Today on TV news Channal i heard shocking news that in Swiss Bank account Indian has deposited more money than all other country combined.Indian deposits is around $ 2000 billions in Swiss bank.Every year around 1.25 lacs indian visit Switzerland out of that 75000 are frequent flyer to Switzerland.
If this money come back in India,the entire foreign debt can be repay in just 24 hr. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt.
If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government.
Can we bring back black money?
I heard that Indian central government has taking initiative to know list of Indian who have account in swiss banks.Recently Indian and swiss government signed understanding agreement to exchange information on tax evaders.But due to this activity many Indian holding swiss account shifting there money to banks in Dubai,Abu Dhabi, Saudi Arab.Other than agreement with swiss government, India government has signed information agreement exchange with nine or ten more countries to get information including.Also government trying to sign Information Exchange agreement with Bahamas, British Virgin Islands, Isle of Man, Jersey, Cayman Islands, St Kitts & Nevis, Monaco and Argentina.
If black money come back to India then our economy will be number 1 in world.
I wish best of luck to Indian Government initiative to bring back black money which help to improve Indian economy.
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