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Now Swiss bank to furnish details of tax frauds

New Delhi: In a major agreement with Switzerland, the Indian government will have an access of those banks accounts in Swiss bank relating to not just tax fraud but evasion as well. In other words, now Indian government would able to know who is sending their Swiss banks. The agreement signed by India and Switzerland will mean Indian authorities can seek information about account-holders in Swiss banks from January 2011 as long as they have a case, but the agreement won`t facilitate a fishing expedition. Swiss authorities will provide information to India on cases of tax fraud and tax evasion. Ever since reports emerged of Indians having accounts in tax havens like Liechtensein and the success of governments like the America in accessing these accounts, New Delhi has been working to get better terms from the Swiss. A new deal between India and Switzerland may be major step forward in the fight against tax fraud. Earlier, Rajya Sabha MP Ram Jethmalani, who has maintained in SC that government can`t claim immunity from disclosing documents related to black money in Swiss banks, said last week that $1,500 billion in black money was lying in Swiss banks.

                                                                                                               
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