• Sunday, March 24, 2019

India to get info on account holders in Swiss banks from 2019

Discussion in 'Central & South Asia' started by Jyotish Kailashkumar, Jan 4, 2019.

  1. Jyotish Kailashkumar

    Jyotish Kailashkumar FULL MEMBER

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    India to get info on account holders in Swiss banks from 2019: Govt

    By PTI

    Jan 02, 2019

    India will start receiving from Switzerland this year information relating to financial accounts held by Indians in Swiss banks, government said 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 signed a joint declaration relating to automatic exchange of information relating to tax.

    https://m.economictimes.com/news/ec...leshow/67351880.cms?__twitter_impression=true
     
  2. Skull and Bones

    Skull and Bones ELITE MEMBER

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    I will believe when I see any substantial number of account seized and the money retrieved by the authority. Otherwise, it is just another election gimmick.
     
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  3. 313ghazi

    313ghazi SENIOR MEMBER

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    Good get back all looted wealth. Spend it on development work on the poorest in society.
     
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  4. FuturePAF

    FuturePAF FULL MEMBER

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    The Global South Needs to unite around this issue. Outflows by its corrupt politicians force the people's of the developing nations to seek loans and sell bonds to raise funds, that would otherwise be rightfully paid by their own rich people paying their taxes. This is a new form of colonization; and these coconuts (brown on the outside white on the inside) are exploiting the local people. This would similar to what the British colonialists called Nabobs

    https://en.wikipedia.org/wiki/Nabob

    If these people paid there taxes, then They should be free to move their money. But if countries like Pakistan are forced to adhere to the FATF regulations of money transfer, then foreign banks taking money from the global south need to clear the source nations tax agencies to confirm the money is clear of any back taxes.
     
  5. Shankranthi

    Shankranthi BANNED

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    So the negotiations that started with Switzerland in 2014 and agreement signed in 2016 to share information in 2019 is a election gimmick ?

    Is there anything Modi does that is NOT a election gimmick ?
     
  6. Tshering22

    Tshering22 ELITE MEMBER

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    Switzerland is one country that is pretty tight on its rules. They rely on foreign wealth in their banks to have that high class of living that they do. If they give away all the money, then how will their people make the best of their lives?

    This would be difficult.

    Also, one big danger is rupee devaluation - if we get a tonne of money back into the system, it will result decreasing value of Rupee.