The Hindu Business Line : Secrecy of Swiss banks

One does not know for sure because the motive for keeping something secret must be equally secretive, isn't it? Presumably its origin could have been the desire to attract deposits without bothering too much about the colour of the money.

Switzerland has all along been a prosperous country, the banking capital of the world flush with foreign currencies.

It has never faced a foreign exchange crisis like India and others. Of course, the intention might not have been to protect crooks and swindlers.

But that always happens when one looks askance at the source of the money pouring in.

Much the same happens in India which, in its anxiety to attract more and more FII, does not clampdown on the opaque Participatory Note (PN) mechanism which allegedly camouflages not only the Indian black money stashed away abroad but also offers itself as a convenient tool for generating funds for terrorism and other nefarious activities.

S. MURLIDHARAN

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