Today when i was browsing some newspaper websites i got some interesting information, followed that i have done some finidings too. But here is the News Headlines along with the link where you can access full news on which this post is about.
Headline: Swiss banks' love for Indian clients no secret, woo back depositors who withdrew funds on fear of action: http://economictimes.indiatimes.com/articleshow/5983262.cms
The intersting fact is that despite of saying India is a Developing Country (some westerners still feel its poor country), Indians have more accounts in Swiss Bank than any other nations. Recently, i have gone through few articles in one of which they have provided the TOP Five Countries which have Swiss Bank Accounts. According to the Swiss Banking Association report of 2006-- India topped the world, the Top Five are as Follows (source: ET, 10 october 2008, article titled Money lying in Swiss banks may hit markets via P-notes
by Mandar Nimkar),
The Top five
India—- $1,456 billion
Russia —$ 470 billion
UK ——-$390 billion
Ukraine - $100 billion
China —–$ 96 billion
(Note: SWISS Bank have more than 55% of Foreign Clients rather than Domestic Clients.)
INDIA should think seriously and take some neccessary action. It is believed that this amount is 13 times larger than our countries Foreign Debt. Despite of just saying that we are one of the fastest developing nations and aiming at 9% growth rate, we should also seriously think about tax evaders and tax cheaters. If we can do something on this (even atleast say 50%) then we can achieve more faster growth rate and can have better development in INDIA.
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