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India’s Silence on Swiss Bank Wealth- Request or Begging!

Swiss Bank Building
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Swiss Bank building
Swiss Bank Building

: Priyankan Goswami, New Delhi, February 08, 2011

The fact that Indians have the highest amount of money in the world deposited in Swiss Bank Accounts (more than 1450 billion dollar which is equivalent to around 65,785,630,000,000 Indian Rupees) and the acknowledgement by Swiss Bank officials that Indians have more black money hidden in Swiss Banks than rest of the world put together has been shamefully given a deaf ear by the Government of India. To add to the shame, the Government has requested the Indian Swiss account holders to reveal their wealth and the Prime Minister Dr Manmohan Singh has declared that nothing can be done in current scenario to reveal this huge wealth of black money due to bindings with International laws and treaties!

Either the Government is ruled by some ignorant or some extremely cunning people who enjoys keeping the common people cheated.

How the government can actually reveal this amount?

Simple, – tough diplomatic pressure. If the Indian Government can put enough pressure or atleast a request to the Swiss Government that this revelation is required for investigation related to National security (after all, lot of Black wealth comes from illegal arms trade, drugs, extortion, etc),there can be no question as to why Swiss Banks would refuge to their own Government’s orders. In fact

India’s not signing the United Nation Convention against Corruption has also created problems in this regard, as Switzerland is already a member of this convention. Had India too would have been a part of this; Switzerland would have been compelled to assist India as fellow member of the convention, in any step against Corruption. However it is not clear why India is not keen on signing this critical convention, inspite of being one of the most corrupted nations of the world. Not to forget that India can use all its time and energy on nuclear deals, business and corporate ties with other countries of the west though.

Why Indian Government is not taking adequate steps to reach the root of this huge money?

Most of the people whose money are secretly hidden are either sponsors of the ruling political parties, big bureaucrats or capitalists whose interest the Government has time and again given more importance. And some of them are, in all likelihood, members of the ruling Government themselves! Of course, who would want to reveal one’s black money when one has the power not to reveal it?

In a country where more than 40% of the population lives below the global poverty line, more than 70% lives on an earning of less than 20 rupee per day, the ignorance of the Indian Government to the details of the hidden 65,785,630,000,000 Indian Rupees, majority of which are obviously black money, cannot be ignored. With recent statistics proving that 0.012% of total population of India possesses investible wealth worth one third of India’s Gross National Income (which means the remaining 99.88% population posses two-third of the GNI), there is already a parallel economy in the country. This parallel economy has led to parallel governance in the country, ruled and manipulated by the Capitalist class of India and supported by the Government of India.

We are left wondering if the definition of Indian democracy has changed to- Government by some people, for only few people and of the same few people.

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