General News
Black money in Swiss banks; India makes a fresh request to get details
June 29, 2014 | By Sikh Siyasat Bureau
New Delhi, India (June 29, 2014): Facing criticism on the issue of black money in Swiss banks, the union government has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in Swiss banks.
A day ago, senior journalist Satpal Johal, in his report published in Ajit Newspaper (Punjabi) has claimed that the Switzerland Banks can’t reveal the names and details of account holders without court orders and directions by Switzerland government.
“Whose account’s details are sought, a ground of theft of income tax or related charges should be there and a Switzerland court must have ordered to reveal the details of that account holder”, added the report.
Quoting an official of finance ministry, India Today reported that the official said that the request letter has cited the existing bilateral treaties and global protocols applicable to the two countries for getting information about bank and other details of Indians holding untaxed funds or hidden wealth.
A spokesperson for Switzerland’s Secretariat for International Financial Matters (SIF) later said that Swiss authorities were in touch with Indian and “Switzerland looks forward to working together with the new government of the Republic of India in its fight against tax evasion.”
The Swiss government has been reluctant to share details about the Indians named in a so-called ‘HSBC list’, which was reportedly stolen by a bank employee and later found its way to tax authorities in various countries including India.
Despite repeated requests from India, including through at least four letters written by former finance minister P. Chidambaram, Switzerland has maintained that its local laws prohibit administrative assistance in matters where information has been sourced illegally, including through stolen lists.
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Related Topics: India, Indian State
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