Should India change the process on currency transfer to International banks specially Swiss banks ??

I accept the views posted from this side and we need some reform in the process of currency transfer in order to avoid the out flow of Indian money in huge measures that is a heavy loss to our circulation. Thanks for the referral Ms.Swapna Das.

Mr.Parveen Varma,

What I say is that , the Currency transfer need to take into account of factors I mentioned here & accordingly, if a policy required at National, be mooted.

Secret, Prompt payment, Interest to your account, Holiday from the tax from the country , I believe, are driving them to go for it.

Mr. Parveen varma,

It is not the tax relief. The secrecy they maintain. Over more than 400 years or so, they maintain this integrity. Moreover, payment without fail & hazel. Will it be possible here? BJP will leak out Congress guys & Congress will come out with BJP?.

If you announce a similar facility, all those who are possessing an account there , will without letting you know , transfer the account & maintain it.

Encourage people what they do, with similar facility if you want benefit out of it. This capital can be used for home projects.

Secret, Prompt payment, Interest to your account, Holiday from the tax from the country , I believe, are driving them to go for it.

That is exactly the point I am also trying to make Mr. Kaliyamoorthy.

The money must not leave this country. Make “Special Banking Zones” SBZs in line with SEZ. Let people invest their money there and no questions will be asked.

1. No account holder names

2. No addresses

3. No nominee names

And so on...

Only an user ID and Password for the account holders

These banks can offer some nominal interest or slightly higher rate of return for the money invested here instead of “No Interest” or “Very Low interest” being offered by Swiss Type Banks.

This way, people who have invested in Swiss and other banks around the world would route their funds to banks in these SBZs.

At least the country would have funds available to implement more development projects.

This system can be implemented only as a tax heaven and not for crime money (mafia or bribe money).

Mr. Parveen Varma,

Ordinary citizen knows there is plenty of illegal transaction exists on earth (India is no exception). Kuruvi / Hawalaa / Hundi are the numerous names available for transfer. The guy doing it, gets commission for it. Its' his survival.

But, the question is why do you give scope for such illegal transfer?. Why do not you save it in your own country, if you provide them ,secrecy/tax haven?. Black money will get out of India it will be banked here. And the investment goes to India's prosperity. Unclaimed money(after death) also remains here. In Swiz, the unclaimed money is so much they can develop new ventures with it.

So many guys are throwing the Black money in TRUPATHI Hundi, is there anyone asking anything to it?

Swiz bank offers complete protection to its account holder through Law. We feel that its a TAX haven for many. But, if the Govt finds criminal offense on any of the account holder, they will co-operate & produce details as we need.

Why do not we have a similar private Bank, governed by Act as TAX HAVEN ?. It can be, in any one of the Union territory say Pondicherry, Goa etc.

So, it is basically a policy mater at Govt level. Individuals/ organizations, having potential to amaze wealth,  earns money & protect it in safer place. For that, there numerous places in the World. Why do not you offer a similar facility as a Business venture, in India. Are you ready to go for it.

Otherwise, what we are shouting is a political gimmick.

Swapna I think any transaction outside the country should be limited to say Rs. 1.0 lac.

Any amount which is parked in any bank particularly in swiss bank the bank must inform Indian Government.

some protocol to this effect should be drafted and put to practice.

I agree that it should be changed if it allows permissiveness.

Let Indian Government allow swiss bank type banking to happen in India in specially designated "Special Banking Zones" similar to SEZs. We can have 1 such SBZ for each zone of the country.

Instead of no interest or very low interest rate that is prevalent abroad, we can offer marginally higher interest rates. However, the same principle of "no questions asked" baking must be followed. 

This way, the the outflow of money would be curtailed and the money would remain in India for re-investment in various projects. 

As we all hear about scams, black money and swiss bank money of Politicians and others too on daily basis. I think that money belongs to society should be stay with society but for that transfer policies need some major changes to be introduced like:

Transparency of money transfer..

Support of International banks towards every transaction have a verification from RBI. and more

if all that will happen, I assure you that face of India even the world will be changed.