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1:00 pm - Saturday November 1, 2014

India to get Swiss bank detail

22moneyAgencies, New Delhi
India’s efforts to crackdown on black money stashed abroad on Sunday got a major boost with Switzerland readying a list of Indians suspected to have un-taxed money in Swiss banks, while Special Investigation Team constituted by Indian government promised action if any illegality is found.

The names of certain Indian individuals and entities came under the scanner of the Swiss authorities during an ongoing exercise to identify the real beneficiary owners of funds held in various banks operating in Switzerland, a senior Swiss government official told a news agency.
The list of such persons and entities is being shared with India, while further details would also be provided in due course and all necessary administrative assistance would be made available as well, he said.
Reacting to the development, Justice M B Shah, who is heading the SIT on black money in India, said that the list would be verified and action would be taken against those found to have kept unaccountable money. The Swiss government official refused to divulge the identity of the concerned entities as also the quantum of funds involved, citing the confidentiality clause of the information exchange framework between India and Switzerland.

He, however, said that they are suspected to have held untaxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based out of countries other than India.

Posted in: Featured, Nation, World

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