The recent incident where the US Govt got UBS to agree to reveal details of some 52,000 accounts of US citizens has been taken by some as a ray of hope that someday India would also get details of Indian money in Swiss banks. If US can do it, so could we. However, I don’t subscribe to that optimism. I don’t think our government will do it. Afterall, the illegal money of all our politicians, businessmen, gangsters and godmen (the lines between them are becoming blurred by the day) lies in Swiss banks. So why would they shoot themselves in the foot?
And, if through public pressure that miracle does happen, they will have shifted most of that money to some other banking haven by then.
Instead of dreaming about what can’t be achieved why don’t we think practically and implement Swiss banking secrecy laws in India? The bottomline is – if you can’t stop or outlaw something, legalize it. If we do so, most of the black money won’t have to go out of India and we won’t lose precious foreign exchange. We may even see an influx of foreign exchange from the crooks of the world. This would go a long way towards alleviating poverty. What say?
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