Sunday, January 27, 2013

How other countries have reacted to 'Swiss Black Money' compared to India

BK Chowla

As always is the case with serious issues of national importance, the one relating to Indian money in Swiss banks has been forgotten and slipped under the carpet by the guilty and perhaps, by the media. What one gets to hear of the issue is that the government has signed an agreement with Swiss authorities by which they will not divulge details of the accounts held or operated prior to year 2011.
How very convenient?

Different countries react differently to a given situation. It is all about national commitment. Isn't it?
Countries such as the US and Somalia have been able to get details of their dirty money in Swiss banks, among so many other countries.

Opposition parties in Germany’s upper house [Link to story] of Parliament on Friday blocked a new agreement with Switzerland aimed at ending a long running dispute over German tax cheats who hide their money in Swiss banks.

German authorities were also to be given more powers to seek information on German nationals’ accounts in Switzerland.
France, whose tax treaty with Swiss dates back to 1952, is also renegotiating an accord to catch tax evaders. The country’s socialist Government has promised to tax the ultra wealthy at a rate of 75 percent on earnings above $1.29 million and sees its Alpine neighbor as a heaven for citizens trying to avoid paying their share.

While, some countries are taking positive steps; as per a report of the Asian Development Bank (unconfirmed), Vietnam has amended its laws so as to enable dirty money to be parked in Vietnam. Hence, there are reasons enough for such money shifting from Swiss to Vietnam.

And here, we, in India are once again shying away from facing the truth of corruption, bankruptcy of honesty in dealing with to national security national security and lack of political will.

BK Chowla writes at:

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