- Mr.Arun Jaitley, Union Finance Minister told they are writing a letter to the Swiss authorities to share details of black money hidden by Indians
- Government is expecting cooperation from the Swiss authorities to bring out best results
- Earlier Switzerland had not shared any data of Indians who evaded the taxes and stacked the unaccounted money abroad
- Zurich denied sharing account details of certain Indians with accounts at HSBC’s earlier
- Switzerland had prepared a list of Indians suspected to have stored untaxed money to share the details with the Indian Government
- Further in at a meeting with Indian authorities the Swiss authorities to share the Indian names in HSBC list
- A bank employee had stolen the data and had shared it to tax authorities in various countries including India
- Despite India requesting the Swiss authorities the data cannot be sourced illegally and the local laws do not permit sharing the data
- Read at: http://www.thehindu.com/todays-paper/were-writing-to-the-swiss-for-black-money-list-jaitley/article6143463.ece
Exams Perspective:
- Black Money
- White Paper on Black Money