Ummid Assistant

Exam time: Dial a helpline to overcome stress

IGNOU launches value education programme for teachers

Welcome Guest! You are here: Home National

Largest depositors in Swiss banks are Indians: CBI chief

Monday February 13, 2012 04:50:58 PM, IANS

New Delhi: Indians are the largest depositors in Swiss banks and have stashed a staggering $500 billion of black money abroad for tax evasion, CBI chief A.P. Singh said Monday.

Singh said at the opening of a six-day training of Interpol officers that India suffered from the flow of illegal funds to tax havens like Mauritius, Switzerland, Lichtenstein and British Virgin Islands.

"It is estimated that around $500 billion of illegal money belonging to Indians is deposited in tax havens abroad. Largest depositors in Swiss banks are also reported to be Indians," the head of the Central Bureau of Investigation (CBI) said.

The Indian government has drawn bitter criticism from opposition parties, activists and from the Supreme Court for its alleged failure to get back vast amounts of black money stashed abroad.

There have been wide-ranging estimates of the amount -- from $500 billion to $1.4 trillion, which is equal to India's annual GDP.

A study by the Global Financial Integrity last year estimated $462 billion of black money was parked in overseas tax havens.

The CBI chief said "inadequate international cooperation and bank secrecy laws" had made it difficult to trace and get back the stashed away "stolen wealth".

"Tracing, freezing, confiscation and then repatriation of stolen assets is a legal challenge," Singh said.

He stressed that asset recovery faced many obstacles including "legal process filled with delays and uncertainty, language barriers and a lack of trust when working with other countries".

He expressed surprise that offshore tax havens were those countries which are "said to least corrupt by the Transparency International index".

"Fiftythree percent of the countries said to be least corrupt are offshore tax havens, where most of the corrupt money goes. The tax havens include New Zealand, which is ranked the least corrupt country, Singapore ranked No.5 and Switzerland No.7."

The CBI chief said lack of political will in the leading tax haven states was one reason why they were not sharing the information with India.

"They are aware of the extent to which their economies have become geared to this flow of illegal capitals from the poorer countries."

The CBI director cited World Bank estimates and said the cross border flow of money from criminal activities and tax evasion was around $1.5 trillion, of which $40 billion is bribe paid to government servants in developing countries.

He said only $5 billion of this money has been repatriated in the last 15 years.


 


 


 

 

 

 

Bookmark and Share

Home | Top of the Page

Comments

Note: By posting your comments here you agree to the terms and conditions of www.ummid.com

Comments powered by DISQUS

i

i

 

 

 

Top Stories

First for Pakistan, PM indicted for contempt

In a first for any prime minister in Pakistan, Yousuf Raza Gilani was Monday indicted by the Supreme Court in a contempt of court case for refusing to reopen corruption cases against President Asif Ali Zardari.  

PM Gilani has committed contempt, rules court

Pakistan's apex court issues Gilani contempt notice

 

  Most Read

NIA arrests Samjhauta Express bomb planter

In a significant breakthrough in the Samjhauta Express blast case, the National Investigation Agency (NIA) has arrested late Sunday night Kamal Chauhan, said to be one of the persons who planted the  

Nasheed disappointed with India, says Maldives ex-foreign minister

As India steps up efforts to broker a political deal in the Maldives, Ahmed Shaheed, a former foreign minister of the Indian Ocean nation, says ousted president Mohamed Nasheed is "very disappointed  

Resigned almost at gunpoint, says ousted Maldives President Nasheed

 

  News Pick

Indian Railways losing steam with freeze on fare hikes

With passenger fares on a freeze for years and little money to expand the world's second largest railroad network under a single management, Minister Dinesh Trivedi has an unenviable task when he presents the annual  

Israeli air raid kills Palestinian in Gaza

A Palestinian in Gaza has died after being wounded during a series of Israeli airstrikes, Gaza medical sources have said. The fatality was identified as Abdel 

Congress distances from Khurshid, BJP demands PM sack him

The Congress Sunday sought to distance itself from Law Minister Salman Khurshid  

Reservation for Muslims unacceptable: VHP

 

Picture of the Day

New Delhi,27 Jan 2012-IGNOU Vice-Chancellor M Aslam receiving the "Best teaching practices Award" from noted film director Prakash Jha at the India Today Aspire education summit 2012,in New Delhi on Friday. Also in picture India Today Group's Rekha Puri.

(Photo: IANS/Amlan Paliwal)

 

 
 
 
 
 
 
 

RSS  |  Contact us

 

| Quick links

News

 

Subscribe to

Ummid Assistant

 

National

Science & Technology

RSS

Scholarships

About us

International

Health

Twitter

Government Schemes

Feedback

Regional

History

Facebook

Education

Register

Politics

Opinion

Newsletter

Contact us

Business

Career

Education

     

 

 

Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange

Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

2010 Awaz Multimedia & Publications. All rights reserved.