Black money probe: India seeks details on foreign entities from Switzerland

Berne: India’s tax authorities have not only sought details about Indian nationals from Switzerland, but have also requested for information on some foreign entities, mostly based in tax havens.

These entities include Mokopane Limited and Sorwood Development (both based in British Virgin Islands), Kinetic Holdings Limited from Channel Islands, Alea Management Limited from Bahamas and Anrid LLC (ICC Management Services) from New Castle County, USA.

As per the Swiss gazette notifications about these entities, all of which are dated December 2014, the Swiss Federal Tax Administration (FTA) has already shared some details about them with the Indian tax authorities.

However, these details have not been disclosed in the gazette, which mentions that the information required to be kept secret and could be shared only with persons or authorities concerned with their assessment or prosecution and only for those purposes.

These are in addition to the seven “Indian nationals” whose names have been published in Switzerland’s Federal Gazette with regard to details sought about them by the Indian authorities.

Officials said that the details could have been sought by the Foreign Tax and Tax Research Division in the Ministry of Finance about these entities in connection with their suspected involvement with some Indian nationals or companies.

PTI