Indian black money in swiss banks

According to the data provided by the Swiss bank, India has more black money in foreign banks than rest of the world combined.
Amount of money
Though the exact amount of money is not known. There are reports in media that 500 Lakh crores of black money of Indian origin is in foreign banks. India tops the list for black money in the entire world with almost US$1456 billion in Swiss banks (USD 1.4 trillion approximately) in the form of black money. According to the data provided by the Swiss Banking Association Report (2006), India has more black money than the rest of the world combined. Indian Swiss bank account assets are worth 13 times the country’s national debt. Indian black money is sometimes physically transferred abroad. The CEO of a Mumbai-based equity firm recently told journalists that the money is flown abroad in "special flights" out of Mumbai and Delhi airports to Zurich. Indeed Indians would be the largest depositors of illegal money in Swiss banks, according to sources in the banking industry. The estimated average amount stashed away annually from India during 2002-2006 is $27.3 billion US dollars.
Havens for black money
*Switzerland: Switzerland is the top destination for illegal funds because of its strict secrecy laws. Also, Swiss banks sell additional masks to hide the identity of their rich clients, like trusts in the Cayman islands, shell companies in Panama, or foundations in Liechtenstein, all run by nominees.
*Mauritius Route
Supreme court's displeasure
The Supreme Court have chided the government for restricting names of those with black money stashed abroad in Liechtenstein Bank in Germany.
Government response
The government is ready to share information with the Supreme Court but is not making it public. It says that it is in the process of getting more details of foreign accounts of Indians from other countries under the DTAA regime.
Names in public
*Hasan Ali Khan: A Pune-based businessman is accused of stashing money in foreign banks.
Political views
BJP: The party is of the view that the black money in foreign banks is 200 times bigger than the 2G scam.
Double Taxation Avoidance Agreement
The government is of the view that it is not possible to disclose information received from foreign governments under Double Taxation Avoidance Agreement (DTAT).

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