Switzerland Steps Up Process To Share Details Of Indians Having Suspected Illicit Money In Swiss Banks AccountsUBS, 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.

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