What's new

India starts getting banking info from Switzerland

Lankan Ranger

ELITE MEMBER
Aug 9, 2009
12,550
0
7,961
India starts getting banking info from Switzerland

The finance ministry on Tuesday said it has started receiving banking and tax-related information from Switzerland following revision of a tax treaty, a development that will help India in combating the black money menace and bring back funds stashed abroad.

"We are getting information from Switzerland...they will also provide information regarding tax-evasion cases," a senior finance ministry official said.

India and Switzerland had signed a protocol in August last year seeking to revise the Double Tax Avoidance Agreement (DTAA).

The European nation, the official said, has communicated to India that all legal requirements and procedures for giving affect to the protocol had been completed.

Geneva has also communicated to New Delhi, "The protocol comes into affect from October 7, 2011 and now it would be possible for India to obtain banking information in special cases from Switzerland commencing from April 1, 2011".

On a query whether Swiss authorities would provide more information on 700 bank accounts allegedly held by Indians in HSBC Bank, Geneva, Swiss Ambassador to India Philippe had said on Monday that his Government would respond to all legitimate requests by India.

As per the treaty, both the governments are entitled to release data in cases which has been defined in the treaty, the Ambassador had said.

Currently, the Indian government is looking into looking into details of Swiss bank accounts provided by French authorities.

As per a Swiss National Bank data, Indians held Rs 9,295 crore in 2010 in banks of Switzerland.

India has been trying to combat the menace of black money and bring back the illegal funds stashed abroad.

Besides taking various steps at home, India has been negotiating and re-negotiating tax treaties with several countries and tax havens.

It has also taken up the issue of tax havens at international fora like G-20 and persuaded the world leaders to take up its concern globally.

India starts getting banking info from Switzerland - Hindustan Times
 
It is imperative not only for India or pakistan but for all developing countries where few advantaged ones accumulate huge wealth which would have been in exchequer's account...

Nevertheless, it is a very important development.
 
Great news, this is sure to have BIG implications. If even a fraction of the Indian money is retrieved it will represent a significant amount of money that can be used for the good of all and not just a select few.


Although undoubtedly to be underreported but still one of the biggest news stories for India this year.
 
Geneva has also communicated to New Delhi, "The protocol comes into affect from October 7, 2011 and now it would be possible for India to obtain banking information in special cases from Switzerland commencing from April 1, 2011".

From april 1?? wat abt money stashed before that??
 
It's too early to say whether it will bring any back money ...it may just be an eye wash by GOI, considering the way Anna and people of India have taken stance against Congress.
 
It will not make an iota of difference if the data is not utilized. I mean what will the PM do if Sonia and 99% of other Congress party leader's names in there?? I remember some where Sonia Gandhi saying that Indians should forget about getting back the money from abroad and she is 100% right. I don't think this money is lying in bags in some cold dungeon in Swiss Alps, it is there in the world economic system funding various things and to track it and get it back from various places isn't just "easy" an understatement.
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Pakistan Defence Latest Posts

Back
Top Bottom