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| Indians top the list of black money depositers in Swiss Bank | | |
Early Times Report
Jammu,January 10 :-A survey has indicated that nearly 45 crore people in the country could get Rs.one lakh each if the entire black money deposited in the Swiss Bank and other foreign banks "comes back to India."According to this survey,Indian industrialists,discredited politicians,corrupt officers have deposited about 1500 billion dollars only in the Swiss Bank.
The survey says that this amount of 15 billion dollars is 13 times larger than India's foreign debt.If the entire deposited amount of black money "comes back to India" the entire foreign debt can be repaid in 24 hours.Even after paying the entire foreign debt "we will have surplus amount about 12 times larger than the foreign debt."
If this surplus money is invested the interest will be more than the annual budget of the central Government.And interestingly,if all the taxes were abolished the central Government will be able to maintain the country.According to the Swiss Banking Association report of 2006 about 2400 billion dollars are deposited as black money by people from five countries.And India tops the list with about 1500 billion dollars deposited in the Swiss Bank.India is followed by Russia with 470 billion dollars,United Kingdom 390 billion dollars,Ukraine 100 billion dollars and China 96 billion dollars.
The Government of India is trying to motivate the depositers to bring back the money but so far there has been no success.It is also exploring the possibility of initiating certain legal measures which could prompt the depositers to deposit the money in the Indian banks for which the Government will not impose any penalty provided part of the money was surrendered to the central exchequer.
Experts are of the opinion that those who have amassed wealth in the foreign banks should form an association which could negotiate with the central Government details for bringing back the black money.They say surrendering part of the money deposited in the foreign banks to the Government could be allowed by the concerned authorities for getting the remaining black money converted into white money.If such a step was initiated by the Government the Indian depositers would be encouraged to get their money back to India.The Government could also explore the possibility of persuading these depositers to invest in power generation projects and in plans aimed at improving health care in the country.Even if 20 per cent of the money these depositers invest in upgrading the drinking water supply schemes and in irrigation projects 100 per cent people will have the benefit of potable drinking water and the country could become surplus in foodgrains
Will those who have deposited black money in foreign banks accept this challenging task ?If they do it they will become more popular than the sages and saints in the country.If they fail to do it they may not be able to utilise this money properly.(
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