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Switzerland prepared list of Indians with suspected black money in its banks

Jun 24, 2014 11:51 IST

Switzerland in third week of June 2014 prepared a list of Indians suspected to have stashed un-taxed wealth in various Swiss banks. This can be considered as a major boost to India’s fight against black money.

Names of Indian individuals and entities were prepared on the basis of the Swiss authorities ongoing exercise to identify real beneficiary owners of funds held in various banks operating in Switzerland. Swiss authorities also decided to provide all necessary support to the newly set-up Special Investigation Team (SIT) on black money headed by Justice (retd) M B Shah.

India is one of the 36 countries with which Switzerland has signed treaties to provide administrative assistance in tax matters in accordance with international standards.

The latest official data released by Switzerland’s central banking authority says that Indian money stashed in Swiss bank has rose by 43 percent during 2013 to close to 14000 crore rupees. Beside this, India has moved up to 58th rank in terms of foreign money lying with Swiss banks.

Apart from this, Britain has retained its top position with highest share of close to 20 percent of global wealth in Swiss banking system. Britain is followed by the US, West Indies, Germany and Guernsey in top-five in terms of exposure to banks in Switzerland.

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