Indians hiding black money in Swiss accounts raise concerns with World Bank

Jason Overdorf | | Nov 22, 2012

In India, black money goes out and white money comes in, suggests new findings from the World Bank. Even as India’s anti-corruption activists and opposition lawmakers rail about the allegedly vast sums of black money squirreled away in Swiss bank accounts, India looks set to top the world in remittances sent back home from abroad, according to the World Bank study.

India is set to receive about $70 billion by the end of the year, with China coming second at $66 billion,the Economic Times reports.

The Philippines and Mexico, with $24 billion each, and Nigeria with $21 billion, are next on the list. The other large recipients include Egypt, Pakistan, Bangladesh, Vietnam, and Lebanon, the paper said.

India’s most reliable source of foreign exchange, the Indian diaspora has brought in nearly $135 billion this year in remittances and non-resident Indian deposits, according to ET. Outstanding NRI deposits are estimated at $35 billion. However, unlike remittances, most NRI deposits are reversible.

But the picture isn’t entirely rosy. The same anti-corruption activists who harangue the government for failing to track down tax evaders holding money in havens like Switzerland and Mauritius also say a large part of India’s foreign direct investment comes from the practice of “round-tripping” — as untaxed cash goes out black and comes back white.


About janamejayan

A Viraat Hindu dedicated to spread the message of Paramacharya of Kanchi
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2 Responses to Indians hiding black money in Swiss accounts raise concerns with World Bank

  1. time pass says:

    Yes, what World Bank says cannot be wrong as they have the fool proof means to judge what is going on. But is any one listening? Incidentally, the Rupee is kept record low to reward the in comers & as the rupee improoves with inflows, the Rupee will appreciate, they will again take it back,. So good proifits both ways. I really wonder how could the Indian Rupee be so low. 40 years back it was around 20 to 22 Rs a $. & India then was called a poor developing country, today we boast of our rise as one of the rising world power, but our Currency is in doll drums, how? Does this match the situation or is all this just arificial & manipulations.

  2. ganesh says:

    Sala etana paisa kya karega tune kam se kam 70sal se jada jinda nahi rega india me kitana garib he malum kam se kam 20000laks hoga ho log kabi achi tarap se kabi bi kana nahi kaya malum mai jinda reke india ayana puri black monny nikalega mera nam ganesh

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