Black Money and India: Shocking Facts

The statement like India is a poor country… is totally wrong, considering Swiss bank black money owner’s information in Swiss bank. Know more about shocking facts of Indian black money.

How we call India as a poor country? Because the country is called poor only if that country has not more than Rs 90 lakh crore; the Indian money in the Swiss bank is 13 times more than the total Indian debt. So, it is wrong to consider India as a poor country. The relationship between the black money and the Swiss bank is more than 60 years old. Black money is that money which is obtained in the form of bribes and tax is not paid to the government. Many of us come across the term corruption in our daily life and we blame the entire top officials for the worst condition of the country, but what about us? As the level of status increases, the rate of corruption is also get increased – for example, an office peon asks for Rs 10 to arrange the appointment with the head person in the office. This 10 Rs level increases to Rs 100 when you ask any official for doing the fast process of a particular case, and this way it sometimes increases to lakhs and crores.

Black Money and India: Shocking Facts

It is fact that government allot a large amount of money for the needy person, but does the money actually reach to them? For example, if the government has allotted Rs 1 then the final amount reach to that section of people is only 10 paisa. Now, what about the remaining 90 paisa, in whose pocket? The answer is Swiss account of the corrupt people. With the lots of pressure on the Switzerland, they have agreed to share the information about the Indian Swiss bank account holder.

There are certain eye-opening facts about the black money also for the amount of the black money in the Swiss bank. The amount that India has in the Swiss bank is around Rs 9,000 crore. India begs the 8th position with the illicit funds outflow at $1.6 billion. According to some survey, 40% of the Indian pay bribes in order to do their work in public office. Different 58 countries including India with Swiss bank has signed an agreement called the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

According to Swiss bank report, the Indian individuals and entities out of 2.18 billion Swiss franc deposits 1.34 billion Swiss francs held by them. From 1947 to 2010, the estimated illicit asset held by the Indian is $487 billion. One of the most shameful facts is that India ranked at 94 out of 176 countries in Transparency International's Corruption Perceptions Index.

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Read Full Story from: in.finance.yahoo.com

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