The Indian government has received the third set of Swiss bank account information from Switzerland.

This was done, as part of an annual exercise, under which the European nation shared details of nearly 33 lakh financial accounts with 96 nations.

On the condition of anonymity, officials revealed that the details relate mostly to businessmen, including NRI's now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries.

Also read | <a href="https://www.wionews.com/india-news/pandora-papers-leak-anil-ambani-sachin-tendulkar-jackie-shroff-named-check-list-of-other-high-profile-indian-names-418066">Pandora papers leak: Anil Ambani, Sachin Tendulkar, Jackie Shroff named, check list of other high-profile Indian names</a>

The Indian authorities were provided with information regarding many individuals and companies with accounts in Swiss financial institutions.

According to experts, the Automatic Exchange Of Information (AEOI) data received by India has been quite useful for establishing a strong prosecution case against those who have any unaccounted wealth, as it provides entire details of deposits and transfers as well as of all earnings, including through investments in securities and other assets.

The exchanged details include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.

Also Read | <a href="https://www.wionews.com/world/pandora-papers-largest-leak-of-offshore-data-in-history-explained-417996">Pandora Papers: Largest leak of offshore data in history explained</a>

Tax authorities use the exchanged information to verify whether taxpayers have correctly reported their financial accounts on their tax returns.

While the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from the AEOI framework; for the first time this year, Switzerland has also agreed to share information about foreigners' real estate holdings there.

Also read | <a href="https://www.wionews.com/india-news/switzerland-to-share-information-on-real-estate-assets-owned-by-indian-nationals-412701">Switzerland to share information on real estate assets owned by Indian nationals</a>

This is seen as a major milestone in the Indian government's fight against black money allegedly stashed abroad, as authorities will now be able to investigate tax liabilities as well as earnings associated with flats, apartments, condos, etc. owned by Indians in Switzerland.

Swiss Federal Tax Administration (FTA) also reported on Monday that 10 more countries - Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vanuatu, were involved in the exchange of information this year.

Watch | In 2015, Swiss bank released list of dormant A/Cs, mostly A/Cs linked to the Indians

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/in-2015-swiss-bank-released-list-of-dormant-acs-mostly-acs-linked-to-the-indians-261221/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The exchange took place last month and the next set of information would be shared by Switzerland in September 2022.

With this, Switzerland is seeking to reposition itself as a key global financial centre while dispelling the long-standing perception that the Swiss banking system is a safe haven for large amounts of black money.

(With inputs from agencies)

The Indian government has received the third set of Swiss bank account information from Switzerland. This was done, as part of an annual exercise, under which the European nation shared details of nearly 33 lakh financial accounts with 96 nations.

The Indian government has received the third set of Swiss bank account information from Switzerland. This was done, as part of an annual exercise, under which the European nation shared details of nearly 33 lakh financial accounts with 96 nations. On the condition of anonymity, officials revealed that the details relate mostly to businessmen, including NRI's now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries. Also read | Pandora papers leak: Anil Ambani, Sachin Tendulkar, Jackie Shroff named, check list of other high-profile Indian names The Indian authorities were provided with information regarding many individuals and companies with accounts in Swiss financial institutions. According to experts, the Automatic Exchange Of Information (AEOI) data received by India has been quite useful for establishing a strong prosecution case against those who have any unaccounted wealth, as it provides entire details of deposits and transfers as well as of all earnings, including through investments in securities and other assets. The exchanged details include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income. Also Read | Pandora Papers: Largest leak of offshore data in history explained Tax authorities use the exchanged information to verify whether taxpayers have correctly reported their financial accounts on their tax returns. While the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from the AEOI framework; for the first time this year, Switzerland has also agreed to share information about foreigners' real estate holdings there. Also read | Switzerland to share information on real estate assets owned by Indian nationals This is seen as a major milestone in the Indian government's fight against black money allegedly stashed abroad, as authorities will now be able to investigate tax liabilities as well as earnings associated with flats, apartments, condos, etc. owned by Indians in Switzerland. Swiss Federal Tax Administration (FTA) also reported on Monday that 10 more countries - Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vanuatu, were involved in the exchange of information this year. Watch | In 2015, Swiss bank released list of dormant A/Cs, mostly A/Cs linked to the Indians The exchange took place last month and the next set of information would be shared by Switzerland in September 2022. With this, Switzerland is seeking to reposition itself as a key global financial centre while dispelling the long-standing perception that the Swiss banking system is a safe haven for large amounts of black money. (With inputs from agencies)

India gets third set of Swiss bank details; mostly businessmen, NRIs

A person with over $26 million&nbsp;in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling.&nbsp;

Dismissing an appeal filed by assessee Renu T Tharani, ITAT Mumbai said on Thursday that over $26 million&nbsp;lying in her foreign account can be taxed by the Income Tax Department.&nbsp;

"The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her $ 4 million," the tribunal recorded.&nbsp;

"Cayman Islands is not known for philanthropists operating from there, if Cayman Islands is known for anything relevant, it is known for an atmosphere conducive to hiding unaccounted wealth and money laundering, and that does not advance the case of the assessee," the Tribunal observed.&nbsp;

"This is a jurisdiction which has double the number of companies than residents, most of which remain only on paper and it will be naive to believe that these companies are located here, in a country with around 65,000 residents, for bonafide core activities, rather than the benefits of anonymity, secrecy and liberal tax laws," the tribunal noted in its order.&nbsp;

"The assessee is closely involved with the transaction and it is inconceivable that the assessee will have no direct knowledge of the owners of the underlying company and settlers of the trust which has her, as she herself puts it as the beneficiary of such a huge amount. This inference is all the more justified when we take into account the fact that the assessee has been non-cooperative and has declined to sign the consent waiver," it further said.&nbsp;

"One of the arguments raised by the assessee, as set out in a chart showing arguments of the assessee - below paragraph 20 earlier in this order, that the assessee could not have performed the impossible act of signing consent waiver because she was not owner of the account is too naïve and frivolous to be even taken seriously. If the assessee was indeed not the owner of the account, there was all the more reason to sign the consent waiver form because it would have established that fact when the HSBC Private Bank (Suisse) Geneva was to decline the information on the basis of that consent waiver," it added.&nbsp;

It further said that "there is nothing to controvert this fact stated in the base note and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank."

According to relevant facts noted in the order, the assessee had filed her income tax return, on July 29, 2006, disclosing an income of $2,261&nbsp;for the relevant previous year, but subsequently the investigation wing of the income tax department received information that the assessee is having a bank account with HSBC Private Bank (Suisse) SA Geneva.&nbsp;

The department, in 2014, decided to reopen the assessment.

In a notice issued under section 148 of the income tax act in October 2014, the department said that she maintained a bank account with HSBC Bank in Geneva, Switzerland where she maintained a peak balance of $3,97,38,122&nbsp;during the financial year relevant to the Assessment Year 2006-2007 &amp; a peak balance of $23,55,851.60 during the financial year relevant to Assessment year 2007-2008.

In response to the notice issued by the I-T Department, she had denied having an account with HSBC in Geneva in her name. &nbsp;

She later received a base note from the Deputy Director of Income Tax (International Taxation) with the details of the account claiming that it is in the name of GWU INVESTMENTS LTD "wherein it is said that I am the beneficial owner or the beneficiary."&nbsp;

Tharani claimed she did not receive any amount from the company, either as a beneficiary or as a beneficial owner.

The tribunal noted that the assessee is a beneficial owner of GWU Investments Ltd, Cayman Islands. "There is nothing to controvert this fact stated in the base note, and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank," it said.

"There is a series of coincidences, right from the HSBC account being closed after the information contained in the base note coming out and to the underlying company being removed from the name of Register of Companies in Cayman Island, right from assessee living in complete denial about any knowledge about a HSBC Private Bank (Suisse) SA account in her name to her lack of information about the company which is holding $ 4 million for her, and, despite assessee being purportedly so clean in her affairs, her thwarting any efforts of the income tax department to get at the truth by declining to sign the consent waiver form," it further said.&nbsp;

"It is wholly un-understandable as to how can assessee, on one hand, seek to treat a cleverly worded private letter from HSBC Private Bank (Suisse) SA as gospel truth, and, on the other hand, effectively stall, by declining consent waiver and by stating half truths- even if her statements have an element of truth, the Assessing Officer obtaining direct information from the same organization. There is no meeting ground in this approach. In any case, for the reasons set out above and as evident from the base note, the assessee is beneficial owner of GWU Investments Ltd, Cayman Islands," the order concluded.&nbsp;

A person with over $26 million in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling.

A person with over $26 million in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling. Dismissing an appeal filed by assessee Renu T Tharani, ITAT Mumbai said on Thursday that over $26 million lying in her foreign account can be taxed by the Income Tax Department. "The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her $ 4 million," the tribunal recorded. "Cayman Islands is not known for philanthropists operating from there, if Cayman Islands is known for anything relevant, it is known for an atmosphere conducive to hiding unaccounted wealth and money laundering, and that does not advance the case of the assessee," the Tribunal observed. "This is a jurisdiction which has double the number of companies than residents, most of which remain only on paper and it will be naive to believe that these companies are located here, in a country with around 65,000 residents, for bonafide core activities, rather than the benefits of anonymity, secrecy and liberal tax laws," the tribunal noted in its order. "The assessee is closely involved with the transaction and it is inconceivable that the assessee will have no direct knowledge of the owners of the underlying company and settlers of the trust which has her, as she herself puts it as the beneficiary of such a huge amount. This inference is all the more justified when we take into account the fact that the assessee has been non-cooperative and has declined to sign the consent waiver," it further said. "One of the arguments raised by the assessee, as set out in a chart showing arguments of the assessee - below paragraph 20 earlier in this order, that the assessee could not have performed the impossible act of signing consent waiver because she was not owner of the account is too naïve and frivolous to be even taken seriously. If the assessee was indeed not the owner of the account, there was all the more reason to sign the consent waiver form because it would have established that fact when the HSBC Private Bank (Suisse) Geneva was to decline the information on the basis of that consent waiver," it added. It further said that "there is nothing to controvert this fact stated in the base note and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank." According to relevant facts noted in the order, the assessee had filed her income tax return, on July 29, 2006, disclosing an income of $2,261 for the relevant previous year, but subsequently the investigation wing of the income tax department received information that the assessee is having a bank account with HSBC Private Bank (Suisse) SA Geneva. The department, in 2014, decided to reopen the assessment. In a notice issued under section 148 of the income tax act in October 2014, the department said that she maintained a bank account with HSBC Bank in Geneva, Switzerland where she maintained a peak balance of $3,97,38,122 during the financial year relevant to the Assessment Year 2006-2007 & a peak balance of $23,55,851.60 during the financial year relevant to Assessment year 2007-2008. In response to the notice issued by the I-T Department, she had denied having an account with HSBC in Geneva in her name. She later received a base note from the Deputy Director of Income Tax (International Taxation) with the details of the account claiming that it is in the name of GWU INVESTMENTS LTD "wherein it is said that I am the beneficial owner or the beneficiary." Tharani claimed she did not receive any amount from the company, either as a beneficiary or as a beneficial owner. The tribunal noted that the assessee is a beneficial owner of GWU Investments Ltd, Cayman Islands. "There is nothing to controvert this fact stated in the base note, and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank," it said. "There is a series of coincidences, right from the HSBC account being closed after the information contained in the base note coming out and to the underlying company being removed from the name of Register of Companies in Cayman Island, right from assessee living in complete denial about any knowledge about a HSBC Private Bank (Suisse) SA account in her name to her lack of information about the company which is holding $ 4 million for her, and, despite assessee being purportedly so clean in her affairs, her thwarting any efforts of the income tax department to get at the truth by declining to sign the consent waiver form," it further said. "It is wholly un-understandable as to how can assessee, on one hand, seek to treat a cleverly worded private letter from HSBC Private Bank (Suisse) SA as gospel truth, and, on the other hand, effectively stall, by declining consent waiver and by stating half truths- even if her statements have an element of truth, the Assessing Officer obtaining direct information from the same organization. There is no meeting ground in this approach. In any case, for the reasons set out above and as evident from the base note, the assessee is beneficial owner of GWU Investments Ltd, Cayman Islands," the order concluded.

Mumbai tribunal orders 80-year-old woman to pay tax on $26 million stashed in Swiss bank

Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in <a href="https://www.wionews.com/india-news/switzerland-steps-up-process-to-share-banking-information-11-indians-get-notices-in-a-day-221821">Switzerland-based banks</a>, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.

These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery.

Officials involved in the process of mutual administrative assistance between the two countries said.

Switzerland has been striving hard for the past few years to shed a long-standing perception of it being a safe haven for black money, while the issue has been a politically sensitive one in India as well.

When the Modi government first came to power in 2014, it had termed the crackdown on the black money, including those allegedly parked in Swiss banks, as a key focus area.&nbsp;

Since then, the two countries have strengthened their framework for the exchange of information in cases of financial wrongdoings, including by signing the global automatic exchange of information framework.

The two countries have also strengthened their bilateral pact on this front and the economic considerations for boosting the bilateral economic ties have further helped increase the cooperation when it comes to bringing to book the people with dubious records, especially in amassing illicit wealth.

Citing the federal gazette notifications issued by the Swiss government to the concerned individuals, the officials said at least 50 Indian nationals have been issued notices in the past few weeks giving them one final opportunity to appeal against proposed sharing of their details with the Indian authorities.

Some of these notices have followed after the preliminary appeals by the concerned clients of Swiss banks have already been rejected due to inadequate supporting facts and documents, leaving a limited chance of their further pleas getting heard, officials said.

They said the sharing of details of Indian clients of Swiss banks with dubious records, showing suspected illegalities in amassing of funds deposited there, has been a continuing process in the recent months.

While details of more than 100 Indians nationals have been shared in the past one year by the Swiss government with the Indian authorities, there is a high chance that a large majority of the cases currently under scrutiny would result in the administrative assistance being provided in the coming months, officials said.

Under the Swiss laws, foreign clients of Swiss banks are given an opportunity to appeal against proposed sharing of their details within 30 days (only 10 days in some cases) after a country with a mutual assistance treaty, or party to the multilateral information exchange framework, seeks the details while giving sufficient proof of suspected financial wrongdoings.

While the Swiss government federal gazette notifications are made public when a foreign client is given an appealing opportunity, in some cases their full names are redacted due to some secrecy clauses and only a few details such as their initials, date of birth and the nationality are made public.

An analysis of such weekly notifications issued since the beginning of this year shows that Indian nationals have figured among these notices virtually every week, though full names have been redacted in a majority of the cases.

The full names that have been made public in recent weeks in the Swiss government federal gazette include Krishna Bhagwan Ramchand, Potluri Rajamohan Rao, Kalpesh Harshad Kinariwala, Kuldip Singh Dhingra, Bhaskaran Nalini, Lalitaben Chimanbhai Patel, Sanjay Dalmia, Pankaj Kumar Saraogi, Anil Bhardwaj, Tharani Renu Tikamdas, Mahesh Tikamdas Tharani, Savani Vijay Kanaiyalal, Bhaskaran Tharur, Kalpeshbhai Patel Mahendrabhai, Ajoy Kumar and Dinesh Kumar Himatsingka, Ratan Singh Chowdhury and Kathotia Rakesh Kumar.

However, there are many more cases where only initials have been disclosed for Indian nationals and these include NMA, MMA, PAS, RAS, ABKI, APS, ASBK, MLA, ADS, RPN, MCS, JNV, JD, AD, UG, YA, DM, SLS, UL, SS, RN, VL, UL, OPL, PM, PKK, BLS, SKN and JKJ.

Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.

While a large number of Indians have been issued notices in recent weeks with Switzerland stepping up its process to share details of such individuals, many more such notices are in the offing in coming weeks as India has sought details about a large number of Indian clients of Swiss banks who are suspected to have indulged in illicit financial activities.

These include people whose names figured in the HSBC and Panama lists, as also those being probed by the Income Tax Department and the Enforcement Directorate among other agencies.

While Switzerland has always denied being a safe haven for black money, it has begun sharing details in recent years with several countries including India after submission of evidence about financial and tax-related wrongdoings of the <a href="https://www.wionews.com/south-asia/55-businessmen-of-nepal-have-stashed-billions-in-swiss-banks-cij-190961">Swiss bank</a> clients.

Besides, a new global framework of automatic information exchange is now in place, which Switzerland's State Secretariat for International Finance (SIF) believes will increase transparency and prevent cross-border tax evasion.

Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.

Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth. These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery. Officials involved in the process of mutual administrative assistance between the two countries said. Switzerland has been striving hard for the past few years to shed a long-standing perception of it being a safe haven for black money, while the issue has been a politically sensitive one in India as well. When the Modi government first came to power in 2014, it had termed the crackdown on the black money, including those allegedly parked in Swiss banks, as a key focus area. Since then, the two countries have strengthened their framework for the exchange of information in cases of financial wrongdoings, including by signing the global automatic exchange of information framework. The two countries have also strengthened their bilateral pact on this front and the economic considerations for boosting the bilateral economic ties have further helped increase the cooperation when it comes to bringing to book the people with dubious records, especially in amassing illicit wealth. Citing the federal gazette notifications issued by the Swiss government to the concerned individuals, the officials said at least 50 Indian nationals have been issued notices in the past few weeks giving them one final opportunity to appeal against proposed sharing of their details with the Indian authorities. Some of these notices have followed after the preliminary appeals by the concerned clients of Swiss banks have already been rejected due to inadequate supporting facts and documents, leaving a limited chance of their further pleas getting heard, officials said. They said the sharing of details of Indian clients of Swiss banks with dubious records, showing suspected illegalities in amassing of funds deposited there, has been a continuing process in the recent months. While details of more than 100 Indians nationals have been shared in the past one year by the Swiss government with the Indian authorities, there is a high chance that a large majority of the cases currently under scrutiny would result in the administrative assistance being provided in the coming months, officials said. Under the Swiss laws, foreign clients of Swiss banks are given an opportunity to appeal against proposed sharing of their details within 30 days (only 10 days in some cases) after a country with a mutual assistance treaty, or party to the multilateral information exchange framework, seeks the details while giving sufficient proof of suspected financial wrongdoings. While the Swiss government federal gazette notifications are made public when a foreign client is given an appealing opportunity, in some cases their full names are redacted due to some secrecy clauses and only a few details such as their initials, date of birth and the nationality are made public. An analysis of such weekly notifications issued since the beginning of this year shows that Indian nationals have figured among these notices virtually every week, though full names have been redacted in a majority of the cases. The full names that have been made public in recent weeks in the Swiss government federal gazette include Krishna Bhagwan Ramchand, Potluri Rajamohan Rao, Kalpesh Harshad Kinariwala, Kuldip Singh Dhingra, Bhaskaran Nalini, Lalitaben Chimanbhai Patel, Sanjay Dalmia, Pankaj Kumar Saraogi, Anil Bhardwaj, Tharani Renu Tikamdas, Mahesh Tikamdas Tharani, Savani Vijay Kanaiyalal, Bhaskaran Tharur, Kalpeshbhai Patel Mahendrabhai, Ajoy Kumar and Dinesh Kumar Himatsingka, Ratan Singh Chowdhury and Kathotia Rakesh Kumar. However, there are many more cases where only initials have been disclosed for Indian nationals and these include NMA, MMA, PAS, RAS, ABKI, APS, ASBK, MLA, ADS, RPN, MCS, JNV, JD, AD, UG, YA, DM, SLS, UL, SS, RN, VL, UL, OPL, PM, PKK, BLS, SKN and JKJ. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai. While a large number of Indians have been issued notices in recent weeks with Switzerland stepping up its process to share details of such individuals, many more such notices are in the offing in coming weeks as India has sought details about a large number of Indian clients of Swiss banks who are suspected to have indulged in illicit financial activities. These include people whose names figured in the HSBC and Panama lists, as also those being probed by the Income Tax Department and the Enforcement Directorate among other agencies. While Switzerland has always denied being a safe haven for black money, it has begun sharing details in recent years with several countries including India after submission of evidence about financial and tax-related wrongdoings of the Swiss bank clients. Besides, a new global framework of automatic information exchange is now in place, which Switzerland's State Secretariat for International Finance (SIF) believes will increase transparency and prevent cross-border tax evasion.

Black money chase: Noose tightens on Swiss accounts; 50 Indians get notices

India will start receiving information <a href="http://www.wionews.com/india-news/rs-300-crore-but-no-claimants-six-india-linked-swiss-bank-accounts-lie-dormant-151910">relating to financial accounts of Indians </a>in Swiss banks from Switzerland, government said on Wednesday. 
&nbsp; &nbsp;&nbsp; &nbsp; 
Minister of state for external affairs V K Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in corruption. 
&nbsp;&nbsp; &nbsp; 
Switzerland has been <a href="http://www.wionews.com/business-&amp;-economy/indians-with-illegal-swiss-bank-deposits-to-face-harsh-penal-proceedings-says-arun-jaitley-147959?src=fb">long perceived as one of the safest</a> havens for illicit wealth allegedly stashed abroad by some Indians. Singh said the India-Switzerland tax treaty facilitates receipt of information on request basis for cases under investigation. 
&nbsp;&nbsp; &nbsp; 
"In addition, from 2019, India will receive on automatic basis, information in respect of financial accounts held by Indian residents in Switzerland. The information received on request or on automatic basis may include information about persons allegedly involved in corruption," he said. 
&nbsp;&nbsp; &nbsp; 
At the same time, Singh added that the information received is governed by the confidentiality provisions of the tax treaty between the two countries. 
&nbsp;&nbsp; &nbsp; 
In 2016, India and Switzerland had signed a joint declaration relating to automatic exchange of information relating to tax.&nbsp;

Piyush Goyal who had taken temporary charge of the finance portfolio had said earlier in Parliament that after PM Narendra Modi's government came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80 per cent.

Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange.

In July last year, as per the latest data released by the Swiss National Bank (SNB), funds parked by Indians with Swiss banks rose 50 per cent to CHF 1.01 billion (about Rs 7,000 crore) in 2017.

The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum of the much-debated alleged black money held in the famed safe havens of Switzerland.

The official figures, disclosed annually by Switzerland’s central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.

It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax, havens, to shift the money in Swiss banks.

India will start receiving information relating to financial accounts of Indians in Swiss banks from Switzerland, government said on Wednesday. Minister of state for external affairs V K Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in corruption.

India will start receiving information relating to financial accounts of Indians in Swiss banks from Switzerland, government said on Wednesday. Minister of state for external affairs V K Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in corruption. Switzerland has been long perceived as one of the safest havens for illicit wealth allegedly stashed abroad by some Indians. Singh said the India-Switzerland tax treaty facilitates receipt of information on request basis for cases under investigation. "In addition, from 2019, India will receive on automatic basis, information in respect of financial accounts held by Indian residents in Switzerland. The information received on request or on automatic basis may include information about persons allegedly involved in corruption," he said. At the same time, Singh added that the information received is governed by the confidentiality provisions of the tax treaty between the two countries. In 2016, India and Switzerland had signed a joint declaration relating to automatic exchange of information relating to tax. Piyush Goyal who had taken temporary charge of the finance portfolio had said earlier in Parliament that after PM Narendra Modi's government came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80 per cent. Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange. In July last year, as per the latest data released by the Swiss National Bank (SNB), funds parked by Indians with Swiss banks rose 50 per cent to CHF 1.01 billion (about Rs 7,000 crore) in 2017. The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum of the much-debated alleged black money held in the famed safe havens of Switzerland. The official figures, disclosed annually by Switzerland’s central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax, havens, to shift the money in Swiss banks.

India to get information on account holders in Swiss banks from this year: Government

India will start getting financial information of accounts held by Indians in Swiss banks on automatic basis from September 2019, a move that will help fight the menace of black money stashed abroad.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra and Deputy Chief of Mission of Swiss Embassy in India, Gilles Roduit, today signed the &#39;Joint Declaration&#39; for the implementation of Automatic Exchange of Information (AEOI) between the two nations.

&quot;As a result, it will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis,&quot; the Finance Ministry said in a statement.

It further said that fighting the menace of black money stashed in offshore accounts has been a key priority area for this government.

The &#39;Joint Declaration&#39; will further the goal of dealing with black money stashed in foreign accounts.

On June 6, Prime Minister Narendra Modi had met Swiss President Johann Schneider-Ammann at Geneva and discussed the need for expeditious exchange of information for combating tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information.

As a follow up, Revenue Secretary Hasmukh Adhia and Switzerland&#39;s State Secretary for International Financial Matters Jacques de Watteville met on June 15 and agreed to move towards an early agreement for the implementation of AEOI between the two countries.

Following the government&#39;s demonetisation of high value currency notes earlier this month as a crack down on domestic black money, some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad, particularly in Swiss banks. 
 
(PTI)

India will receive financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years

India will start getting financial information of accounts held by Indians in Swiss banks on automatic basis from September 2019, a move that will help fight the menace of black money stashed abroad. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra and Deputy Chief of Mission of Swiss Embassy in India, Gilles Roduit, today signed the 'Joint Declaration' for the implementation of Automatic Exchange of Information (AEOI) between the two nations. "As a result, it will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis," the Finance Ministry said in a statement. It further said that fighting the menace of black money stashed in offshore accounts has been a key priority area for this government. The 'Joint Declaration' will further the goal of dealing with black money stashed in foreign accounts. On June 6, Prime Minister Narendra Modi had met Swiss President Johann Schneider-Ammann at Geneva and discussed the need for expeditious exchange of information for combating tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information. As a follow up, Revenue Secretary Hasmukh Adhia and Switzerland's State Secretary for International Financial Matters Jacques de Watteville met on June 15 and agreed to move towards an early agreement for the implementation of AEOI between the two countries. Following the government's demonetisation of high value currency notes earlier this month as a crack down on domestic black money, some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad, particularly in Swiss banks. (PTI)

Swiss banks to provide information on Indian account holders from 2019