Welcome to SPN

Register and Join the most happening forum of Sikh community & intellectuals from around the world.

Sign Up Now!
  1.   Become a Supporter    ::   Make a Contribution   
    Target (Recurring Monthly): $200 :: Achieved: $98

India India starts getting banking information from Switzerland

Discussion in 'Breaking News' started by Archived_Member16, Nov 9, 2011.

  1. Archived_Member16

    Expand Collapse
    SPNer Contributor

    Jan 7, 2005
    Likes Received:
    Press Trust Of India

    New Delhi, November 08, 2011

    Last Updated: 21:16 IST(8/11/2011)

    India starts getting banking information from Switzerland

    The finance ministry on Tuesday said it has started receiving banking and tax-related information from Switzerland following revision of a tax treaty, a development that will help India in combating the black money menace and bring back funds stashed abroad.

    "We are getting information from Switzerland...they will also provide information regarding tax-evasion cases," a senior finance ministry official said.

    India and Switzerland had signed a protocol in August last year seeking to revise the Double Tax Avoidance Agreement (DTAA).

    The European nation, the official said, has communicated to India that all legal requirements and procedures for giving affect to the protocol had been completed.

    Geneva has also communicated to New Delhi, "The protocol comes into affect from October 7, 2011 and now it would be possible for India to obtain banking information in special cases from Switzerland commencing from April 1, 2011".

    On a query whether Swiss authorities would provide more information on 700 bank accounts allegedly held by Indians in HSBC Bank, Geneva, Swiss Ambassador to India Philippe had said on Monday that his Government would respond to all legitimate requests by India.

    As per the treaty, both the governments are entitled to release data in cases which has been defined in the treaty, the Ambassador had said.

    Currently, the Indian government is looking into looking into details of Swiss bank accounts provided by French authorities.

    As per a Swiss National Bank data, Indians held Rs 9,295 crore in 2010 in banks of Switzerland.

    India has been trying to combat the menace of black money and bring back the illegal funds stashed abroad.

    Besides taking various steps at home, India has been negotiating and re-negotiating tax treaties with several countries and tax havens.

    It has also taken up the issue of tax havens at international fora like G-20 and persuaded the world leaders to take up its concern globally.

    © Copyright © 2011 HT Media Limited. All Rights Reserved.

    source: http://www.hindustantimes.com/India...ng-info-from-Switzerland/Article1-766474.aspx
  2. Loading...

  3. Kanwaljit Singh

    Kanwaljit Singh Ireland
    Expand Collapse
    Apache Spark, Scala developer
    Writer SPNer

    Jan 29, 2011
    Likes Received:
    Now when everyone has moved their funds elsewhere :D
    • Like Like x 1
Since you're here... we have a small favor to ask...

More people are visiting & reading SPN than ever but far fewer are paying to sustain it. Advertising revenues across the online media have fallen fast. So you can see why we need to ask for your help. Donating to SPN's is vote for free speech, for diversity of opinions, for the right of the people to stand up to religious bigotry. Without any affiliation to any organization, this constant struggle takes a lot of hard work to sustain as we entirely depend on the contributions of our esteemed writers/readers. We do it because we believe our perspective matters – because it might well be your perspective, too... Fund our efforts and together we can keep the world informed about the real Sikh Sikhi Sikhism. If everyone who writes or reads our content, who likes it, helps us to pay for it, our future would be much more secure. Every Contribution Matters, Contribute Generously!

    Become a Supporter      ::     Make a Contribution     

Share This Page