Indian Accounts In Swiss Banks

India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries. Officials said the new details shared with India pertain to "hundreds of financial accounts", including many cases of multiple accounts associated with some individuals, corporates and trusts. They did not divulge specifics, citing the confidentiality clause of the information exchange and the adverse impact it may have on further investigations, but asserted that the data would be used extensively in probes of suspected tax evasion and other wrong doings including of money laundering and terror funding. In a statement, the Federal Tax Administration (FTA) on Monday said that the exchange of information this year saw five new additions to the list -- Albania, Brunei Darussalam, Nigeria, Peru and Turkey. The count of financial ...

Congress MP Pramod Tiwari on Wednesday gave zero-hour notice in the Rajya Sabha on the issue of the 'surge in Indian money held in Swiss banks'.

India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland

India rated as 'largely compliant' on transparency and exchange of information for tax purposes.

An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) showed that India remains ranked very low when it comes to money parked by Indian individuals and enterpri

According to SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals

In reply to an RTI query, the ministry also refused to disclose the details of black money received from other foreign countries

The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts

Full details of the entire flow of funds to and from all the accounts that were active even for a single day in the year 2018 will be provided

As per the latest data released by the Swiss National Bank (SNB), funds parked by Indians with Swiss banks rose 50 per cent to CHF 1.01 billion (about Rs 70 billion) in 2017