Black money: Will take action, says Justice MB Shah on Swiss bank list

[Free Karma]

Swiss govt prepares list of Indians with suspected black money

Swiss govt prepares list of Indians with suspected black money | Business Line

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.

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.

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.

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 authorised 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'.

 

[Compersion]

Re: Swiss govt prepares list of Indians with suspected black money

Old news but is worth analysis. Is it on technicals (account beneficiary name, other sources) ... Is one not allowing the bigger picture to come out ...

Swiss A/Cs: Advani apologises to Sonia Gandhi

 

[SLASH]

Re: Swiss govt prepares list of Indians with suspected black money

The money would no longer be there. They should concentrate on the black money at home rather than abroad. Check the stock markets, real estate and commodity market. That is where the black money is. The property market it self will have more than 2 lakh crore black money.

Black money is also routed back to India via Mauritius in the stock market. 2G scam is a perfect example of how Mauritius is being used as a base for these kind of activities. There is a talk of clamping down on this by abolishing P-notes, and it will probably lead a massive selling in stocks.

Black money in commodities, mostly gold and silver is well known to all. This is a large unaccounted wealth which would be near impossible to account for. Most household buy gold in cash without receipt.

As much as everyone would want the black money back into the governments coffers, we would not be happy when the IT and ED will ask for the account of our gold, property and stock holdings. We are all guilty and part of this corrupt practice of using black money to save taxes.

 

[Vishwarupa]

After the Swiss government prepared a list of Indians suspected to have stashed un-taxed wealth in Swiss banks and shared the information with India, Justice MB Shah who is heading the SIT on black money has said that the list would be verified and action will be taken against the guilty.
"It isnt a list of only black money, it is a list of those persons who are also legally vested. It is a combined list. We are asking for the list of the said persons. Then we will verify. Then action is taken. If it is legal we cannot do anything, If it is illegal or unaccounted money then we take action. It depends on which manner the amount is deposited," Shah told CNN-IBN.
Representational image. ReutersRepresentational image. Reuters
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.
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 USD 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 authorised 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'.

Black money: Will take action, says Justice MB Shah on Swiss bank list

 

[Ray]

Re: Black money: Will take action, says Justice MB Shah on Swiss bank

When told that the NDA has acted with haste to get the black money back, the Congress spokesman said that it had no option because the SC ordered the constituting of the SIT.

Any comments?

 

[abhi_the _gr8_maratha]

Re: Black money: Will take action, says Justice MB Shah on Swiss bank

When told that the NDA has acted with haste to get the black money back, the Congress spokesman said that it had no option because the SC ordered the constituting of the SIT.

Any comments?

NDA is acting east on black money cause it will help to regain race of economy as well social, science and technology, defence needs. 1.6 trillion dollars is huge. If it comes back , defence budget can be hiked to 50 billion for fast modernization , ISRO can get more funds as well as DRDO, can help for more projects, infrastructure development and help to afghanistan.

 

[Ray]

Re: Black money: Will take action, says Justice MB Shah on Swiss bank

No information from Switzerland on black money: Arun Jaitley

NEW DELHI: Seeking to expedite information sharing from the European nation, finance minister Arun Jaitley on Monday said the government will write to Switzerland seeking details of Indians having unaccounted money in Swiss banks.

The minister's remark comes a day after a Swiss government official said that names of certain persons and entities, who have come under scanner of Swiss authorities, is being shared with India.

Jaitley said his ministry is yet to receive official communication in this regard.

"We are today writing ourselves to the Swiss authorities with whom the ministry has been in touch so that details with regard to whatever information the authorities have can be expedited and the cooperation between the Swiss authorities and the government of India can bring fruitful results. Our communication will be sent today itself," Jaitley said here.

"News has appeared in various sections of the media quoting Swiss authorities that they are willing to actively cooperate with the government of India in giving details about Indians who hold bank accounts in the Swiss banking system," he said.

According to the latest data published by Switzerland's central bank SNB, Indian money in various Swiss banks rose by 43 per cent during 2013 to close to Rs 14,000 crore, including the money held directly by Indian clients and those through fiduciaries or wealth managers.

As part of its efforts to bring back black money, the Union Cabinet headed by Prime Minister Narendra Modi on its first day in office constituted a special investigative team to unearth illicit money.

Under the chairmanship of M B Shah, SIT had its first meeting on June 2. The other members of the team comprised another retired Supreme Court judge Arijit Pasayat as vice-chairman, revenue secretary, directors of CBI, IB, RAW and ED, the CBDT chairman and an RBI deputy governor.

The panel has jurisdiction in cases where investigations have commenced or are waiting to be initiated or have been completed.

Swiss government has been refusing to share details about the Indians named in this 'HSBC list', which was stolen by a bank employee and later found its way to tax authorities in various countries including India.

Despite repeated requests from India, Switzerland had maintained that its local laws prohibit administrative assistance in matters where information has been sourced illegally, including through stolen lists.

The said 'HSBC list' allegedly contains names of Indians and other foreign nationals having ill-gotten wealth in Swiss unit of the global banking major.

India is one of the 36 countries with which Switzerland has signed treaties to provide administrative assistance in tax matters in accordance with international standards.

No information from Switzerland on black money: Arun Jaitley - The Times of India
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Either NDA unearth the black money after so much of hoop la, or it will have mud on its face that it is as evasive as the Congress.

And the Congress will then make mince meat of the BJP.