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.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997.
Bringing back money stashed in Swiss banks by Indians is not going to make any 'significant difference' to the overall economy, Prime Minister's economic advisory panel head Suresh Tendulkar said on Monday.
Swiss private bankers are likely to reduce their exposure to wealthy Indian clients as they cut down their discreet banking services in countries like Germany, France and the United States, analysts say.
The Hindujas have taken off the veil over their mid-sized Amas Bank in Switzerland by renaming it as "Hinduja Bank", in what its chief executive described as a bold move to expand its activities in trade finance, wealth management and investment banking.
In their local currency, the total funds held by individuals and entities from Pakistan in Swiss banks stood at over 15,000 crore (Rs 150 billion) Pakistani rupees as on December 31, 2012.
This is the 2nd lowest amount of funds held by Indians.
Allowing the elite to escape tax and regulation curbs economic growth, accelerates capital flight from poor countries and promotes corruption and crime around the world, says Rajni Bakshi.
Reliance has no illegal Swiss Bank accounts.
As probe into suspected black money stashed abroad by Indians gathers steam, banks in Switzerland are running from pillar to post to safeguard their interest.
Swiss banking giant Credit Suisse has pleaded guilty to the charges that it helped its American clients evade taxes and agreed to pay a penalty of $2.6 billion to avoid prosecution.
During 2012, the Indians' money in Swiss banks had fallen by over one-third to a record low level.
Heralding an end to its banking secrecy wall, Switzerland will now share bank account and other details with foreign countries, including India, even without prior intimation to concerned persons and on the basis of queries emanating from stolen data.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
Indians' money in Swiss banks has fallen to a record low level of about Rs 9,000 crore.
Finance Minister Pranab Mukherjee on Monday said he has noted reports about reservations Swiss banks have in sharing client details with India, but did not say what course of action the government would take.
Prime Minister Manmohan Singh on Thursday said in Rajya Sabha that "action has already started" for getting back black money belonging to Indians from Swiss banks.
At a time when crackdown on tax havens has acquired a political colour, data shows that Swiss banks held securities worth $3.35 trillion in 2008, with over half managed on behalf of foreign entities.
Will pay $780 million penalty to the US Justice Department.
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name.
As hundreds of world's rich congregate for the World Economic Forum Annual Meeting in Davos, many of them have also scheduled meetings with Swiss bankers to devise new strategy for their hidden wealth.
With one of the Swiss banks agreeing to provide information to the United States about its account holders, the CPI(M) on Monday demanded that the United Progressive Alliance government should seek details of Indians who have illegally stashed funds in Switzerland and other tax havens.
Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
There are still bumps in the road ahead for Swiss banks.
Swiss banks may have turned over client details to the US, but they have said India is not welcome there on a name-fishing expedition.
Switzerland will not share details about accounts held prior to September 2018.
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.
The finance ministry has initiated steps under which the Swiss Federal Court of Justice would be requested to ensure that information on specific accounts is provided by April 1, 2011.
The bank charged with helping US taxpayers hide $1.2 bn in offshore bank accounts
A Mumbai court has issued a letter of request to a Swiss court to allow income tax authorities to probe accounts of stud-farm owner Hasan Ali, who is alleged to have deposited billions of dollars there.
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
For starters, as Subramanian Swamy suggested, how about putting pressure on Parliament to pass a resolution concerning all PEPs to retrieve our wealth through the RIAA?
A former employee of Swiss bank Julius Baer, Rudolf Elmer shot into limelight as a whistleblower in 2008.
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.
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.
It has been in force since October 2011.
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.
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.
Is this 'Yashpal Kapoor' the late Congress leader, one of Indira Gandhi's closest aides in the 1970s?
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