- In terms of foreign lying in Swiss banks India stands 58th but it accounts for a meagre 0.15 per cent of an estimated $1.6 trillion of total wealth globally
- U.K. stands first followed by U.S., West Indies, Germany and Guernsey in the top-five in terms of exposure to banks in Switzerland
- The latest data released by Swiss National Bank Indian money rose by 43 per cent during 2013 to close to Rs. 14,000 crore (2.03 billion Swiss francs)
- Switzerland has agreed to share the date on the Indians suspected to have un-taxed wealth in Swiss banks
- The un-taxed money are accounted in the form of trusts, domiciliary companies and other legal entities based out of countries other than India
- Swiss authorities are keen in working with the new government and will support the Special Investigation Team (SIT) on black money
- Money hidden by Indians could be in trillions according to the latest SNB data of foreign money across 283 banks
- Swiss banks have shared updated information and not the old version sought earlier by the Indian authorities on the basis of ‘leaked’ or ‘stolen’ lists of certain banks, including the so-called ‘HSBC list’
- While justice M.B.Shah and his team (SIT) have received a data shared by the Swiss authorities is a major success
- The information shared according to Zurich list will help the team to access the quantum of black money
- The investigation will be as per the law and order; the government should crack down on tax haven companies dealing in laundered money from anonymously
- Read at: http://www.thehindu.com/todays-paper/tp-national/with-rs-14000-cr-india-ranks-58th/article6139974.ece
- http://www.thehindu.com/todays-paper/tp-national/switzerland-to-share-list-of-indian-account-holders/article6139978.ece
- http://www.thehindu.com/todays-paper/swiss-list-of-indians-a-major-breakthrough-sit-chief/article6139963.ece
Exams Perspective:
- SIT (Special Investigation Team)
- Black Money