Indian black-money Further information: Indian black money, Indian Economy#Corruption, and Corruption in India The black money market situation in India is epidemic. India currently tops the list for illegal monies in the entire world, estimated to be almost US$1,456 billion stored in Swiss banks in the form of unaccounted money.[36] According to the data provided by the Swiss Banking Association, India has more black money than the rest of the world combined.[37][38] Indian Swiss bank account assets are worth 13 times (1300%) the country’s national debt, and, if this black money is seized and brought back to the country, India has the potential to become one of the richest countries in the world.[39] Allegations of Indians holding trillions in black money in Switzerland are, however, in dispute. Later reports, including those by Swiss Bankers Association and the Government of Switzerland, claim that these allegations are false and fabricated, and the total amount held in all Swiss banks by citizens of India is about US$2 billion.
Posted on: Sat, 10 Aug 2013 17:09:53 +0000
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