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.
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.
Reality views by sm –
Monday, Monday, July 02, 2012
Tags – Black Money, Switzerland India