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Q.

Many Indians have shifted funds from Swiss banks. But they are being persuaded by the Swiss banks to bring back the money they have pulled out. --------report. Is it a clear indication that it is the poor Indias money that is sustaining the Swiss banks? Your views?

Asked by Good Citizen, 28 May '10 11:54 am
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Answers (5)

1.

In your question you have said ------ "is it a clear indication that it is the poor Indias money that is sustaining the Swiss banks? "
So, does it inflate your chest? You know that this amount was slowly and steadily carried to Swiss Banks by Criminals / rogue politicians / dishonest business men of India? Would you call it India's money?
There is another angle to it. In these days of severe recession, Switzerland may want the money back and then confiscate it? Who can stop them from doing that? On the other hand, where this money has been shifted, that country will digest it without a pinch of salt! Can these dishonest Indians do anything about it?
Answered by QueSera Sera, 31 May '10 05:49 pm

 
  
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2.

There is a lot of truth in it. According to various media reports, trillions of dollars have been deposited in Swiss Banks by dishonest Indians. Swiss Banks do not pay any interest on these deposits. Rather they charge the depositors for its upkeep. So Switzerland gets interest free deposits which could be invested in various projects without any fear of outflow of forex in the form of dividend or royalty etc. Make a comparison with other countries which try to attract FDI. Even countries like U.S.A. & China attract less than US$100 billion per year even after offering too many incentives and concessions to the foreign investors. And this pales in comparison with the trillions of dollars of deposits in Swiss Banks. Now you can understand the panic actions of the Swiss Banks to woo back the depositors trying to withdraw their illegal money from Swiss Banks. If it is the hard earned money, what is the need to withdraw from Swiss Banks or other tax havens? But I understand that it is a l ...more
Answered by Tony Fernandez, 28 May '10 12:33 pm

 
  
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3.

The job of the Swiss is to manage their own assets, and we all know they r not the most ethical of bankers. The Swiss mushroomed into international service industry due to the HUGE hoardings of Nazi German gold they had and u know dat rite?

Nazi Germany until 1943 / 44 was no joke, was considered the second most advanced economy of the world after the US and the economic size of Nazi Germany was several times higher than that of even our colonizers. And the Nazis almost exclusively invested in Switzerland.

After WW2 was over, the Swiss simply said "What Nazi gold? It's Swiss gold now!" and the rest, as u know it is history.

And on poor Indians Switzerland- we sustain a lot more than that! Just take a look at India's trade balance w/ the US after we so called "opened up". Our US trade balance...ever since 1991- It is on the negative- our outflows to US is greater than our inflows from US. The poor man of India is in essence, thus sustaining the world's largest and richest an ...more
Answered by A Moin, 31 May '10 06:02 pm

 
  
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4.

The Swiss banking Industry has a tradition of long tradition self regulation and is an important contributor to the national economy. The money held in the Swiss banks may be fuelling the Swiss economy..that may be the reason for the banks continuing to persuade the depositors to bring back the money withdrawn from the banks. Regarding the legitamacy of the amounts held in Swiss bank accounts by Indians,your assumption that the money stashed away in Swiss Banks by Indians is the national wealth looted by the Indians, through corruption employing almost all the administrative machineries and exploiting the loop holes in the systems.
Answered by thampy chacko, 28 May '10 12:31 pm

 
  
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5.

Poor indians ????? how can a poor indian deposit money in a swiss bank. a poor indian cannot even open an account in india. he has no money for this. jara soch kar to likha karo
Answered by iqbal seth, 10 Jun '10 12:31 pm

 
  
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