India's flag-bearer for Paris Olympics, Achanta Sharath Kamal, on Wednesday recalled the most memorable moments from his five appearances at the Games so far.
Close on the heels of the alleged money laundering by farm owner Hasan Ali Khan through Switzerland-based bank UBS, Europe's biggest bank by assets, another Swiss bank, Credit Suisse, has come under scrutiny of the Enforcement Directorate (ED), which investigates foreign exchange violations.
Citing faster-than-expected recovery, rising consumer confidence and the resultant spending spike, Swiss brokerage UBS Securities has revised upwards its growth forecast for the current fiscal to 9.5 per cent from 8.9 per cent in September. The brokerage also sees the economy clipping at 7.7 per cent in FY23 but moderating to 6 per cent in FY24, as it expects the benefit of the low-interest rate regime to end by the end of FY23, and it sees the central bank hiking policy rates by 50 bps in the second half of the next fiscal. The Reserve Bank also forecasts 9.5 per cent GDP growth this fiscal while the average projection ranges from 8.5 to 10 per cent.
Swiss banking major UBS on Wednesday said it will slash its headcount by 8,700 employees globally and expects losses to the tune of two billion Swiss francs (about $1.75 billion) in the first quarter this year.
The India government asked the Swiss government to expedite the ratification of the Double Taxation Avoidance Agreement (DTAA) signed between the two countries in August 2010, but the Swiss Parliament will take time to ratify the tax treaty.
Swiss banking major Credit Suisse on Thursday said its chief executive Brady W Dougan received a whopping compensation of 19.2 million swiss francs ($17.9 million) last year, nearly seven times higher than his pay package in 2008.
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
Credit Suisse has seen more than 50 per cent fall in quarterly profit.
For the three months ended March 31, 2009, the company has losses to the tune of two billion Swiss francs whereas in the year-ago period, the same stood at 11.62 billion Swiss francs, the entity said in a statement on Tuesday.
Renegotiated tax treaty to relax banking secrecy laws.
India can get information on secret bank accounts from Swiss authorities for cases dating from January 2011, once the revised taxation treaty between the two countries is ratified by the Switzerland Parliament.
B Raman chalks out three possible outcomes if the trial against Pakistan Prime Minister Yusuf Raza, on the charge of contempt of court, goes ahead as expected
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
Defying a Supreme Court order, Pakistan government on Thursday said graft cases against President Asif Ali Zardari in Switzerland over alleged stashing of $ 60 million in banks there cannot be reopened and made it clear that the matter is closed.
A former Swiss banker on Monday handed over documents of 2,000 high net worth people from the United States, Britain and Asia to WikiLeaks that he claims would expose attempts by these business leaders and lawmakers to evade tax payments.
He claimed 50 per cent of the country's black money was going to BJP's coffers.
Authorities had written letters to Swiss Attorney General and other officials to reopen the corruption cases that were closed under a controversial graft amnesty issued by ex-military ruler Pervez Musharraf, National Accountability Bureau Chairman Naveed Ahsan's lawyer Abid Zubairi informed a seven-member bench headed by Chief Justice Iftikhar Chaudhry.
India and Switzerland on Monday signed the revised Double Taxation Avoidance Agreement, a move that will help the government seek details about illicit wealth allegedly stashed away by Indians in Swiss banks.
To curb the black money problem, Jaitley said that India would be entering into bilateral pacts with Switzerland and other countries for automatic exchange of tax information.
There have been concerns in India about limited flow of tax information from Switzerland about Indian citizens, who have allegedly stashed away unaccounted money in Swiss banks.
The negotiations are expected to take place in the wake of the issue of black money stashed away in Swiss banks.
The government of India took note about the money kept by the Indian tax eva-ders in Swiss Banks, which is estimated at around $462 billion.
Bowing to pressure from the Supreme Court, the Pakistan government on Wednesday said it has asked Switzerland to reopen graft cases against Asif Ali Zardari over alleged stashing of $60 million in Swiss banks.
Noted advocate and Bharatiya Janata Party member Ram Jethmalani on Thursday created a flutter in the Rajya Sabha when he made certain remarks against persons having money stashed away in Swiss banks.
Scores of activists of Arvind Kejriwal's India Against Corruption were on Saturday briefly detained by the police while staging a protest outside the family home of the Ambani brothers in Mumbai to demand a probe into alleged parking of black money by them in a Swiss bank.
India has been probing hundreds of black money cases.
High interest rates, minimal documentation and an unresponsive government are enough incentives for terror financiers and politicians to stash away their ill-gotten wealth to off-load their wealth to Mauritius. But does the world, especially India, realise the inherent dangers? Vicky Nanjappa reports
The worst could be over for the Indian economy, Swiss bank Credit Suisse said, after contending with many months of stubbornly high inflation and sluggish growth.
Arvind Kejriwal warned the media that "very big forces" would try and break the INDIA alliance by showing that there was a lot of acrimony among them.
Indians might be known for their hard work, but when it comes to their wages, they are paid nearly 20 times less than their counterparts in the developed nations like the United States and Switzerland.
Finance Minister Arun Jaitley who is in Davos to showcase India as an investment destination at the World Economic Forum (WEF), on Wednesday promised India has a "lot in the pipeline" for global investors even as he plans to take up with Switzerland the issue of black money stashed in banks there.
While UBS acted as master client for offshore firms, Sharecorp was a nominee of Indian beneficiaries.
This is in addition to earlier writedowns worth billions of dollars. Credit Sussie already slashed 1,800 jobs this year.
Uli Hoeness said on Friday he would accept a 3-1/2-year prison term for evading 27 million euros in taxes and resigned as president and chairman of Bayern Munich, the club he made into one of the world's most successful football dynasties.
Meeting planned with U.S. Attorney General in coming weeks
The Reserve Bank of India's (RBI) denial of permission to Swiss bank UBS to acquire Standard Chartered Asset Management Company has come as a blessing in disguise for Standard Chartered Bank.
India's global requests for obtaining classified tax information, in the face of a number of high-profile tax evasion and scam cases, has also seen a 59 per cent jump -- with a total of 646 requests -- as compared to a total of 386 similar letters during the 2011-12 fiscal.
The expos of Swiss bank account holders has rekindled a controversy regarding the amount of illegal money stashed abroad by Indians.
Among Sensex shares, Bajaj Finserv fell the most by 4.08 per cent. Bajaj Finance declined by 3.01 per cent, Tata Steel by 2.2 per cent, Wipro by 2.09 per cent, Tata Motors by 1.96 per cent, IndusInd Bank by 1.9 per cent, SBI by 1.75 per cent, Tech Mahindra by 1.66 per cent and HCL Tech by 1.2 per cent. TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&T, M&M, NTPC and Ultratech Cement were also among the losers.
Kejriwal had alleged Mukesh Ambani, Anil Ambani, Naresh Goyal and some members of Dabur Group's Burman family had secret accounts in HSBC.
