Swiss Bank To Reveal Account Holders Name in India


BANGALORE: As soon as Narendra Modi took over charge as Prime minister he promised to take back all the black money from other countries. Supreme Court has made a special investigation team (SIT) to take actions against the defaulters who have bank accounts in Swiss banks to escape taxes. Justice MB Shah is the head of the team.

For the first time Switzerland has prepared a list of Indians has bank accounts in various banks in Switzerland, and the Swiss government is ready to share the details with Indian government. Before this the data which India got was either through leaked data or stolen data. Swiss government officials have told that 283 Swiss banks have about 1.6 trillion dollar foreign money. And the money in Swiss banks has increased by more that 40 percent in 2013 from past years says the data published by the nation’s central bank.

Shah told that it is not necessary that every account is illegal and have black money. Some have legally opened accounts in form of trust, domiciliary companies and other entities. If the account has illegal or unaccounted money then only SIT will take action.

However the Swiss officially will not reveal these persons and entities for the confidentiality clause of the bilateral information exchange treaty between the two countries. They appreciate the Indian government for the action and are ready to provide necessary support to SIT in the investigation for black money.

The political parties are combating to take the initiative. BJP has criticized UPA government for not being able to take enough steps to take back the black money. As counterattack the opposition has raised the issue of money used in the campaign during polls.

The global financial integrity has estimated the outflow of 462 billion dollar of unlawful money.