Too many senior politicians maintain secret accounts in tax havens overseas
Quoting the Swiss Banking Association report of 2006-07, which placed India at the top of five countries - including Russia, Britain, Ukraine and China - Reddy said, "if equally distributed, each Indian will get 100,000 rupees [2,000 dollars]."
For Indian depositors the most popular tax haven is Switzerland. Some 80,000 people travel to that country from India each year. "Typically, money is moved through the ‘hawala’ system [informal banking channels] by deft accounting