Swiss issue over Bank Accounts

When my son returned from school, he was pretty upset. Sensitive issues were conveniently dropped in my lap on the argument of it being a ‘man to man’ resolvable issue although his age was still in single digit. After delicate probing it transpired that all his classmates who until that day respected him were now making fun of him and it seems I was the cause. I mused, I had ensured his school was not for the elite  where the cars would have been in the unaffordable range for me. Now what did I do or not do to reflect on the social standing for my son? He made it stark clear in a direct way only children can. ‘I told my friends you have banks as clients and so you can open accounts in many many Banks.’ He was right. Being a consultant to Banks, I used to open business accounts in those Banks to get my fees fast by direct transfer. ‘You have accounts in Nationalised Banks, Private sector Banks and even co-operative Banks but not a single one in a Swiss Bank like some other Indian Uncles.’ he cried. I did not imagine that this sociopolitical issue would result in a prestige issue.

‘Son, did you realize that the Swiss account holders mentioned in the news are those with black money? I am a grandson of a Judge so law abiding actions are automatic for us.’ I did not tire him with the concept of Tax Deducted at Source (TDS) which ensured I followed the law. ‘Tell your clients to give you money soiled in coal so you too have black money’ came the innocent reply. I could not help but smile but felt sad that now having black money was an important social status than any other legitimate one like social leader or even sacrifice for the country.

‘Are Swiss Banks only for those who do not follow the law?’ he asked. Given the kind of publicity and their penchant of secrecy, more law offenders were their account holders but the Banks were genuine Banks is what I told him. I brought him uptodate that the policy change of secrecy is what resulted in the names of account holders being released. ‘If the amount is brought into India then will the flight of deposits of the Bank upset the balance of the Bank and make it sick?’ he asked in genuine concern. I replied, ‘Possibly’ as I imagined the Bank Chairman of a Swiss Bank trying hard to convince his authorities that he or rather his Bank was healthy. Perhaps in the history of the country a Bank may have to put up with this kind of test. I wonder what it may do to their currency later.

‘So, when are you opening an account in the Swiss Bank?’ he did not let go. ‘Why don’t I get you a Swiss chocolate instead and you drop the topic?’ I tried to bribe his silence. Once he said Okay, I jumped to get out of the door for the chocolate. As I reached for the door, he said, ‘Err Dad, can you get 40 pieces?’ I was aghast.’ 40 pieces will make you sick’. ‘Not for me Dad, for the whole class. I can tell you went to open an account and the Bank gave you chocolates as account opening gift and they will all keep quiet.’