After India and Switzerland signing the accord, India will start getting information automatically about accounts held by Indians in Swiss banks from September 2019.
India's tax authorities have requested Switzerland for information on some foreign entities, mostly based in tax havens.
AAP leader Arvind Kejriwal on Monday urged the government to act against HSBC Bank to unearth details of Indians holding black money abroad while BJP's Kiran Bedi called it "stolen" money.
Top industrialists the Ambani brothers and Jet Airways Chairman Naresh Goyal, on Monday denied having illegal Swiss bank accounts in the wake of leaked list of account holders of HSBC brought out by an international body of journalists.
Given the difficult budgetary situation, the Modi government should announce a mother-of-all black money amnesty schemes to bring money out of tax havens abroad and also from domestic sources.
The case pertains to a list of 600 Indians whose details were stolen by an employee of HSBC in 2008 and handed over to the French government, which decided to share them with India. The Indian authorities are, however, hesitating make public the names in the list.<br /><br />
Western tax authorities have individually stepped up efforts to net more money hidden abroad by their own citizens through a series of amnesties targeting people with accounts in jurisdictions such as Switzerland and Liechtenstein.
An amnesty offer is being made to 100 wealthy Indians on a list of 700 citizens with HSBC accounts in Geneva that French authorities gave to the Indian government last year.
The illegal wealth stashed abroad by Indians is not just about tax evasion. It is a form of treason. So why is the government prevaricating on naming them?
A business newspaper has reported that 17 Swiss account holders have quietly disclosed their evasions and paid up taxes. Is a clandestine VDS on?
A dearth of fee-spinning alternate investment vehicles such as hedge funds and private equity, and an underdeveloped corporate bond market means most investments are channeled into run of the mill equity products, bank deposits, and government bonds.
The names of a few top Indian businessmen and corporates are believed to be on a list of Swiss bank account holders handed over recently by the French government. Where will the trail lead?
Two of the largest Swiss banks, UBS and Credit Suisse, account for most of the deposits from Indian entities.However, judicial scrutiny and political outcry over stashing of black money in Swiss banks seems to be forcing Indian' entities to move their monies to other safe havens like the Middle East, Singapore and Mauritius.
The present value of illegal financial flows held abroad is nearly $500 bn. That's nearly 35-40% of our GDP. Baba Ramdev and Anna Hazare are on the right track about corruption and black money, but whether a fast will get the money back fast is anyone's guess.