Swiss banks ready to expose corrupt, but India not interested
It is only shameful then that India has not yet ratified the UN convention against corruption, something done by even Pakistan and Bangladesh as early as 2007. It is one of the few 22 countries out of 148 signatories, which has not yet ratified it.
WHAT WE are all told about the secrecy practiced by Swiss banks is only the partial truth. James Nason, the Head of the Swiss Banks Association, categorically said, “I think there is a lot of misunderstanding. If a foreign country is conducting a criminal investigation and needs access to Swiss Bank clients’ detail, it simply has to file an official request for international judicial assistance with the Swiss authorities.” He dismissed allegations about Swiss banks’ absolute secrecy saying, “If the investigating magistrate or the Swiss attorney general comes into your bank wanting information in connection with the crime, banking secrecy simply disappears.”
This puts back the ball in the court of the government which has been claiming now that they will have to wait for another nine months till the new information sharing treaty is ratified by the Swiss Parliament by October. The government had apparently approached Switzerland first in April 2009, for renegotiating the agreement of double taxation avoidance and seeking access to bank details.
It is a case in point that when United States wanted to know the name of tax evaders, it compelled the bank UBS (Union Bank of Switzerland) to reveal the names of tax evaders by threatening to sue it. The Swiss authorities made amends in their bank laws to furnish data. But such political will is not seen in our country, where our prime minister in a bid to safeguard corporate interests, says that the information can’t be made public due to international treaty obligations and that there is no instant solution for bringing back the stashed black money.
It is only shameful then that India has not yet ratified the UN convention against corruption, something done by even Pakistan and Bangladesh as early as 2007. It is one of the few 22 countries out of 148 signatories, which has not yet ratified it. Bharatiya Janata Party vice-president Shanta Kumar informs that Article 51 to 54 of the Convention binds all the member countries to share any information about any illegal amount stored or transacted. This convention is legally binding on Switzerland which has also ratified the Convention. Many countries have availed this provision to retrieve the laundered black money. India too can, and it should.
After all India is the top most country in the world with almost 1,456 billion dollar in Swiss banks (USD 1.4 trillion), followed by Russia 470 billion dollar, the UK 390 billion dollar, Ukraine 100 billion dollar and China, with 96 billion dollar. According to the data provided by the Swiss Bank itself, India has more black money than rest of the world combined.
The usually sober Supreme Court judges were also infuriated and asked, “How many zeros are there in that?” The Court has now asked the government, “What is the source of this black money, which has been stashed away in foreign banks? Is it arms deal, drug peddling or smuggling?"
We all need to know, but there is no right to information. A Right To Information applicant, Pramod Chawla knocked doors of the Central Information Commissioner to get a reply from Ministry of External Affairs asking the information of accounts provided to the government by banks in Switzerland and Liechtenstein, (a tiny country between Switzerland and Austria, another popular low-tax haven). But he got no response.
The government didn’t divulge names even to the Supreme Court blaming some agreement with the government of Germany! This makes it very clear that the government is only making lame excuses. The question is then that should the common be fooled by these lame excuses? And if not, what is the other option?
It is a case in point that when United States wanted to know the name of tax evaders, it compelled the bank UBS (Union Bank of Switzerland) to reveal the names of tax evaders by threatening to sue it. The Swiss authorities made amends in their bank laws to furnish data. But such political will is not seen in our country, where our prime minister in a bid to safeguard corporate interests, says that the information can’t be made public due to international treaty obligations and that there is no instant solution for bringing back the stashed black money.
It is only shameful then that India has not yet ratified the UN convention against corruption, something done by even Pakistan and Bangladesh as early as 2007. It is one of the few 22 countries out of 148 signatories, which has not yet ratified it. Bharatiya Janata Party vice-president Shanta Kumar informs that Article 51 to 54 of the Convention binds all the member countries to share any information about any illegal amount stored or transacted. This convention is legally binding on Switzerland which has also ratified the Convention. Many countries have availed this provision to retrieve the laundered black money. India too can, and it should.
After all India is the top most country in the world with almost 1,456 billion dollar in Swiss banks (USD 1.4 trillion), followed by Russia 470 billion dollar, the UK 390 billion dollar, Ukraine 100 billion dollar and China, with 96 billion dollar. According to the data provided by the Swiss Bank itself, India has more black money than rest of the world combined.
The usually sober Supreme Court judges were also infuriated and asked, “How many zeros are there in that?” The Court has now asked the government, “What is the source of this black money, which has been stashed away in foreign banks? Is it arms deal, drug peddling or smuggling?"
We all need to know, but there is no right to information. A Right To Information applicant, Pramod Chawla knocked doors of the Central Information Commissioner to get a reply from Ministry of External Affairs asking the information of accounts provided to the government by banks in Switzerland and Liechtenstein, (a tiny country between Switzerland and Austria, another popular low-tax haven). But he got no response.
The government didn’t divulge names even to the Supreme Court blaming some agreement with the government of Germany! This makes it very clear that the government is only making lame excuses. The question is then that should the common be fooled by these lame excuses? And if not, what is the other option?
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1) "Many countries have availed this provision to retrieve the laundered black money. India too can, and it should"
AS MENTIONED ABOVE THAT MANY COUNTRIES HAVE USED THIS CLAUSE AND GOT INFORMATION....PLEASE NAME THOSE COUNTRIES.
Black money is black ... it is 'Narg Laxmi.' How will it help India?
The dilly dally tactics adopted by the government is giving time to the culprits of their own coterie to withdraw the money as happened in case of Hassan Ali and their is no trail. Congress is a shamefully corrupt party which will lead India to its doom and continue enjoying the insecurity
of citizens by being voting back to power.
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