Black Money or Illegal money stashed by politicians and other businessmen in Swiss Banks has been a controversial issue for many decades. While Indian people demand the money be brought back and punish the culprits, swiss banks for long has been evading Indian requests saying they cannot breach on the privacy of their clients.
However mounting international pressure and feeble Indian official requests getting stronger, Switzerland Government decided to make some changes and provide details of illegal account holders. With even Supreme Court in India acting tough on blackmoney issue, Indian Government is trying its best to get the details from Swiss banks.
Even as news of former Union Minister and son of a former Union Minister’s name in the list provided by Swiss Banks is creating sensation, leading swiss banks are trying to distance themselves from suspicious Indian clients who twisted rules to transfer money in their accounts. Swiss Banks are trying to stay away from any future embarrassment.