In recent days, black money and note ban is the hottest topic of discussion in India. Everyone is talking about the PM Modi’s big step towards black money and corrupt people of India. In this big tension of note ban , Switzerland gives a good news for Indian government. Good news is that Switzerland will give the information about the Indian people who have accounts in Swiss bank. So this good news may be bad news for corrupt peoples and black money holders.
Some reports claim that 1.06 trillion US dollars are held illegally in Switzerland which is a big amount. Switzerland agreed on Tuesday for automatic sharing of information of Indian accounts in Swiss bank. It is a move that could boost government’s fight against black money.
In the agreement, it was stated clearly that the information about accounts prior to September 2018 will not be shared and first exchange of information will be held in October 2019. Switzerland agreed to share the information from October 2019 which will contain the financial information of Indian residents who has accounts in Swiss bank. The Income Tax Department of India will receive information about this from Switzerland on automatic basis.
It is a little bit late but a very good news for India. Black money vendors need to be afraid from this decision. After many efforsts of Indian government finally Switzerland agreed for this.
Impacts on Indian Economy if Black money brought back to India
- Indian currency Rupee will go on upstairs compared to dollar/euro/pond because the value of any currency is decided according to demand of the currency.
- Indian GDP will rise very high
- Better public facility will be provided like there will be more airports, fast railway lines, electricity in every village etc.
- Thousands of new schools and hundreds of central universities may be made
- The interest on loans will become very less
- Over all the growth rate of the country will become very high
Black money is the biggest insect which is eating our country from past years and we should support our government to fight for this issue.
“Make India Golden Bird Again“