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Swiss Bank

Swiss Bank accounts are said to maintain strictest privacy, total safety and they are tax-free.

Interest are paid on your deposits in any currency you want, international credit card can be obtained and you can even bank entirely online.

Anyone can open a Swiss bank account. You can open an account being in any part of the world - if you want they can open your account by mail. For a small set-up fee, your account is opened within days.

Currently Swiss Bank handles roughly 6.7 trillion Swiss francs (US$5.7 trillion).

With recent changes in the Swiss bank secrecy regime, other states, such as Singapore, have attracted depositors seeking privacy and protection.

Taking advantage of the above Lakhs of people from India are now Swiss Bank Account holders. Every single person holds not less then 1 crore of their deposits in Swiss Bank and Singapore Bank.

Due to pressure from people of India, When the Government of India asked the names of their depositors, Switzerland has reportedly told the Indian authorities that it would not give them names of the Indians holding secret bank accounts in its banks while its largest bank, the UBS, has agreed to give the US Government names of about 4500 US citizens who have accounts there. This is in addition to the 250 names it agreed to give in February 2009.

A disgruntled banker revealed the names of those having accounts in Swiss Bank. Governments have started prosecutions based on the data made available. The Indian Government, which was initially reluctant to take the data being made available to it by the German Government, finally accepted it in March 2009 (under public pressure) and apparently preliminary investigations have started.

In India’s case, when some information is received, it is suppressed or the investigating agencies spoil the case so that prosecution is rare. From time to time, information does become available, like in the case of the Jain havala or Bofors, but this has never been systematically pursued or the case has been weakened. In India, the rich and powerful have the clout to prevent justice from being done. In advanced countries this seems to be far less.

One thing that the people of India who have invested in these banks do not realise is when and how these money they are going to utilise themselves. What they are afraid for spending. Even if they spend their huge deposited money in their whole life there will be enough left during their death. There will be enough left for their kith and kin to spend.

The problem now is who is and who will be able to convince these people to withdraw their money from Swiss Bank and utilise it for the development of their own country and their people including their sons, daughters and relatives they have.

How happy they could be by spending their locked money....why is that they are unable to realise this simple thing.

Apart from this it need not be emphasised the politicians part in swindling public money through bribes and other corrupt methods. These amount go into their Swiss Bank. The Governments enter into big contracts like the arms purchase etc between the countries. The political party which is controlling the government gets huge amounts of Kick-backs which goes into their accounts in Swiss Bank. Thus the publics tax paid money gets locked in Swiss Bank at the cost of the country's developments.


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