The government of Switzerland would be ready to reveal the names and bank account details of Indians who have stashed away billions of dollars of black money in Swiss banks once the Indian Parliament ratifies the revised Double Taxation Avoidance Agreement that was recently signed between the two countries.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
The ministry also said that certain 'references' have been received on the black money issue but declined to make the information public since it will 'impede the process of investigation' as the case is being heard in the apex court.
Noting that tax evasion is not a criminal offence in Switzerland, a senior Swiss official has acknowledged differences with India on what can be made public about Indians having unaccounted money parked in Swiss banks.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
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Ambassador to India says there is a prescribed procedure in a treaty with India to get information on illegal stashes in Swiss bank accounts, which hasn't been used.
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The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021."
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The Open Quantum Institute, a joint initiative by GESDA and CERN, aims to ensure that quantum computing is accessible to all when it becomes widely available, fostering global collaboration and capacity building.
The Open Quantum Institute (OQI), a joint initiative by Geneva Science and Diplomacy Anticipator (GESDA) and CERN, aims to ensure equitable access to quantum computing when it becomes widely available, fostering international cooperation and addressing societal implications.
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
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Black money can take the form of a high-end property in Southeast Asia, a cruise ship floating on the Mediterranean or blue-chip shares held via an offshore fund manager.
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"India and Switzerland are in renegotiations to adapt the existing double taxation treaty. Once this revised double taxation treaty comes into force, it will be possible to exchange account details," Swiss Federal Tax Administration spokesman Beat Furrer said.
The business value of the league, popularly called the IPL, surged to a record $18.5 billion last year, U.S.-based investment bank Houlihan Lokey says.
Former Union law minister Ram Jethmalani on Thursday demanded setting up of a special investigation team to probe unaccounted money of Indians, estimated to the tune of $1500 billion, lying in Swiss and other foreign banks.
These companies are not registered with RBI or the Securities and Exchange Board of India, the key agencies regulating the financial markets.
Finance Minister Pranab Mukherjee on Friday said the agreement signed with Switzerland for sharing banking information on demand is likely to come into force by September.
India is yet to take a call on United States President Donald Trump's invitation to be part of the 'Board of Peace' that will work towards bringing lasting peace to Gaza and possibly resolve global conflicts, people familiar with the matter said on Wednesday.
India was among the countries not present in Davos when US President Donald Trump unveiled his "Board of Peace" that seeks to work towards bringing lasting peace to Gaza and possibly resolve global conflicts. India is yet to take a call on it, people familiar with the matter said when asked about Trump's invite to PM Modi.
He was referring to the issue of Indians allegedly stashing unaccounted money in Swiss banks.
FDI inflows into India are expected to register robust growth in 2026, supported by strong macroeconomic fundamentals, big-ticket investment announcements, sustained efforts to improve the ease of doing business, and a new generation of investment-linked trade pacts.
Private banks in Switzerland are not allowing their top executives to travel abroad because of the apprehension that they would be detained, as the authorities are cracking the whip on banks over secrecy matters, says a media report.
What is currently perceived as a massive, low-tech liability could become a high-value, export-oriented economic engine, points out Ajit Balakrishnan.
India and Switzerland, on August 30, 2010, signed a protocol amending the Double Taxation Avoidance Agreement.
The amended treaty will enable India to get banking information in specific cases, beginning April 1, 2011.
Switzerland's 'Alpine Messi' Xherdan Shaqiri, hot from a hat-trick against Honduras in his last game, meets the real Messi on Tuesday as the Europeans seek a major World Cup upset when they face Argentina in the last 16.
Britain's wealthiest family, the Hindujas, have said they were 'appalled' by a Swiss court's ruling of jail terms for some members and have filed an appeal in a higher court challenging the verdict finding them guilty of exploiting vulnerable domestic workers from India at their villa in Geneva.
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Switzerland's Ambassador to India Linus von Castelmur also said the past cannot be undone, while promising full support of his country in cases where at least some proof is provided on tax frauds.
Out of these, no balance has been found in case of 289 accounts
The government has stated that it will make all efforts to bring back illicit wealth parked by its citizens in foreign jurisdictions.
The Supreme Court on Wednesday decided to hear on May 4 the petition filed by former law minister and advocate Ram Jethmalani and others seeking a direction to the government for taking action to bring back money stashed in foreign banks.
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