again by these leeches by all means.

Illegal funds of Indians abroad – Participatory notes – Part 1

Illegal funds of Indians abroad – Participatory notes – Part 2

Illegal funds of Indians abroad – Participatory notes – Part 3

Illegal funds of Indians abroad – Participatory notes – Part 4

Recent elections results have favoured UPA coalition and Commerce minister Kamal Nath have alreadysaid that the UPA retaining power would see the stock markets reacting positively!

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