India is one step closer to unlocking some of the mysteries locked in the vaults of Switzerland's secretive banks. Switzerland has agreed to provide information about the finances of Indian citizens stashed away in its banks, even if New Delhi is unable to provide too many details about the accounts.
This will be a big boost to India's attempts to unearth black money stashed away by its citizens in secretive Swiss banks. The finance ministry said it will approach the Swiss government to seek information under the 'liberal interpretation of the identity requirements for providing information' agreed to in the reworked Double Taxation Avoidance Agreement (DTAA) signed between the two countries.
The government has been under immense pressure from the opposition, civil society and the judiciary to demonstrate that it is serious about its intent to unearth black money parked in foreign accounts.
Source: Times of India
Personal Comments: By the time the Indian government receives the info from the Swiss government and starts its investigation, the Richie Richers and the political biggies who have stashed their money in the Swiss banks would withdraw it and close their account and move it to some other Banks in the Europe or Banks in other countries!!! May be they already have!!! Who knows!!! The Swiss government is not going to provide the history of the account holders or those who have closed theirs, are they?
This will be a big boost to India's attempts to unearth black money stashed away by its citizens in secretive Swiss banks. The finance ministry said it will approach the Swiss government to seek information under the 'liberal interpretation of the identity requirements for providing information' agreed to in the reworked Double Taxation Avoidance Agreement (DTAA) signed between the two countries.
The government has been under immense pressure from the opposition, civil society and the judiciary to demonstrate that it is serious about its intent to unearth black money parked in foreign accounts.
Source: Times of India
Personal Comments: By the time the Indian government receives the info from the Swiss government and starts its investigation, the Richie Richers and the political biggies who have stashed their money in the Swiss banks would withdraw it and close their account and move it to some other Banks in the Europe or Banks in other countries!!! May be they already have!!! Who knows!!! The Swiss government is not going to provide the history of the account holders or those who have closed theirs, are they?
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