axisofevil
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Oh I didn't know that. But is there a possibility of circumventing this? There must be....or why else would they allow for this to come in this route if it cant easily be looked into?
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Black money from Switzerland coming back to India in the form of gold? 2 billion in June
- Thread starter illusion8
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Oh I didn't know that. But is there a possibility of circumventing this? There must be....or why else would they allow for this to come in this route if it cant easily be looked into?
illusion8
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Not the legally imported gold which this one is.
axisofevil
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Oh I see. So any corrupt individual parking money overseas is laundering the cash (making it black to white) and bringing back to India so it becomes legal?
illusion8
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The Swiss are making it easier by relaxing the norms of gold purchase - they are not bothered by who buys them or the legal aspects of it, the banks that import it for said customer will do the paper work - which I suspect has been relaxed on our end as well to facilitate money to be brought back.
Mauritius for e.g. acts as conduit for global FDI flow into India, now Mauritius laws are lax when it comes to who utilizes their service - while we are happy with our own money coming back.
Yes, just like the myriad investment firms and the one's in Mauritius for example. There is some look away policy adopted but then every country indulges in such.
axisofevil
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Makaramarma
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At least the money is coming back to India.
Gold is an unproductive form of the money but hopefully it will start circulating in India in the next few years. I suspect most buy's are going to be land. Expect land prices in India to shoot up further.
Gold is an unproductive form of the money but hopefully it will start circulating in India in the next few years. I suspect most buy's are going to be land. Expect land prices in India to shoot up further.
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anant_s
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Exactly, tax havens like Liechtenstein, Cayman islands etc too must be having a huge money stashed. But important thing is that (if report is true), some money has started its journey back to country.
Iggy
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Plus it will create some jobs too because most of the black money will be invested in business for laundering..
illusion8
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NEW DELHI/BERNE: As banks in Switzerland come under greater black money scrutiny, the quantum of gold having left Swiss shores for India so far this year has reached a record high level of over 11 billion Swiss francs (about Rs 70,000 crore).
As a result, the total Swiss gold exports to India since January this year has grown to 11.4 billion Swiss francs, shows the data compiled by the Swiss government's cross-border trade monitoring agency.
A number of Swiss banks, including three with significant global presence, have begun telling their Indian clients to sign undertakings that are aimed at 'derisking' the banking institutions from potential risks arising out of regulatory actions against the bank customers by foreign governments
Through these 'derisking' undertakings, the customer agrees to take responsibility for any possible regulatory or administrative compliance with international norms.
At the same time, the bankers are also lobbying with the Swiss government to ensure that any information would be shared with their Indian counterpart about accounts held in Swiss banks only after necessary provisions are made to safeguard the interest of the concerned banking institution.
A new strategy of 'layering' through gold and diamond trade came to light earlier this year at Swiss banks to thwart any attempt for identification of real beneficiary owners of funds entrusted with them, government and banking sources have said.
Swiss gold exports to India cross CHF 11-billion; banks turn wary - The Economic Times
@seiko , @Bang Galore, @levina, @axisofevil - black money coming back in billions.
As a result, the total Swiss gold exports to India since January this year has grown to 11.4 billion Swiss francs, shows the data compiled by the Swiss government's cross-border trade monitoring agency.
A number of Swiss banks, including three with significant global presence, have begun telling their Indian clients to sign undertakings that are aimed at 'derisking' the banking institutions from potential risks arising out of regulatory actions against the bank customers by foreign governments
Through these 'derisking' undertakings, the customer agrees to take responsibility for any possible regulatory or administrative compliance with international norms.
At the same time, the bankers are also lobbying with the Swiss government to ensure that any information would be shared with their Indian counterpart about accounts held in Swiss banks only after necessary provisions are made to safeguard the interest of the concerned banking institution.
A new strategy of 'layering' through gold and diamond trade came to light earlier this year at Swiss banks to thwart any attempt for identification of real beneficiary owners of funds entrusted with them, government and banking sources have said.
Swiss gold exports to India cross CHF 11-billion; banks turn wary - The Economic Times
@seiko , @Bang Galore, @levina, @axisofevil - black money coming back in billions.
illusion8
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A third of HSBC black money list isn't verified yet, 136 confirmed begin to pay fines.
Only about a fifth of the individuals or entities named in the so-called HSBC black money list on India of alleged foreign account holders have acknowledged their ownership of the accounts. These individuals or entities — 136 in number — have either paid, or are in the process of paying, penalties for concealing incomes.
The HSBC black money list contains names and holdings of individuals or entities with accounts in the Geneva branch of HSBC's Swiss subsidiary HSBC Private Bank. The information was stolen from the bank by a former employee on a particular day in 2006. The list was given to India by France in June 2011.
According to documents accessed by The Indian Express, the HSBC list contains names of 628 Indian individuals or entities. The Income Tax Department has so far found matches between names and addresses in 418 cases. In 282 of these cases, however, either the account number or the balance in the account is not available.
In general, the list contains four sets of information: name, address, account number and balance.
Of the 136 individuals or entities who have acknowledged the accounts, many have pleaded that they were not aware of their existence, but would pay the tax and penalty due, senior I-T officers involved in the investigation said. Many of these 136 accounts show zero balance.
The addresses against 12 of the 418 names in the list belong to Kolkata. However, only six have confirmed that the account belongs to them.
The highest amount in the list is $ 18 million, allegedly belonging to two top industrialists.
The most common surnames on the list are Mehta and Patel.
French authorities had secured the list from software technologist Hervé Falciani, who has been collaborating with several European countries tracking suspected tax evaders with accounts in Swiss banks. The list contains alleged account data on the date Falciani procured them.
The Indian Express was the first to report in August 2011 that the French had handed over to India the list of HSBC account holders of Indian origin. The government is in the process of sending a list of 50 names from the 136 to Swiss authorities to confirm the authenticity of the information.
Black money in India: HSBC list has 628 names, top amount $18 mn - Financial Express
Only about a fifth of the individuals or entities named in the so-called HSBC black money list on India of alleged foreign account holders have acknowledged their ownership of the accounts. These individuals or entities — 136 in number — have either paid, or are in the process of paying, penalties for concealing incomes.
The HSBC black money list contains names and holdings of individuals or entities with accounts in the Geneva branch of HSBC's Swiss subsidiary HSBC Private Bank. The information was stolen from the bank by a former employee on a particular day in 2006. The list was given to India by France in June 2011.
According to documents accessed by The Indian Express, the HSBC list contains names of 628 Indian individuals or entities. The Income Tax Department has so far found matches between names and addresses in 418 cases. In 282 of these cases, however, either the account number or the balance in the account is not available.
In general, the list contains four sets of information: name, address, account number and balance.
Of the 136 individuals or entities who have acknowledged the accounts, many have pleaded that they were not aware of their existence, but would pay the tax and penalty due, senior I-T officers involved in the investigation said. Many of these 136 accounts show zero balance.
The addresses against 12 of the 418 names in the list belong to Kolkata. However, only six have confirmed that the account belongs to them.
The highest amount in the list is $ 18 million, allegedly belonging to two top industrialists.
The most common surnames on the list are Mehta and Patel.
French authorities had secured the list from software technologist Hervé Falciani, who has been collaborating with several European countries tracking suspected tax evaders with accounts in Swiss banks. The list contains alleged account data on the date Falciani procured them.
The Indian Express was the first to report in August 2011 that the French had handed over to India the list of HSBC account holders of Indian origin. The government is in the process of sending a list of 50 names from the 136 to Swiss authorities to confirm the authenticity of the information.
Black money in India: HSBC list has 628 names, top amount $18 mn - Financial Express
illusion8
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It's a money laundering process - meant to obscure the source of funds, money after being electronically transferred gets invested in various investments - in this case, purchase of gold and silver and is then exported back to India through legal channels making it legitimate investments.
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when name in the list will be open ???
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