Demystifying Swiss Banking…

Demystifying Swiss Banking…

There has been a lot of discussion in the media on black money lying in Swiss Banks.Baba Ramdev and Anna Hazare have made it as an agenda for their  campaigns. 


Recently there was an interesting article in Financial Express dated 16th June 2011.Those who are interested in reading it directly on line may please go to the following link :

I had read the article and had liked it.In response to it,this what I wrote to the Editor of FE :

Dear Sir,
This refers to the column titled ” DEMYSTIFYING SWISS BANKING” by Priti Patnaik in FE dated 16th June 2011.
At the time when the nation is hotly debating the issue related to bringing back the unaccounted (black money) crores lying in Swiss banks,you have rightly done your humble journalistic duty to educate your readers and general public about the modalities of opening and maintaining an account with a Swiss Bank.Priti seems to have done her homework well and has made a sincere attempt to lift the veil of secrecy from this burning topic of present times. It appears that Swiss Banks have a well defined due diligence system for opening an account and monitoring it in cases where the  customer is a PEP,to ensure that the amounts deposited in its secret vaults are not ill-gotten wealth from money laundering activities or from other unexplained sources.Whether funds generated from terrorist activites are open to greater scrutiny and vigilant action,were issues however,not amply clear from the piece.
Another follow up article from this journalist would perhaps elaborate the matter.Is it possible to get an official list of persons from India or Indians residing abroad,having accounts in Swiss Banks ? Are there any specific rules in Switzerland,like we have RTI Act here ? These and other such questions still need to be answered. The mystery of such issues still needs to be solved to quench the thirst of your readers.Kudos to FE and Priti for this well-timed article.
New Delhi  

Well,so far,my views have not been published but I loved expressing my opinion.

Your views and feedback on this topic will be appreciated.


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1 Response to Demystifying Swiss Banking…

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