Black money eye list tumbling out of Switzerland at last?

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Black money eye list tumbling out of Switzerland at last?

Black money eye list tumbling out of Switzerland at last?
October 07
18:13 2019

Then? Modi government is lucky once again to fulfill its drive on black money as Swiss Banks have commenced delivering data of black money accounts. Modi government could use them for political signs in forthcoming assembly elections. India has got the first chunk of Swiss bank account details of its nationals under a new automatic information exchange pact, a major milestone in the government’s fight against black money stashed abroad. India is among 75 countries with which Switzerland’s Federal Tax Administration (FTA) has exchanged information on financial accounts. The next exchange would take place in September 2020.

India has received details from Swiss authorities on financial accounts, currently, active as well as those accounts that were closed during 2018, Overall, the FTA has sent information on around 3.1 million financial accounts to 75 countries including India. In case of Belize, Bulgaria, Costa Rica, Curacao, Montserrat, Romania, Saint Vincent, Bermuda, British Virgin Islands, Cayman Islands, Turks and Caicos Islands, it has not shared any information. According to experts, the data received by India can be quite useful for establishing a strong prosecution case against those who have any unaccounted wealth. The details relate mostly to businessmen, including non-resident Indians now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries.

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