Over 600 names were revealed via HSBC’s black money list. But what about illegal funds parked in other banks and locations other than Switzerland?

black money2 But What about Revelations from UBS and Other Foreign Banks?

  1. We have now had some information about the black money stashed away in foreign banks; that some of the lesser known names from India’s business firmament have been implicated in the currently ongoing effort to bring culprits to book. The three names that were revealed by way of an affidavit filed before the Supreme Court several days ago weren’t really what we had been expecting; nor are these people seen to have overt political linkages. (Read more on IndiaOpines)
  2. The Modi government faced the charge of ‘selective revelation’ of names and in the list of names given to the Supreme Court via a sealed envelope yesterday, there is again that sense of anticlimax. The list presented by HSBC contains no big names and no vast amounts of money either. The names of industrialists and politicians that one would ordinarily have expected to crop are conspicuous by their absence in the list of 627 names provided by HSBC bank.
  3. Prosecuting many of those named will be difficult because the accounts cited are old and may contain relatively smaller deposits. At least one account entry dates back more than 4 decades and as such is barred by the law of limitation. There are also obvious problems associated with proceeding against Non Resident Indians; nearly half of the names on the list consist of NRIs.
  4. The Hong Kong and Shanghai Banking Corporation (HSBC) has coughed up names of the supposed black money hoarders, but what about the many other banks and financial institutions where people have funds parked? Switzerland is far from the only off shore location where money has been stashed; Dubai and Singapore are other favourite money laundering destinations.
  5. The list of HSBC account holders was allegedly provided by an employee of the bank who stole the list; and refers to one branch of the bank. People such as Baba Ramdev, who have been very vocal about bringing back black money from abroad are now asking for similar revelations about account holders in banks such as UBS, the Swiss global financial services company. (source – Zee News)
  6. black money post But What about Revelations from UBS and Other Foreign Banks?According to one Facebook group devoted to the cause of bringing back black money from UBS, the total amount of illegal Indian funds parked aboard is in the region of ₹ 7,280,000 Crores (US$1.5 trillion). There is also a charge made by Wikileaks’ Julian Assange that Indians probably have more money tucked away in foreign banks than another other country; that about 40% of India’s GDP is in the form of black money.black money figures But What about Revelations from UBS and Other Foreign Banks?
  7. We know that money trails have led to other offshore locations in the past, as in the case of the Sharadha scam where the money trail led to Singapore, the Middle East and even South Africa.
  8. According to some estimates, rich Indians love Dubai; the middle Eastern city state being a favourite with those looking to stash away unaccounted money. According to industry sources in Dubai, sums close to $100 million are shifted India to Dubai practically every day!
  9. Ambassador of Switzerland to India and Bhutan Linus Von Castelmur has raised a valid point against the witch hunt that has been launched specifically against Swiss Banks. He makes a valid point when he asks why people are investigating and going after funds parked in “Singapore, Hong Kong, in the US, in Virgin islands.”
  10. Meanwhile Swiss banks are now distancing themselves from dodgy Indian clients who are obviously bad for business these days. Indian account holders who are causing embarrassment for foreing banks are now being asked to withdraw their funds and close their accounts. So perhaps the Swiss will do some of the job of outing Indian black money hoarders – all this scrutiny into financial dealing known for their opacity has to be terrible for the reputation of the Swiss after all.

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