How do I send money to someone in Swiss bank?

You can choose to make your Swiss money transfer in a number of different ways – in person at a branch, over the phone, via your bank’s website, or even using a mobile banking app. Sending the money electronically is the simplest way. The process is broadly similar to using online money transfer services.

Which bank in India is the sole agent of RBI?

The State Bank of India works as RBI’s agent at places where it has no office of its own.

How long does it take to transfer money from Switzerland to India?

How long does it take to send money from Switzerland to India? You should allow 1-4 working days for your money to arrive in India, though many transfers arrive more quickly.

How to bring back black money from abroad into India?

Gold imports through official channel and smuggling is a major conduit to bring back the black money from abroad and convert into local black money as the gold commands high demand among the rural investors particularly.

How much black money is deposited in foreign banks by Indians?

The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US$100.06 trillion is held illegally in Switzerland.

How is illegally acquired money routed back to India?

The unlawfully acquired money kept abroad is routed back to India by the round tripping processes. Round tripping involves getting the money out of one country, sending it to a place like Mauritius and then, dressed up to look like foreign capital, sending it back home to earn tax-favoured profits.

How do software companies bring black money into India?

Also, fictitious software exports can be booked by software companies to bring black money into India as tax exemptions are permitted to software companies. Unlike in earlier decades, the interest rates offered abroad in US currency is negligible and there is no capital appreciation if the money is parked abroad by the Indians.