KEYWORDS: ECONOMY, INTERNATINAL RELATION
India steps up pressure on Switzerland to share bank
info
black money - money for which tax not payed.
Why hsbc swiss not sharing bank info....?
India
initiated investigations on the “HSBC” accounts on the basis of information
extracted from data a disgruntled HSBC employee had stolen in 2011. India had
received this “stolen” data from France.
why culprits depositing BLACK MONEY in SWISS BANK...?
--------not only in swiss!, European banks having strong banking secrecy laws which makes foreigners to deposit their black money there.
Suppose if they deposited money in indian banks, income tax of india, rbi will caught those money launderes.
Recently,...
- Under global pressure, Switzerland has agreed to ease its banking secrecy laws in recent years.
- India and Switzerland had signed a tax treaty in 2011 to facilitate greater flow of information about alleged black money.
- Mr. Chidambaram also reiterated in the letter that India would continue to take a position at the Global Forum about Switzerland lacking legal and regulatory framework for an effective exchange of tax-related information.
- In the letter dated April 29, the Finance Minister urged Switzerland to honour its “rights and duties” agreed in the bilateral Direct Tax Avoidance Convention (DTAC) with India.
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