Swiss govt prepares list of Indians with suspected black money

[Rahul9090]

ZURICH: In a major boost to India's fight against black money, Switzerland has prepared a list of Indians suspected to have stashed un-taxed wealth in Swiss banks and the details are being shared with Indian government.

READ ALSO:First Cabinet move: SIT on black money

The names of these Indian individuals and entities have come under scanner of the Swiss authorities during an ongoing exercise to identify real beneficiary owners of funds held in various banks operating in Switzerland, a senior Swiss government official said.

"These individuals and entities are suspected to have held un-taxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based out of countries other than India," the official told PTI.

He refused to divulge the identity of these persons and entities, as also the quantum of funds held by them in Swiss banks, citing confidentiality clause of the bilateral information exchange treaty between two countries.

The official further said Swiss authorities were very keen to work with the new government in India and they would also provide all necessary support to the newly set up special investigation team (SIT) on black money.

READ ALSO:Indian money in Swiss banks rises to over Rs 14,000 crore

He, however, dismissed claims that black money stashed in Swiss banks by Indians could be trillions of dollars, as the latest Swiss National Bank data pegs the total foreign client money across 283 banks in Switzerland at $1.6 trillion.

When asked about rise in Indian exposure to Swiss banks at 2.03 billion Swiss francs (Rs 14,000 crore), he said these are the funds held by clients who have declared themselves as Indian and therefore were unlikely to be ill-gotten wealth.

While declining to be named, as he is not authorized to speak to media, the senior official further said the details are being shared with India on a 'spontaneous' basis and are different from the information sought earlier by the Indian authorities on the basis of 'leaked' or 'stolen' lists of certain banks, including the so-called 'HSBC list'.
Switzerland prepares list of Indians with suspected black money in its banks; details being shared with India: Swiss govt official.

— Press Trust of India (@PTI_News)June 22, 2014


Swiss govt prepares list of Indians with suspected black money - The Times of India

 

[saikumar]

catch them

 

[Capt.Popeye]

catch them

and screw 'em.

 

[saikumar]

and screw 'em.

yes bro

 

[kadamba-warrior]

Somebody please explain to me how this is not Economic Terrorism perpetrated by Switzerland on the poor people of corrupt third world countries!

I wonder how nobody bats an eyelid when the Swiss actively encourage tax evasion by promising safekeeping of the illegal money in their banks!

How exactly are Switzerland and other countries with similar banking structure not part of a real axis of evil when it comes to allowing black money to be stashed in their banks? How is this not economic terrorism?

Even if this was legal in their legal system, how is this moral? Isn't this robbing the poor in third world countries what is rightfully theirs? Why doesn't international community stands up and says enough is enough?

Too bad India can't do what US did, to demand that Swiss reveal the banking details of their corrupt nationals or else!!!

 

[Iggy]

By the time they give list of people. All the amount will be withdrawn and send to other banks

 

[Hamartia Antidote]

Somebody please explain to me how this is not Economic Terrorism perpetrated by Switzerland on the poor people of corrupt third world countries!

I wonder how nobody bats an eyelid when the Swiss actively encourage tax evasion by promising safekeeping of the illegal money in their banks!

They have been this way for a very long time. What's worse is it used to be (or maybe still is) that all the info you needed was an account number and password and things are legit. Notice how they said in the article these were people who actually declared themselves as Indian (as in it is not a requirement). They had tons of people during WW2 open accounts to have their money safe...only to be killed in the war and not have any way for their heirs to retrieve the money. No password..no dough.

Too bad India can't do what US did, to demand that Swiss reveal the banking details of their corrupt nationals or else!!!

It probably took decades and decades of arm twisting for that to finally happen. They even gave a grace period for tax dodgers to come clean or face a penalty (Mitt Romney supposedly was one of them)

 

[IndoUS]

The smaller countries in Europe make money this way, they are the modern day safe haven for the elites to hide their money abroad, I highly doubt that these countries would even give up all the names or assets, considering they will be kicking themselves in the stomach if they did.

 

[Abingdonboy]

I am and will be cynical about all this news until the black money actually starts flowing back into India but this is certainly a step in the right direction- many millions more to go for sure. No doubt that with a PM like Modi in power with his mandate and subsequent SIT that has some definite teeth, India is in the best position it has been in for a loooong time to go after these funds and return them to the exchequer.

 

[kadamba-warrior]

They have been this way for a very long time. What's worse is it used to be (or maybe still is) that all the info you needed was an account number and password and things are legit. Notice how they said in the article these were people who actually declared themselves as Indian (as in it is not a requirement). They had tons of people during WW2 open accounts to have their money safe...only to be killed in the war and not have any way for their heirs to retrieve the money. No password..no dough.



It probably took decades and decades of arm twisting for that to finally happen. They even gave a grace period for tax dodgers to come clean of face a penalty (Mitt Romney supposedly was one of them)

This is seriously messed up!

I wonder how different is Switzerland compared to countries like Afghanistan?! One harbored extremists from all over the world and while Switzerland harbors ill-gotten wealth from all over the world!!! And what's worse, nobody even talks about it!!!

 

[Hamartia Antidote]

This is seriously messed up!

I wonder how different is Switzerland compared to countries like Afghanistan?! One harbored extremists from all over the world and while Switzerland harbors ill-gotten wealth from all over the world!!! And what's worse, nobody even talks about it!!!

They aren't the only ones.
The US is putting the squeeze on lots of places.
Cayman Islands Is The New Switzerland, But Not The Way You Think - Forbes

 

[Arya Desa]

They aren't the only ones.
The US is putting the squeeze on lots of places.
Cayman Islands Is The New Switzerland, But Not The Way You Think - Forbes

Cayman Islands is worse. That's where Canadians store their wealth. I can only imagine how much money is stored there from America or other 3rd world countries.

 

[Tshering22]

Time to hammer them down once and for all.

The other condition is if Switzerland agrees to become Overseas territory of India.

 

[kadamba-warrior]

These people are economic terrorists! In fact, I would argue that these are more dangerous than traditional terrorists because they affect far more poor and unsuspecting people!

I am surprised that the normally vocal western governments and western media choose to remain silent on such exploitations by Swiss.

 

[kadamba-warrior]

They aren't the only ones.
The US is putting the squeeze on lots of places.
Cayman Islands Is The New Switzerland, But Not The Way You Think - Forbes

Appears to me that there are fat lobbyists that represent the interests of these countries!!!