Know why people deposit their money in Swiss bank
In the year 2017, there was an increase of 50 percent in Swiss bank deposits. This figure has been released by the Swiss bank on behalf of the National Bank. According to the bank, there was a decline in the money deposited by Indians for three consecutive years, but growth has increased in 2017. This amount has become 101 million francs (about 7000 crore rupees). In such a situation, it must have raised the question that why people deposit black money in the Swiss bank.
First of all, make it clear that the number of banks in Switzerland are called Swiss banks. Switzerland is known as Tax Haven. That’s because you have to pay as much money as you would like to get paid as a modest tax. Also, in every country like Switzerland, the Bank Secretary Law (Privacy Law) applies. But the law here is slightly different.
Under the Swiss Banking Act (1934), the bank does not disclose the information of its account holders without their permission. Not only this, if the account holder is involved in financial irregularities in his country and there is no such case on him in Switzerland, then you will be surprised to know that from the police to the court, the bank can not ask for any information about his client from the bank.
The banker becomes leak when leaking the account information.
If the Swiss banker leaks information on any account, it can be a fine of up to 50,000 francs (about 34 lakh rupees) in addition to a six-month imprisonment. For information, let us know that according to Section 47 of the bank’s privacy law, employees, officers, banking-related entities, agents, auditors, and self-government bank employees and employees of every bank in Switzerland also maintain confidentiality. Are bound to
BY:- Abhishek Bajpai