🏦 Swiss Bank “Secrecy Law” • In 1934, the Swiss Banking Law
🏦 Swiss Bank “Secrecy Law”
• In 1934, the Swiss Banking Law was passed, which gave customers the right to financial privacy.
• This law was originally created to:
• Protect Jewish assets from the Nazis, and
• Help politically persecuted individuals keep their money safe.
However, over time, these rules were also misused for tax evasion and hiding black money.
✅ There was no control or role of any “king” in this law or system.
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👑 2. Did Indian or foreign kings/royals have money in Swiss banks?
✔️ It is possible:
• Before and after India’s independence, some kings, royals, or major political leaders may have deposited money in Swiss banks — especially when banking secrecy was very strong.
• This topic has often come up in political debates, suggesting that:
• “Rajas, politicians, and industrialists” used Swiss bank accounts to hide their wealth.
However:
❌ There is no official public record confirming how much money any specific “king” or royal figure kept in Swiss banks.
🌐Where is black money hidden nowadays?
Place / Method
Cyprus, Curaçao, Panama
Description
Money is transferred by creating offshore companies.
Cayman Islands, British Virgin Islands
Use of Shell Companies in tax haven countries to hide wealth.
Singapore, Dubai, Mauritius
Sending money abroad under the name of foreign investment.
Gold, Jewelry, Real Estate
Converting cash into physical assets to hide unaccounted money.
Hawala Network
Sending money abroad without using formal banking systems (illegal route).
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