Black Money Investigation: Switzerland Names Two Indian Women In Gazette Notification


As per a report in the 'Sonntagszeitung' weekly, the Swiss authorities have been "inundated with requests for assistance" and the nations that wanted to know details about their suspected tax-dodging citizens included "France, Germany, Russia, India and half a dozen other countries".

"Now, the Authority will publish the names of those affected in the Federal Gazette, which is available to everyone on the internet," it said, while adding that those being named may include "well-known personalities".

As per the report, banks do not have much interest in contacting such customers as many no more hold the accounts.

It further added that questions have been raised about requests made by India and Germany being based on stolen data.

The report, however, quoted FTA's Alexandre Dumas as saying, "We are never sure if they are stolen data. However, there is the principle of faith".

Committing full support to India's fight against the black money menace, Switzerland last week had said its Parliament would soon consider changes in laws to look into the possibility of sharing information in cases being probed on the basis of stolen data of Swiss bank accounts.

Switzerland's Economic Affairs Minister Johann Schneider Ammann during his India visit said that the Swiss government was sensitive to the fact that the issue of black money was very important for India and needed to be resolved.

"Switzerland has decided to follow international standards, including those framed by OECD, in sharing information and providing assistance to foreign countries probing such cases, but we have to ask our Parliament to make changes in our laws," he said.

Indian Parliament has recently passed a new black money law under which those found to be stashing illicit funds in foreign locations, including Swiss banks, would face strict penal action, including up to ten years in jail and a penalty of 90 per cent of funds in addition to 30 per cent tax levy.

However, a one-time 'compliance window' will be provided before the law comes into force and this would let the persons with foreign assets to come clean by payment of 30 per cent tax and 30 per cent penalty.

Also Read:

Government Clears 21 FDI Proposals Worth 281 Crore

State Participation Necessary To Improve Govt Finances, Says RBI Guv Raghuram Rajan

Source: PTI