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Swizzzzzzzz bank

CA Priya (CS Final) (1049 Points)

04 October 2010

Hey buddies....................

Why people keep money in swizzzzzzz bank??????? I have this doubt for a long time........ Pls clarify

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9 Replies

ViveK (.) (312 Points)
Replied 04 October 2010

because banks in Switzerland are not governed by international laws

they are governed by swiss banking act (1934) which protect the privacy of of its customers, they have right to not to disclose any information about there clients and moreover there accounts are numbered(no names) so its difficult for an ordinary bank employee to know anything about the owner of the account

there are some other reasons also but mainly these two

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(Guest)

To most people having a Swiss Bank Account is something for the super rich, crooks, dishonest government officials or just a good way of "hiding away one's ill-gotten gains." That's nothing but fiction and a common plot used over and over again in a lot of Hollywood's B movies.

There's nothing illegal or "fishy" about wanting, or having a Swiss bank account. The truth is Swiss banks welcome accounts from foreign residents all over the world - especially the "West," and a vast number of average Americans have accounts all over Switzerland.

The main reason for wanting a Swiss bank account has to deal with the legendary privacy such an account provides. The Swiss have some of the tightest regulations in the entire world as far as who can gain access to your account. If you're looking for a way to "protect' assets from snoopy investigators, a Swiss account can be the ideal place.

Harpreet (* * * * * *) (1670 Points)
Replied 04 October 2010

I dont know about that specific reason to open an account in swiss bank. Thanx 4 sharing dear all.

venkatraman shrinivas (Tax consultant/Tax Advocate In Practice.) (313 Points)
Replied 04 October 2010

Swiss Banks enjoy an unique protocol which vest with them a right not ti disclose the holdings of any depositor. It is for this purpose, many clandestine deposits by politicians as also black money holders dump their money, so that they can never be identified. Recently the Government of India has entered into a protocol/agreement with the Swiss Government by which they have agreed in principle to disclose guarded secrets, that are specifically requisitioned by the Indian Government. The Income-tax department has also been geared up with positioning of some senior executives at Swiss to elicit direct information and it is hoped that some light would be of the ground about black money holders who had dumped money with the Swiss Banks.

O.D.SHARMA (DGM-F & A) (1734 Points)
Replied 04 October 2010

These are the best accounts to hide your unexplained/Unaccounted cash balances.safe place to have money without questions.

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obeid (learner) (292 Points)
Replied 05 October 2010

How can one open an account in swiss bank?

Abhimanyu Bind (CA Final Student & Audit Assitant) (2051 Points)
Replied 06 October 2010

Well, agree with all replies given above. Thanks...but everyone knows the fact that this act of swiss bank is giving rise to corruption in the country like India (already over corrupted). So, govt. must show willing power to stop all these things.

venkatraman shrinivas (Tax consultant/Tax Advocate In Practice.) (313 Points)
Replied 06 October 2010

For this purpose the legislators whom we elect should have a minimum educatgonal qualification. No person of any criminal back ground (now predominently a sizable persons wielding power are having trhis back ground) While we need skill and good academic as also track record for any position be it government or private, for a legislator we need no qualification. Only muscle power and money does matter. In this back ground how do you look for a fair enactment of law and more so its administration. Corruption galore all through.It is difficult to wade through.