It is not often that you find a mechanical engineer leading the private banking business of a foreign bank in India.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
Move will be a setback for India which wants information on black money probe based on leaked data
Some other tax authorities are looking at the allegations.
Swiss police in February searched HSBC offices in Geneva as part of its probe.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
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