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SEBI and RBI enhanced vigile on SWISS money routing

Created by : S. Muralidharan, Executive Director, Knowledge Foundation & Campus Around the Corner  | 01 23 2011 16:31:59 +0000
Keywords : sebi and rbi enhanced vigile on swiss money routing
Activity:  163 views;  last activity : 01 24 2011 11:03:01 +0000
 
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Will Indians withdraw genuine funds from EU out of fear? Vs They will do it to escape exposure?
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If your funds are geniune then there is no worry, just you have to prove that. Very good capture Mr.Muralidharan But if A/c Holders have something to hide then they will definitely try to withdraw the money form their foreign A/c
By Dhawal , IT Consultant, Electro Industries  01 24 2011 11:03:00 +0000
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Financial regulators Sebi and RBI have enhanced vigil on Indian entities routing their funds from secretly-held Swiss bank accounts to India through Dubai and other locations, on fears of getting exposed for stashing the money in the European nation. The stepped-up vigil for money laundering activities by the country’s two financial regulators comes in the midst of suspicion that there could be some Indian entities in the list of over 2,000 Swiss bank accounts that are expected to be disclosed soon by whistle-blower website WikiLeaks. While banks in the west Asia have seen a sudden spurt in their deposits in past few months, queries mailed to Swiss Bankers Association remained unanswered on whether the banks there have seen a rise in withdrawals. It is feared that the Indian entities having accounts in Swiss banks might move their funds to west Asia and other locations and then route them back to India, either into the stock market through FIIs or the FDI route. While Sebi is responsible for oversight on funds flowing into or out of capital markets, RBI approval is needed for FDI (foreign direct investment) inflows for many sectors. Besides, RBI also monitors flow of overseas funds into stock market through foreign or overseas banks. Sources said that Sebi and RBI are taking a pre-emptive stance to guard against any possible flow of illicit money to the country and would broaden the scope of their oversight by indulging other institutions such as banks and brokers, only after firm indications of such capital flows. The sectors suspected to be vulnerable for such funds could be real estate, agriculture and infrastructure, which are among the ‘sunrise’ segments of the Indian economy and have large-scale fund requirements, they added. Sources said that all the funds held by Indian entities in Swiss banks might not necessarily be illicit wealth, but include genuine funds that are not willing to take a chance given the negative publicity generally associated with Swiss banks.
By S. Muralidharan, Executive Director, Knowledge Foundation & Campus Around the Corner  | 01 23 2011 16:31:59 +0000
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95% of them will do it escape exposure and the 5% will do it out of fear of negative publicity. Very Informative read! Thanks Mr. Murali!
By Anantha Shayana. D, CTO/CIO, RAYSITI  | 01 23 2011 17:20:37 +0000
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