This is Chidambaram's third letter to Swiss Finance Minister Eveline Widmer Schlumpf within four months on this matter.
In the eye of a storm over Supreme Court's observation on its retail banking licence in the country, Swiss banking major UBS on Tuesday said it is for the Indian government to defend the views and reasons for granting the same.
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The move draws a line under the Swiss government's rescue of UBS nearly five years after the bank threatened to collapse under the weight of more than $50 billion in losses on mortgage securities.
Yashwant Sinha is currently on a three-day visit to Washington to hold meetings with the think-tank, members of the Indian Diaspora, Congressmen and officials of the Obama Administration.
India's banking system is expected to remain unscathed from the troubles in Credit Suisse as it has a very small presence in the country, experts said. Although Credit Suisse is more relevant to India's financial system than Silicon Valley Bank (SVB), it has very limited operations, according to a report by Jefferies India. The Switzerland-based bank, the report said, "has less than Rs 20,000 crore in assets (12th among foreign banks), presence in the derivatives market and funded 60 per cent of assets from borrowings, of which 96 per cent are up to two months.
Switzerland will be able to provide banking and other details sought by other countries, including India, from next month about a 'group of persons' even without their individual identification, provided the information has not been requested as part of some 'fishing expedition'.
India may have to wait till at least next year for information from Switzerland on possible black money trail to Swiss banks, as a treaty for the same might come into force only by the end of 2011.
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
The Singapore high court has put a freeze on deposits of $ 6.122 million following Enforcement Directorate's request on the ground that the money was "proceeds of crime" illegally siphoned off by Nirav Modi from the Punjab National Bank.
Zheng Qinwen saw off a spirited challenge from Diana Shnaider to secure a hard-fought 7-6(5), 6-3 win in their Pan Pacific Open semi-final on Saturday and set up a title clash against American Sofia Kenin.
The Swiss Finance Ministry spokesperson further said the treaty states that "such persons or authorities shall use the information 'only' for such purposes.
The Reserve Bank of India (RBI) has sought details about lenders' exposures to the Adani Group, banking sources said, a day after the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid the steep fall in its stock prices. On Wednesday, Swiss lender Credit Suisse stopped accepting bonds by Adani group companies as collaterals for margin lending. The going has been tough for the diversified conglomerate over the past week ever since US-based short seller Hindenburg Research levelled a slew of allegations about the group's operations, calling it the biggest corporate con ever.
Bharatiya Janata Party Members of Parliament will submit on Friday declarations to the presiding officers of their respective Houses of Parliament, stating that they do not have any illegal money stashed in any foreign bank or tax haven abroad. BJP leader L K Advani had declared that all party MPs will submit declarations that they do not have any illegal funds in Swiss banks or tax havens. The issue was discussed at the BJP parliamentary party meeting on Thursday.
The Swiss government has officially informed Pakistan that it cannot revive cases of alleged money laundering against President Asif Ali Zardari as the matter is time-barred, Law Minister Zahid Hamid has said.
Rajya Sabha MP Kapil Sibal on Friday described the electoral bonds scheme as a 'very big scam' and demanded that a special investigation team (SIT) be set up with court-appointed officials to probe the alleged quid pro quo and wrongdoings under it.
Swiss authorities have opened criminal proceedings against individuals on suspicion of mismanagement and money laundering related to the allocation of the 2018 and 2022 FIFA soccer World Cups in Russia and Qatar.
The broader economy risks a potential flight of foreign portfolio capital, therefore pressure on the rupee and more bad news on the stock market, warns T N Ninan.
The Supreme Court (SC) on Monday slapped a fine of Rs 2000 ($25) and a four-month jail sentence on fugitive businessman Vijay Mallya. In addition, the former liquor baron has been asked to deposit $40 million with 8 per cent interest within a month, failing which his properties would be attached to recover the amount. The court held Mallya guilty of contempt after it was brought to its notice that he had transferred $40 million to his children in the US.
For stolen data, India had sought information about its taxpayers who had secret bank accounts in HSBC Geneva.
The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the "momentum" from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said. "Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection," it said in its latest update of the World Economic Outlook.
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.
Given that Twelve Final Days doesn't really delve into the genesis of Roger Federer, the ups and downs of his career, the assumption is that it is meant for people who are already familiar with his work, observes Deepti Patwardhan.
Switzerland remains the 'biggest private banking financial centres for cross border wealth management' with assets worth over CHF 2.11 trillion ($2.2 trillion), as per the study conducted by the Swiss Bankers Association and the Boston Consulting Group.
The ED is investigating Lodha after it booked him on criminal charges for his alleged involvement in two high-profile black money cases of illegal conversion of old notes post demonetisation.
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.
Stumbling England and Netherlands get shot at redemption
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
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.
'Considering that there was an estimated Rs 10 lakh crores of Indian money stolen and kept in foreign tax havens, the UPA government with one stroke of its tainted pen has granted immunity to tax-evaders who had stashed the loot in tax havens.'
In a shocking revelation, WikiLeaks founder Julian Assange said black money mainly comes from India.
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
Some other tax authorities are looking at the allegations.
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.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
Switzerland on Thursday said it would share data of black money allegedly stashed away by Indians in Swiss banks in accordance with the tax treaty between the two countries.
Both countries have been working on administrative assistance.
Switzerland says it is not a tax haven.
Senior Bharatiya Janata Party leader L K Advani has apologised to Congress president Sonia Gandhi for a party-appointed task force report, which had alleged that she and her late husband Rajiv had accounts in Swiss banks.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
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