The
unearthing of capital flight of "black" money Indians have
allegedly stashed away in Swiss banks could add USD 30 billion to the
country's forex reserves, says a Bank of America Merrill Lynch
report. According to the global financial services major, though
there would not be any immediate forex impact given the legal issues
involved, it could add USD 30-35 billion to the forex reserves over
time. BofA-ML has worked with an estimate of capital flight of about
USD 200 billion based on a recent research study. According to the
study, Raghbendra Jha and Duc Nguyen Truong, of Australian National
University, estimated total capital flight of more than USD 186
billion during 1998-2012. "If even half of this is unearthed, it
could add USD 30-35 billion (three to four months of current import
cover) to forex reserves over time," BofA-ML said in a research
note today. The Centre today placed a list of names of 627 Indian
account holders in HSBC bank, Geneva in black money case before the
Supreme Court which asked SIT to go through the list and take
appropriate action in accordance with law. A bench headed by Chief
Justice H L Dattu did not open the sealed envelope containing the
names placed by the Centre and said that it would be opened only by
the Chairman and Vice-Chairman of the Supreme Court-appointed Special
Investigation Team (SIT). It asked the SIT to submit status report of
its probe by November-end. Placing the documents before the bench,
Attorney General Mukul Rohatgi said details of account holders are of
year 2006 which were supplied by the French government to the Centre
in 2011. The report further noted that rupee is expected to hold Rs
58-62/USD and BofA-ML's Asia forex strategist, Adarsh Sinha,
forecasts INR to be at Rs 61/USD in December.
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