India in its efforts to bring back black money amassed in Swiss banks is now pressing hard on the bank authorities. As a reply to this gesture of the Indian government, Swiss authority has said they follow stringent rules and all the requests that India is sending have to be “justifiable.”
With almost forty years of experience, the Association of Foreign Banks in Switzerland is also of the viewpoint that there is lot of misunderstanding and apprehensions regarding this entire issue, which could only be dispelled by a clear and transparent policy.
Yet another thing that the association of foreign banks has suggested is that the conjectures should not be allowed to exert influence over opinion of public. Though the issue of black money stashed in Swiss banks is ages old but this development is on account of the request made by Indian government off lately to Switzerland. Indian government has asked Swiss banks to reveal bank details of Indian people who have hoarded black money there.
To believe some reports, the share of Indian money increased 43 percent last year in Swiss banks. Swiss National Bank (SNB) is the central banking authority of Switzerland. SNB recently released data that revealed, almost two-third share of the total funds in the two big banks in Switzerland – UBS and Credit Suisse is the money belonging to Indian citizens.
A UBS spokesperson said, that they at UBS usually do not openly comment on specific cases. They observe highest international standards worldwide to fight against the evils like money laundering and corruption. The bank has enhanced its anti-money laundering policies over the years and works hard to eliminate these anti-social phenomena from the country.
A spokesperson for Credit Suisse also said that they conduct their banking business in strict compliance with the applicable laws, rules and regulations in the markets where they operate, and their employees receive ongoing training in this area.
The Zurich based association’s General Secretary, Martin Maurer said that India’s has a reputation of being a country that is governed by strict rules and laws but sadly this reputation has suffered a setback off lately owing to the mistrust spills in this matter of black money. This is why Switzerland has asked India to send in only justifiable requests. As in, do not ask for unnecessary details, which are already available in India.