UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Switzerland, long known as a place with unbreakable banking secrecy, has come under intense global pressure, including from India, to crack down on illicit fund flows.
With the Swiss government's refusal to share information about Indians holding accounts in its banks, BJP president Rajnath Singh on Monday said India should mount diplomatic pressure on that country to get the details.
The latest turn to the case comes just days after Switzerland made it clear that its law does not allow UBS to disclose client information. The US government had filed a suit against UBS demanding the banking major part with details of about 52,000 American clients, as it felt the Swiss bank was helping American citizens in tax evasion.
A new strategy of 'layering' through gold and diamond trade has come to light at Swiss banks to thwart any attempt for identification of real beneficiary owners of funds entrusted with them.
Total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc
The Swiss Finance Ministry spokesperson recently confirmed that a meeting is expected in the coming weeks, but did not disclose any further details.
Journalist and author Chitra Subramaniam has demanded that the Central Bureau of Investigation (CBI) make public its findings from the "box of evidence" received from Switzerland regarding the Bofors payoffs. Subramaniam, author of 'Boforsgate: A Journalist's Pursuit of Truth', expressed concerns about the lack of transparency surrounding the evidence, questioning who opened the box, when it was opened, and what it contained. She also raised doubts about the official narrative regarding the alleged bribe in the Bofors case, suggesting the sum of Rs 64 crore may not reflect the full extent of the corruption. Subramaniam also alleged that the CBI planted stories about Hindi film actor Amitabh Bachchan to derail the investigation and launched a political vendetta against the Bachchans. She recalled that Bachchan had come to her home and asked if she had seen his name. The CBI has recently requested assistance from the United States in the case, seeking information from private investigator Michael Hershman, who claims to have crucial details about the scandal. The Bofors scandal, a major bribery case involving the Indian government and the Swedish arms manufacturer Bofors in the 1980s, pertains to allegations of a Rs 64-crore bribe in a Rs 1,437-crore deal for the supply of 400 155mm field Howitzers.
Mukherjee and Swiss Foreign Minister Micheline Calmy-Rey signed the revised pact in New Delhi on Monday.
Swiss govt's latest response comes against the backdrop of P Chidambaram shooting off another letter to his Swiss counterpart.
It is suspected that some of these entities may have brought back their illicit wealth through the stock market route.
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 MoU deals with creation of a useful forum for exchange of views on financial and macro-economic issues. Official sources said the MoU will facilitate dialogue between the tax authorities of the two countries.
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
As per the survey conducted by Swiss Bankers Association, protection of financial privacy remains important for people in the country with 86 per cent of respondents believing that the financial details of bank clients must be protected from third parties.
Official sources said while the accounts of Nirav Modi, the diamantaire under arrest in this case in London, have deposits of $3,74,11,596 (Rs 258 crore) while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 (Rs 24 crore).
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
According to a reliable source, the names of 'Preneet Kaur' and a name similar to one of Narayan Rane's sons allegedly feature on the HSBC list of Indians with Swiss bank accounts, says Sheela Bhatt/Rediff.com
If Mumbai's Zaveri Bazaar is full of jewellery shops and Delhi's Chandni Chowk has got hundreds of saree merchants vying for customers' attention, Zurich has got a street full of Swiss banks -- known for their secrecy veils.
Amid a raging controversy over black money allegedly stashed by stud farm owner Hasan Ali in Swiss banks, Switzerland has said it is awaiting a "complete" request from India for help in this case since 2007.
The amendments to the treaty will now be placed before the Swiss Parliament for final approval.
Uruguayan soccer player Diego Forlan on Monday denied evading taxes by hiding money in Swiss accounts with the British bank HSBC Holdings PLC.
Switzerland finally signed an agreement to exchange information on potential money launderers and tax dodgers last week but neither this nor a modified tax avoidance treaty is likely to help India.
The Swiss Federal Office of Justice (FOJ) said it had blocked accounts at several banks in Switzerland after police arrested some of the most powerful figures in global soccer on Wednesday in US and Swiss corruption cases.
As per their law and Constitution, their international agreements are to be ratified by both houses of Parliament and local authorities.
Swiss authorities are examining development grants made by FIFA around the world as part of their investigation.
Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) in Mumbai for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the central agency again later this week for completion of the exercise.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
Swiss government is expected to make a last-ditch attempt to protect its banks from criminal charges in the US.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
In the past, several other Indian nationals have been named in such notifications after the Swiss FTA was approached by Indian authorities for information about those people with regard to the pending tax-related probes against them.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
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.
If India was able to provide additional and new information about people and entities that figure on stolen lists, they may consider it to exchange information
According to RBI data, it had 57 employees in India at the end of March 2012.
The move comes close on the heels of rival Credit Suisse Group announcing about 2,000 job cuts last month.
Stating that the focus of Parliament's winter session is bound to be on black money, senior Bharatiya Janata Party leader L K Advani on Saturday asked the government to reveal names of three members of Parliament who figure in the income tax probe list in connection with the Swiss bank accounts.
A new framework has been put in place for automatic exchange of information between Switzerland and India to help check the black money menace with effect from January 1, 2018. The funds held by Indians through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown. It is now at second-lowest level in 20 years.
Under pressure from India and other countries, Switzerland has made key changes in its local laws governing assistance to foreign nations in their pursuit of black money allegedly stashed in Swiss banks.
Global reinsurer Swiss Reinsurance Company on Friday completed the acquisition a 3.57 per cent stake in India's newest bank
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