1.4 trillion dollar Indian money in Swiss banks, other havens
Slush money stashed away in secret Swiss bank accounts and other tax havens across the world has come into sharp focus again, with the Bharatiya Janata Party’s Prime Ministerial candidate, Mr L.K. Advani, underlining the need to end banking secrecy in these countries.
India should become an active player in the global crusade against banking secrecy and tax havens, he said, reiterating that a BJP-led government would seek to bring back the country’s wealth from foreign shores and use it for developmental projects.
“The dimensions of the loot may be denied but not the fact of the loot,” he told mediapersons here on Friday.
He also unveiled the interim report of the party’s task force that, based on studies conducted abroad, estimated the Indian wealth in Swiss bank accounts and other tax havens to be between $500 billion or about Rs 25 lakh crore to $1.4 trillion or Rs 70 lakh crore.
The credibility of the estimate is reinforced by the $11.5 trillion (Rs 575 lakh crore) officially given by the Organisation for Economic Cooperation and Development (OECD), at the G-20 Summit in London earlier this month, as the amount of global wealth parked in various tax havens, the report said.
via The Hindu Business Line : ‘Rs 70 lakh cr Indian money in Swiss banks, other havens’ .