In a major breakthrough for Modi government, the Swiss authorities have agreed to share a list of Indians account holders in various Swiss banks in the name of trusts or other entities. Switzerland has also promised cooperation with India in its fight against black money.
Under Supreme Court’s direction Indian government has formed 11-member special investigation team (SIT) to probe into black money cases worth billions of dollars and bring down the culprits. It is believed that plenty of suspected Indians have stashed un-taxed wealth in many of Swiss banks
In his first reaction, Justice M.B. Shah, chairman of SIT welcomed Switzerland’s decision to share the list with India and said it would help to track the black money.
“Of course, we will positively receive the information on the Zurich list. This information will help us assess the quantum of black money stashed away by Indians in that country,” Justice Shah told The Hindu on Sunday.
SIT vice-chairman Justice Arijit Pasayat told TOI, “Swiss authorities are preparing the list and will hand it over to the government which will then forward it to us for scrutiny. We have discussed the matter with other members of the SIT. Our job will be made easier if it comes out to be what it looks like and we will take suitable action. This is a breakthrough development in the fight against black money. Till now, the impression was that Switzerland is creating hurdles in this battle. A very encouraging sign.”
A senior Swiss government official told reporters that the names of some Indian individuals and entities have come under scanner during an internal investigation and the government wants to co-operate with India to track-down black-money.
“These individuals and entities are suspected to have held un-taxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based out of countries other than India,” the official said.
Tags: black money Black Money case Black-Money Trail india SIT Swiss Bank Switzerland
