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First batch of containers leave for Switzerland to fetch black money

25, Jun 2014 By vijayonline5

New Delhi. Following the barrage of letters from the Finance Ministry, the Swiss government has agreed to unconditionally return the account details of Indian citizens in Swiss banks and the billions of money illegally deposited by them, sources tell Faking News.

“This is part of the new bilateral deal signed on Twitter by the Finance Secretaries of both the countries. It highlights the willingness of the Swiss government towards global economic transparency and its understanding of the problems faced by developing nations due to black money,” the spokesperson for the Swiss central bank told reporters in Geneva.

Containers
Indian containers at one of the Swiss banks’ campus.

Buoyed by the response, India has already sent 7 containers to Switzerland to bring the non-taxed money back to India. Officials confirmed that one of these containers will be exclusively used to bring the bank documents, while the 6 other water-proof containers will hold the hard cash.

“More containers will be sent in batches of not more than 7 each time, as international maritime laws restrict shipping of cash to $4.8 billion at a time,” a finance ministry official explained.

Since Modi government is not easily trusted by them, Human Rights groups have called for returning of the money to the owners after deduction of due taxes and applicable penalties, while opposition parties have blamed the government for spending tax-payers’ money to bring non-tax-payers’ money.

Experts too claim that bringing the documents as accounts are mostly registered in fake addresses. They made this path-breaking claim on various TV channels.

However, the government has defended its action saying the whole exercise will provide long-term employment to 1.1 million youth, and also stabilize market liquidity in the next quarter.