India

Black Money in Swiss Bank: Know the name of depositors of black money in Swiss bank, Switzerland handed over this list to India

Black Money in Swiss Bank:The issue of black money in India has been a shadow for a long time. The BJP had raised this issue vigorously during the UPA government of Congress. From social activist Anna Hazare to yoga guru Baba Ramdev, there was a big movement to bring back the black money stashed in Swiss.

Black Money in Swiss Bank:The issue of black money in India has been a shadow for a long time. The BJP had raised this issue vigorously during the UPA government of Congress. From social activist Anna Hazare to yoga guru Baba Ramdev, there was a big movement to bring back the black money deposited in Swiss, but till now there was no success in bringing back the black money. For this, the Modi government was also facing criticism for a long time. But now Switzerland has handed over the list of depositors of black money deposited in Swiss banks to India.

Under the automatic exchange of information arrangement with Switzerland, information about Swiss bank accounts of its citizens and organizations has been received for the fourth year in a row. Switzerland has shared details of about 34 lakh financial accounts with 101 countries including India. Officials said details related to hundreds of financial accounts have been shared with India.

These are included in the list of black money

According to Switzerland, accounts of certain people, companies and trusts are included. However, he did not elaborate, citing the confidentiality provision under the Exchange of Information, as it may adversely affect further investigation. Officials said the data could be used to investigate suspected cases of theft and other irregularities, including money laundering and terrorism financing. The Federal Tax Administration (FTA) said in a statement on Monday that five new regions, Albania, Brunei Darussalam, Nigeria, Peru and Turkey have been added to the list this year through the exchange of information.

Information exchange with 74 countries

The number of financial accounts has increased by about one lakh. Information was exchanged with 74 countries. Switzerland also received information from these countries. But in the case of 27 countries, including Russia, no information has been given. This is either because these countries have not yet met international requirements on privacy and data protection or they have chosen not to receive the data. However, the FTA did not disclose the names and other information of the 101 countries. But officials said India was one of the prominent countries to have been reported for the fourth year in a row about the accounts of individuals and organizations in Swiss financial institutions. According to officials, the exchange of information took place last month and Switzerland will now share the information in September next year.

From businessmen to overseas Indians included

India first got the data from Switzerland in September 2019 with automatic exchange of information. It was one of the 75 countries to which the information was made available at the time. Last year, India was included in the list of 86 countries receiving information. According to experts, the data obtained under the automatic exchange of information system has been useful for India to pursue a strong case against those who have huge assets. Because it gives complete details about deposit and transfer of money. Along with this, information about other income including earnings received through investments in securities and other assets is also available. Officials also said that the details pertain to businessmen, including overseas Indians.

Shubham Bangwal

Shubham Bangwal Senior Journalist at People News Chronicle whose Special interest is in Politics, Crime, Entertainment and Technology news.

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