India's holdings now accounts for a meagre 0.123 percent of total global wealth worth $1.6 trillion in Switzerland's banking system
This is the second lowest amount of funds held by Indians in the Swiss banks and follows an increase of over 40 percent in the previous year, 2013.
Industrialist Yash Birla, and two other Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts whose names have been made public in Switzerland's official gazette with regard to ongoing tax probes against them in India.
Aam Aadmi Party on Monday asked the government to make information "public" on Indians holding black money abroad and said with new names disclosed the party's stand on the matter has been "vindicated".
Prime Minister Narendra Modi said that bringing back black money stashed abroad is the key priority of his government. He said this ahead of the G-20 summit in Australia.
If there is political will there are ways to get even the secrecy-obsessed Swiss to cooperate with our black money investigations. It is time we used some arm-twisting tactics to get the Swiss to help
700 names of Indians with Swiss accounts were given to India in 2008. Chances are the black money is not coming back even if the list is disclosed fully.
Finance Minister Arun Jaitley said Switzerland has agreed to share information on black money in Swiss banks.
In the run-up to parliamentary polls, BJP had promised to bring back black money kept by Indians in overseas bank while targeting the UPA government for not taking effective action on the issue.
In a major breakthrough in India's fight against black money allegedly stashed abroad, Switzerland on Wednesday said it will examine Indian requests for banking information on a priority basis and provide requested details in a time-bound manner.
Tax proceedings have begun against Swiss bank account holders, Finance Minister Arun Jaitley told the Lok Sabha on Friday.
The Minister's remark comes a day after a Swiss government official told PTI that names of certain persons and entities, who have come under scanner of Swiss authorities, is being shared with India.
The SIT had its first meeting today during which the road map on how to proceed further was decided. Sources privy to the meeting said that the SIT headed by former Supreme Court Judge B Shah decided to examine whether some of the black money cases could be put on fast-track.
The Supreme Court's SIT to detect black money held abroad is pointless. Even though the UPA has done little to bring back black money, it does not mean the SC should step in and do the government's job
In a strongly worded letter, he said India might examine further steps like declaring Switzerland a non-cooperative jurisdiction if non-cooperation continues.
Stepping up their efforts to curb flow of unaccounted money, Swiss banks will strengthen their due diligence of overseas clients and advise them to comply with international tax regulations.
We should offer a tax amnesty scheme for Indians who've stashed money abroad. Indulging our own crooks is a lesser evil than begging difficult foreigners for dollars
The total funds held by Indian individuals and entities included 1.34 billion Swiss francs held directly by Indian individuals and entities, and another 77 million Swiss francs through 'fiduciaries' or wealth managers at the end of 2012, as per the latest figures released by the Swiss National Bank (SNB) in Zurich today.
Stepping up action against those involved in stashing blackmoney in Swiss banks, Enforcement Directorate has slapped its first penalty notice of Rs 2 crore for alleged forex violations against an individual after probe into LGT bank list