Latest Post :

SWISS BANK

Written By Admin on Wednesday, 27 June 2012 | Wednesday, June 27, 2012

Swiss Bank Corporation traces its history to 1854. In that year, six private banking firms in Basel, Switzerland, pooled their resources to form the Bankverein, a consortium that acted as an underwriting syndicate for its member banks. Among the original member banks were Bischoff zu St Alban, Ehinger & Cie., J. Merian-Forcart, Passavant & Cie., J. Riggenbach and von Speyr & Cie. The establishment of joint-stock banks in Switzerland such as Swiss Bank's earliest predecessors (often structured as a Swiss Verein) was driven by the industrialization of the country and the construction of railroads in the mid-19th century.

The Basler Bankverein was formally organized in 1872 in Basel, replacing the original Bankverein consortium. Basler Bankverein was founded with an initial commitment of 30 million CHF, of which 6 million of initial share capital was paid in. Among the Bankverein's early backers was the Bank in Winterthur, one of the early predecessors of the Union Bank of Switzerland. The bank experienced initial growing pains after heavy losses in Germany caused the bank to suspend its dividend in favor of a loss reserve. By 1879, Basler Bankverein has accumulated enough capital to resume dividends, initially at an 8% annual rate and then increasing to 10% in 1880.

Basler Bankverein later combined with Zürcher Bankverein in 1895 to become the Basler & Zürcher Bankverein. The next year, Basler Depositenbank and Schweizerische Unionbank were acquired. After the take-over of the Basler Depositenbank, the bank changes its name to Schweizerischer Bankverein (Swiss Bank). The English name of the bank was changed to Swiss Bank Corporation in 1917.

Black money in Swiss banks
-------------------------------------------------------------------------
While official numbers are not available, Swiss banking officials have said that the largest depositors of illegal foreign money in Switzerland are Indian.

In August 2010, the government revised the Double Taxation Avoidance Agreement to provide means for investigations of black money in Swiss banks. This revision, expected to become active by January 2012, will allow the government to make inquiries of Swiss banks in cases where they have specific information about possible black money being stored in Switzerland.

In 2011, the Indian government received the names of 782 Indians who had black money saved in HSBC. As of December, 2011, the Finance Ministry has refused to reveal the names, though they did confirm that no current MPs are on the list. In response to demands from the Bharatiya Janata Party (BJP) opposition party for the release of the information, the government announced on 15 December that, while it would not publish the names, it would publish a white paper about the HSBC information.

In February 2012, Central Bureau of Investigation (CBI) director A P Singh speaking at the inauguration of first Interpol global programme on anti-corruption and asset recovery said: "It is estimated that around 500 billion dollars of illegal money belonging to Indians is deposited in tax havens abroad. Largest depositors in Swiss Banks are also reported to be Indians". In a hint at scams involving ministers, Singh said: "I am prompted to recall a famous verse from ancient Indian scriptures. In other words, if the King is immoral so would be his subjects"

The Ministery of Finance through the Central Board of Direct Taxes released a White Paper on Black Money in May 2012 giving the Income Tax Department increased powers..


JOIN US AT http://www.facebook.com/YourKnowledgeportal

Share this article :

0 comments :

Speak up your mind

Tell us what you're thinking... !

2500 + Subscribers

Get Toolbar

Get our toolbar!

Read article on Android Phone

Share your file

Forum

Get updates on Facebook

Popular Posts

 
Support : Creating Website | Johny Template | Mas Template
Copyright © 2011-2013. YourKnowledgeportal - All Rights Reserved
Original Design by Creating Website Modified by Adiknya
Blogger Widgets