Need to temper expectations
Fresh revelations about the existence of a list of 1,195 Indians with accounts in a bank in Switzerland, estimated to contain funds to the tune of Rs.25,420 crore, has escalated the pressure on the government to make renewed efforts to trace unaccounted money stashed away abroad. In the public imagination, the archetypal holder of a Swiss bank account is the businessman who parks money in a jurisdiction famed for its banking secrecy, or the political leader hiding corruption-tainted cash. It is not known how many of those >named in the fresh list of offshore accounts said to be held by Indian nationals in HSBC’s banking arm in Switzerland fall under either of these categories. The need, as pointed out rightly by Finance Minister Arun Jaitley, is not for names, but hard evidence to show that these accounts held black money.
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