A parliamentary committee has instructed the government to investigate black money reportedly stashed away by Nepalis in a Swiss bank. It is known that 8 Nepalis people have bank account with swiss bank worth of $ 54 Million. Most likely the amount of Nepali money stashed away in Swiss banks has increased.
While Nepali youths are scrambling for jobs in the Gulf countries, it has been revealed that 54 million US dollars has been found stashed away on the accounts of Nepali people at the private HSBC bank of Switzerland.
The accounts bear 54 million US dollars. However, the information leaked to the renowned media has not mentioned the names of the Nepali account holders.
The list which had been leaked in 2007 featured as many as 100,000 people.
Nepalis’ money in Swiss banks had declined in 2013. Deposits of Nepalis in Swiss banks stood at 84.85 million Swiss francs (Rs 9.15 billion) in 2013, down from 125.95 million Swiss francs (Rs 13.58 billion) in 2012, according to “Banks of Switzerland 2013” report published by the Swiss National Bank (SNB).
Money earned from corruption, and commissions received for being agents of big infrastructure projects and aircraft purchase deals are deposited in offshore accounts, bankers say, adding political leaders and bureaucrats who become a party of profits from such deals also park their money in tax heavens.
As Nepali commercial banks do not usually put their foreign currency holdings Swiss banks, bankers say affluent Nepalis mu-st have parked their funds there. They said the money in offshore accounts is largely kickbacks politicians receive for large deals.
Bankers said there is also a trend of siphoning money out by under-invoicing exports. “For example, traders under-evaluate exports and receive extra money in foreign currency abroad, which is one means of capital
