The Modi government is taking steps to make black Kuberas look like Gubel in the hearth. Swiss bank officials have released a second list of Indians hiding black money abroad.
The Modi government is taking steps to make black Kuberas look like Gubel in the hearth. Swiss bank officials have released a second list of Indians hiding black money abroad. Switzerland provided this key information to India in accordance with the Exchange of Information Agreement (AEOI) with Switzerland. The Modi government has been fighting black money abroad since it came to power. As part of this, India is one of 86 countries receiving information on Swiss Federal Tax Administration (FDA) bank accounts under the agreement, subject to international standards. India received the first list from Switzerland in September 2019 regarding the bank account details of Indian citizens in Swiss banks under AEOI. The second list was recently received.
Meanwhile, the Federal Tax Administration (FDA) said in a statement that it has shared information on 31 lakh financial accounts worldwide. Switzerland shared information on 31 lakh accounts. The number of Indians among them is also huge. Meanwhile, Swiss officials have shared information on more than 100 individuals and companies over the past year at the request of Indian authorities as part of an investigation into tax evasion and other financial crimes, officials said.
The accounts shared by the Swiss authorities are believed to contain details of companies set up by Indians abroad, such as Panama, the British Virgin Islands, and the Cayman Islands, businessmen, politicians, and members of royal families.
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The information shared by the Swiss authorities with the Government of India contains key information related to Swiss bank accounts such as customer name, address, country of residence, tax identification number, names of the respective banks, account balance and capital ink. Allow taxpayers to examine this information in terms of whether or not they have provided the correct information in their tax returns.
Officials did not disclose the amount of wealth in the accounts of the Indians revealed in the second list. Officials say the information could not be disclosed due to privacy clauses embedded in the terms of the contract. In September next year, Swiss authorities will submit to India a third list of Indian nationals in their banks and the accounts of the companies they head.
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