Wikileaks@ 40 Indians black money

Rudolf Elmer, a former employee of Swiss-based Bank Julius Baer, told Britain's Observer newspaper that the files contain details of about 2,000 accounts held in offshore financial centers. He says the account holders include celebrities, business leaders and lawmakers from the US, Britain and Asia. Elmer is scheduled to hold a press conference in London Monday with a representative from the secret-spilling website. The banker previously leaked documents to WikiLeaks in 2007. He has been ordered to appear before a Zurich regional court on Wednesday to answer charges of coercion and violating Switzerland's strict banking secrecy laws.

The Indian politicians and Corporates honchos are shivering with the news, as per Assange(Founder of Wikileaks), there are 40 Indians placed in the list. He may release the list within a week time. The media may start speculating on names in the list, especially in AP media. These news channels may probe all political scams and corporate scandals happened since independence of India. Of course, the partial list restricted to one bank in the Switzerland; there are the several banks in Switzerland which allow to deposit the unaccounted money by providing the complete secrecy, out of these banks UBS is the biggest. If UBS officials leaks the information, the entire system will get exposed.

Indian Black Money in Swiss Bank

SWISS BANK

In 2006, the most recent Global Financial Integrity study, shows that the average amount stashed away from India annually during 2002-06 is $27.3 billion (about 136,466 crore). It means that during the five-year period the amount stashed away is 27.3x5=136.5 billion (about 692,328 crore).



It is not that all these amounts went to Swiss banks. It has gone to different tax and secret shelters. The share of Swiss banks in dirty money being a third of the global aggregate, some $45 billion out of the 136.5 billion stashed away from India would have been hoarded in these years in Swiss banks.




The important point is that this is only for five years. More amounts were stashed away during the Nehruvian regime. So the loot for 55 years will be several times higher. In fact, in those days the rupee commanded a better value per dollar. So fewer rupee could get more dollars. So the estimation that the Indian money stashed away may be of the order of $1.4 trillion (about Rs 71 lakh crore).