India has joined global efforts to combat global tax evasion.
The finance ministry on Sunday highlighted its achievements during the past six months, including the Jan-Dhan Yojana, Varishtha Pension Bima Yojana, and actions taken to curb black money.
He said this in Parliament rebutting reports last month, which quoted the Swiss National Bank, the country's central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017.
Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 per cent in India
In touch with the Swiss government under the DTAA mandate
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth
Identity of 427 account holders abroad has been established and 250 of them have admitted to having accounts, Finance Minister Arun Jaitley revealed on Wednesday.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
Compliance window for those with undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty
Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities.
These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.
Modi said his government is committed to ensuring probity among public servants.
The government has stated that it will make all efforts to bring back illicit wealth parked by its citizens in foreign jurisdictions.
635 declarations of illegal wealth were made in the 3-month compliance window.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
Switzerland has been making efforts to strengthen its bilateral cooperation with India .
Acknowledging that effective taxation of mobile income is a key challenge, G20 leaders including Prime Minister Manmohan Singh on Friday vowed to take steps to change rules to tackle tax avoidance, harmful practices and aggressive tax planning.
Finance minister Arun Jaitley had recently sent a delegation to Switzerland and the members had returned with some positive movement.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
Finance Minister Arun Jaitley on Friday said Switzerland has agreed to share information on Indians having illicit money in Swiss banks on independent evidence provided in each case to the Alpine nation.
The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) -- the lowest ever since the European nation began making the data public in 1987.
This route accounts for Rs 2.75 lakh crore of FPI holdings.
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
To combat terror financing, India and the US committed to work together to check illicit money transfers.
Modi on Saturday embarked on a five-nation visit to Afghanistan, Qatar, Switzerland, the US and Mexico focus of which will be to enhance India's engagement in areas of trade, energy and security, besides pushing for its membership of the Nuclear Suppliers Group.
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
India on Monday got the backing of Switzerland in its bid to become a member of the Nuclear Suppliers Group.
Modi is likely to seek support of Switzerland and Mexico for India's membership of the 48-member Nuclear Suppliers Group as both these countries are key members of the elite group. The issue is likely to figure during Modi's meeting with Obama in Washington.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
As probe into suspected black money stashed abroad by Indians gathers steam, banks in Switzerland are running from pillar to post to safeguard their interest.
Rejecting the charge that the National Democratic Alliance has done a U-turn on disclosure of names of black money holders, Finance Minister Arun Jaitley has said the government will not be pushed into an act of adventurism and jeopardise the chances of getting cooperation of other countries in future.
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
Meeting the disclosure norms isn't very easy.
Indian economy about to take-off
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