Black Money in Swiss Banks


The question of black money stashed away in Swiss bank was an important point of political campaign in the parliamentary election of '09. A series of data regarding the size of black money was released by different political parties.

Advaniji said

"At a lower estimate, the amount of Rs 25 lakh crore which is secret foreign money is sufficient to relieve the debts of all farmers and to build world class roads all over the country, apart from providing safe drinking to six lakh villages in the country. "

Sharad Yadav the president of JDU claimed that Indian citizens had deposits USD one particular, 456 billion followed by Russia (USD 470 billion), UK (USD 390 billion), Ukraine (USD one hundred billion) and China (USD 96 billion) in various foreign banks including Swiss bank.

Professor R Vaidyanathan, (Professor of Finance at the Indian Institute of Management, Bangalore) estimated that Indian money stashed away may be of the order of $1. 4 trillion (about Rs 71 lakh crore). The well-known tax havens are Switzerland / Liechtenstein / Luxemburg / Channel Islands etc.

The question of repatriation of this unaccounted money arose because the united states government took some steps to retrieve such funds from Swiss Banks and Swiss government authorities.

When India got its independence in 1947, it was a poor country lacking in wealth although it was very rich in natural resources. The process of wealth creation began at a fast pace. But, the rates of Income Tax in India were one of the highest in the world. This encouraged manufacturing of black money and its transfer to outside banks. It is really an enigma that India is a developing country but Indians have largest deposits of black money in Swiss Banks.

If we examine this situation astrologically, the following observations can be made. The observations are based on the horoscope of India drawn on the basis of the birth of Independent India in the midnight of 15th August 1947.

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