Bring back India’s money
Bring Back India's Black Money
Money can't bring happiness
Efforts To Bring Back Mahatma's Belongings
The very name of Bank of Switzerland evokes a profound feeling of stiff-upper-lip amongst our common people, and politicos as well. Having an account in the Swiss Bank could simultaneously be a matter of pride and predicament in Indian politics. And die-hard politicians like L K Advani understand the political gravity of the issue very well.
In fact, its a report that appeared on the portal of Wikepedia that clicked with Advani. "According to the reports the amount lying in the Swiss banks is astounding….according to Wikipedia the amount was said to be USD 2.6 trillion in 2001 which reached USD 5.7 trillion in 2007," Advani said. Advani further revealed that "The Indian citizens’ money in Swiss banks is anywhere between USD 500 to 1400 billion according to an analyst.”
Undoubtedly, if this amount is brought back to the country it will compensate as the waiver of crop loans in the entire country; spurt construction of criss-crossing national highways cutting through all parts of the country; satiate needs of power.
Undoubtedly, Advani has cleverly scored a point over his opponents tossing up the issue at the ripped time. Advani's shrewd move to tweak the slush money issue ahead of polls, has obviously put the Congress in a tight spot. Even though the Grand Old party has dismissed Advani's overtures as a poll plank.
The common perception is that the Swiss Bank has been a safe haven to park slush money. And it is believed that as many as 400 banks based in Switzerland house the black money having been parked there since 1934 from across the globe. The Federal Banking Commission norms in Switzerland see that the account number and not the name of the account-holder be printed on the statement of transactions.
However, indications are that this veil of secrecy might be lifted up soon as the US and the European Union (EU) have been building pressure on the Swiss Bank to release the money from the accounts of foreigners, in the background of global recession. It would be wise on part of our policy-makers to initiate sincere efforts to bring back Indian funds rotting in the Swiss Bank. The issue of slush funds having been parked in the Swiss Bank is altogether not new to electorates.
In year 1989 allegations and speculations flew that the alleged kickbacks received by a coterie of influential politicians, parked the black money in the Swiss Bank. Its 2009 now. And the ghost of slush funds at the Swiss bank has again come haunting to political parties.
