If I have an illegal Swiss bank account, what should I be doing?

If I have an illegal Swiss bank account, what should I be doing?
Considering that there is an anti-corruption wave in India (among people), can I bring my money bank and deposit  it in a bank here?

Answer by Mridul Aggarwal:

The only difference between black money and white money is that taxes have been paid for white money.

All you need to do to make that money legal is pay the taxes for the money you have there and then you can use it normally in the market.

The problem is that since, according to the government, you don't have any money in swiss banks, you can't just transfer it to your bank. You have to show it to the government as a transaction. In other words, it would be some money you earned due to some sale/purchase of assets or some business. These are similar practices which some people used when stashing that money away. It depends on you, how you declare that income to the government. You probably already have some info on this. I'm not going into details.

Once you have declared the money as your income and have paid all the taxes, then that money is yours to use. But make sure you know what you are doing. Since you have illegal money, people want to put you in jail for that. Even when you are trying to bring that money back, it's not always a strictly legal thing to do. Specially, if the amounts are extremely high.

Note- It's very easy to use black money in India. Not just easy to use, it's kind of a requirement to have at least some amount of black money for every individual in India. You can't do much without it. As a result, there are many individuals who have a decent amount of white money but don't have a good income source for black money. They are always looking for a nice exchange and save some taxes. Get in touch with someone like that, and your process is smooth.
There are also many other ways you can use for conversion. I won't go into the details.

If I have an illegal Swiss bank account, what should I be doing?

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