http://timesofindia.indiatimes.com/news/india/No-black-money-statistics-exist-Swiss-banks/articleshow/5005874.cms
NEW DELHI: Amid claims from various quarters that Indians have stashed away
thousands of crores in secret bank accounts in Switzerland, the Swiss
banks have asserted that any statistics about black money "simply do not
exist".
Various political parties and other groups have been claiming that the black
money stashed away in Swiss banks by Indians exceed one trillion dollars.
These statistics, which put Indians at the top in terms of deposits in Swiss
banks, have often been quoted to global institutions and sometimes even to
the Swiss National Bank, the central bank of the country.
Seeking to demolish the "myth" over these figures being "circulated as
gospel truth", a top official at the Swiss Bankers' Association told PTI
from Basel that there were no truth at all in such statistics.
"Anyone claiming to have such figures should be forced to identify their
source and explain the methodology used to produce them," said the SBA's
Head of International Communications, James Nason.
"We take all our statistics from Swiss National Bank and statistics about
'black money' simply do not exist," he added.
Nason said he was aware of such figures being quoted to a SBA report on bank
deposits in the Swiss banks by people of various nationalities, which put
Indians as the biggest depositors there, but asserted that there were no
truth in it and it never published any such report.
"About 18 months ago some mischievous person launched a story on the
Internet saying the Swiss Bankers Association had issued a report in 2006
showing the amount of so-called "black money" deposited in Switzerland by
citizens of countries such as India, China, Russia and Ukraine and quoted
figures in the billions.
"The figures were rapidly picked up in the Indian media and in Indian
opposition circles, and circulated as gospel truth. However, this story was
a complete fabrication. The Swiss Bankers Association never published such a
report," Nason noted.
These reports have said that Indians had over 1.4 trillion dollars in Swiss
banks, followed by Russia (470 billion dollars), UK (390 billion report),
Ukraine (100 billion dollar) and China (96 billion dollars) at end of 2006.
Nason clarified further that the Swiss National Bank gives out figures for
value of securities held in custody accounts for domestic and foreign
clients, but no break ups are given on the basis of nationality of foreign
clients.
"The Swiss National Bank gives a figure for the value of securities (mainly
bonds and shares) held in custody accounts. At the end of June 2009 the
total value was 3,985 billion Swiss francs. This figure is for all
clients -- Swiss and foreign institutional, commercial and private clients,"
Nason said.
Edward Verdes
http://edskantaram.blogspot.com/
