Bank account details of up to 50 Indian nationals may soon be released by Swiss authorities to the Indian government as notices regarding the same have been communicated to the said individuals in order to allow them to file an appeal, reports The Economic Times.
Most of the persons in question are businessmen from various sectors such as finance, technology, textiles, etc.
During its firm term in power, the government of Prime Minister Narendra Modi had taken a strong stance against black money, especially that which was believed to be held in secret Swiss bank accounts. From that time, India and Switzerland have established closer cooperation on the sharing of such financial information.
The two countries have also signed the global automatic exchange of information framework. In the past year alone, the Swiss government has shared bank account details of some 100 Indian citizens.
Swiss law requires that in most cases, a 30-day time period for appeal be given to persons whose account details have been requested by a foreign government under a treaty mechanism and for which the latter have provided some substantive proof financial wrongdoing.
An appeal from Swarajya
At Swarajya, we rely on our readers' support through subscriptions to sustain our media platform. Unlike larger conglomerates, we are unable to relentlessly chase advertising money — our model is largely built on your patronage.
Your support has never been more crucial. We work tirelessly to deliver 10-15 high-quality articles daily, ensuring you receive insightful content from 7 AM to 10 PM.
If you believe India's story has to be articulated in a way it has never been done before without shrugging it off, become a patron (or) subscribe now for ₹̶2̶4̶0̶0̶ ₹1999 and get 12 print issues, unlimited digital access for 1 year, a special India that is Bharat T-shirt (Offer ends soon).
We are counting on you!