02 July 2012

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Save Notes in Safe Deposit Box New Method to Save Black Money in Switzerland


Save Notes in Safe Deposit Box New Method to Save Black Money in Switzerland

Because of International Pressure and power of social media now, countries are signing tax avoidance treaties with tax heaven nations like Switzerland.

India has also signed a treaty with Switzerland to share tax information and not to share the names of criminals who keep the black money.

The treaty is limited to funds in customers' savings, deposit and investment accounts, and do not apply to the safe deposit boxes.

What are safe deposit boxes?
Most Swiss banks have a vault room where individual clients can rent out a strong box to deposit precious items and documents.
To ensure the system’s security, two different keys must be used at the same time to open the box.
One is the bank’s key and the other belongs to the client.
This means the banker will be there when the client opens the box.
To make sure the client’s privacy is preserved, there is a removable metal box inside the strong box.
The client takes this removable box to a private booth where he can do what he wants with the contents in the fullest privacy.

These boxes are most often left at the bank and it is only rarely that a client would take it home.
The box would always remain the bank’s property and it is extremely rare that one would be available for purchase by a Swiss, let alone by a foreigner.

What can be kept in the Safe Deposit Box?
Small boxes could contain such items as gold coins and gold bars, jewels, bonds and shares, contracts, official documents or even compromising letters.
Larger boxes would be used for paintings, sculptures

Now the rich people who got money they are keeping their black money using 1000 Note of Swiss Franc.

The total value of thousand-franc notes currently in circulation is Rs two trillion (32.5 billion Swiss francs).

As per the data available with Switzerland's central bank SNB (Swiss National Bank), the thousand-franc notes now account for 60 per cent of total value of all Swiss banknotes in circulation, up from about 50 per cent a year ago.


One thousand-franc banknote means or equals Rs 60,000 in Indian Rupees.

1 single note of 1000 Frank = Indian Rs.60,000

The total overseas funds in Switzerland's banking system stood at 1.53 trillion Swiss francs (about Rs 90 trillion) at the end of 2011

Suggested Reading –

Reasons to Ban Currency Notes of Rs.500 and Rs 1000 in India
Effects of Ban on Currency notes of Rs. 500 and 1000.

http://realityviews.blogspot.in/2011/06/reasons-to-ban-currency-notes-of-rs500.html


Reality views by sm –

Monday, Monday, July 02, 2012

Tags – Black Money, Switzerland India


14 comments:

रविकर फैजाबादी July 02, 2012  

आई स्विट्जर लैंड से , नई नवेली आस ।

ब्लैक-मनी के लिए यह, मैया बेहद ख़ास ।



मैया बेहद ख़ास, रास बबलू को आये ।

कर लो पुन: सलाह, माल जैसे मन खाए ।



सेफ डिपोजिट बॉक्स, मिलेगा सबको भाई ।

काले धन से लाल, खबर क्या बढ़िया आई ।।

रविकर फैजाबादी July 02, 2012  

this link is here also-


http://dineshkidillagi.blogspot.in/2012/07/blog-post_02.html

Usha July 02, 2012  

sm, 1000 Frank single note = 60,000 Indian Rs. this is pretty compact to save crores of Rs but for that they will have to transfer that money out of India because it can not be physically taken. If they monitor wire transfers then this method of saving black money can be checked.

I don't know if there is any other method to pass on money to swiss banks.

Here wire tranferred money to India is watched and day by day rules are getting strict, undisclosed funds are getting higher penalties.Any NRI holds more than 10,000 $ in India has to report it to treasury (FBAR filing)...recently another filing was added for those who hold above 50k (Form 8938). Most of the people are not aware but with in few years this will get more strict.
It is difficult to report each and every account including life insurance policies from india so many are closing accounts. We have to pay tax on interest earned in Indian investment.

India can have similar income reporting guidelines.

Matt July 02, 2012  

WOW Rs 90 trillion. Crazy

Destination Infinity July 02, 2012  

I guess anyone can keep expensive items like diamonds etc. in safe deposit boxes at banks in India too. But what are these people going to do with so much money anyway? If they do nothing with it, keeping them anywhere is a waste. Instead of that, they can pay taxes and use the remaining money for their pleasure in India.

Destination Infinity

SM July 02, 2012  

@Usha

thanks.
everything is possible but why a thief will make such rules and laws.

रविकर फैजाबादी July 03, 2012  

उत्कृष्ट प्रस्तुति ।।

इस प्रविष्टी की चर्चा बुधवार के चर्चा मंच पर भी होगी !

सूचनार्थ!

Letterboxes August 30, 2012  

Although there is no standard list of things that must be kept in a safety deposit box, there are many items that could benefit from deposit protection. These include birth, death, and marriage certificates, last wills and testaments, Social Security cards, professional licenses, property and vehicle deeds, health records, and insurance paperwork.