Unclaimed $1,456 B in Swiss Banks may soon help Indian Democracy

FT reported on February 20, 2009:

“As many as 52,000 American customers hid UBS accounts from the authorities in violation of tax laws, a US government lawsuit against the Swiss bank alleged on Thursday.

The Department of Justice filed a suit seeking to force UBS to disclose the holders of accounts with about $14.8bn in assets.

… UBS reached a landmark settlement with the US government in which the Swiss bank admitted having enabled clients to evade taxes, agreed to pay $780m in fines and turn over about 250 client names to the US…”

PRAFUL BIDWAI wrote in Frontline Feb 13, 2009:

“…Indian businessmen have stashed away billions of dollars in bank accounts abroad. According to a recent report attributed to the Swiss Banking Association, the estimated amount is an astronomical $1,456 billion, higher than the deposits from all other countries put together…”

India may not get $1,456 billion but even the fine amount of $780m looks pretty good.

Timing couldn’t be better because the impending Loksabha elections will surely deplete $1,456 billion considerably.

But spare a thought for an unknown Swiss banker handling Indian accounts. He may lose part of his bonus.

(Since 2001, Mike Luckovich has drawn a few brilliant cartoons of Osama bin Laden and his partner. Here is the latest one.)



Artist: Mike Luckovich