Taking the United Progressive Alliance government to task for its "masterly inactivity" on black money front, senior BJP leader L K Advani on Friday demanded a white paper on the issue of making public names of Indian account holders in Swiss banks.
The amendments should be submitted by year-end.
In another jolt to the famed Swiss banking industry, the US has started a formal probe against Credit Suisse for allegedly helping wealthy Americans to evade taxes.
The approval given to UBS earlier was kept on hold till it completed certain transactions. Now that the bank has completed them, it can start a branch, RBI deputy governor Leeladhar told reporters on the sidelines of a function organised by the Union Bank of India.
Attributing to people familiar with the development, The Wall Street Journal reported that UBS AG's brokerage unit in the US is laying off nearly 200 employees, including about 25 managing directors.
Move will be a setback for India which wants information on black money probe based on leaked data
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in Swiss banks, as the government expands its efforts to combat the menace of black money.
The discussions on renegotiating the Double Taxation Avoidance Agreement, which comes in the wake of India seeking details of the black money stashed in Swiss banks, was earlier scheduled to be held in December.
It is strange that the wealthy evade taxes even though the marginal utility of the money saved amounts to little and tax rates in countries, including India, have dropped
Swiss police in February searched HSBC offices in Geneva as part of its probe.
Swiss National Bank shocked the currency markets on Thursday by abolishing their currency -- franc's three year-old cap of 1.20 per euro
Kejriwal's new jobs promise comes days after he assured free electricity up to 300 units per month if voted to power in the Bharatiya Janata Party-ruled state where polls are due by the year-end.
Paul is among the wealthy who hold legal accounts in Swiss HSBC Bank.
One of India's leading banks -- Syndicate Bank -- on Friday launched an innovative project to sell gold coins exclusively imported from Switzerland.
Rahul also held a 75-km long road show and a Nukkad Sabha in Haridwar.
UBS said on Wednesday it will pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission, 160 million pounds ($260 million) to Britain's Financial Services Authority (FSA) and 59 million Swiss francs ($65 million) to Swiss regulator Finma.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
Switzerland made sure of a place in the last 16 of the World Cup, but had to survive some anxious moments in Wednesday's 2-2 draw with Costa Rica before finishing second behind Brazil in Group E.
In this regard, AIG has entered into an agreement with Aabar Investments PJSC to sell its subsidiary, the insurance firm said in a statement on on Monday. According to UK daily The Telegraph, the Swiss subsidiary would be sold for about $254 million.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
The government sought to dismiss reports that the 'Make in India' logo was inspired by a Swiss bank advertisement, saying the symbol has a "vibrant and dynamic" lion as against a "dull and boring" picture in Switzerland's ad campaign.
The bank is expected to report a pre-tax profit of $21 bn.
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.
Many requests are pending with the Swiss authorities.
Switzerland's other major big bank, UBS, said in August it was trimming 3,500 jobs to save 2 billion francs annually.
Swiss entities keen to invest in India, says envoy .
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
The drastic cost-saving drive unveiled by the bank would trim its workforce by nearly 16 per cent from the current strength of 64,000 people.
It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.
In a fresh turn to the UBS' legal battle with the US tax authorities, the Swiss government has said that the country's law prohibits the bank from disclosing details about the account holders.
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.
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.
Ramalingam Kalirajan explains the pros and cons of both investment types.
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
'Modigate is snowballing into a huge thing with the electorate. The BJP is in for huge punishment by the electorate.'
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
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.
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.
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.
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances