UBS, a premier Swiss Bank (twicepix/Wikimedia Commons)Over the last month, Switzerland issued notices to 14 Indian nationals with accounts in the banks based in the country to share details of their accounts with Indian tax officials, marking a big win for India's efforts to identify black money holders and bring back the money, reports Business Today.
The latest Indian national to have received such a notice is Potluri Rajamohan Rao in which he has been given one last chance to appeal against sharing of his account details with India within ten days.
It has been reported that many more such notices are in the offing in the coming weeks as India has sought details about a large number of Indian clients of Swiss banks who are suspected to have indulged in illicit financial activities. It should be noted that in the preceding week, on a single day, 11 Indian nationals had been sent such notices on 21 May.
The steps taken by the Switzerland are aimed at re-establishing its position as the global financial centre by clamping down on secrecy walls of its banks. The initiatives in this regard are being led by the Federal Tax Administration (FTA) of Switzerland.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.