ASIA NEWS NETWORK

WE KNOW ASIA BETTER

» News

Indian gov't seeks details of nationals' Swiss bank accounts

Publication Date : 24-06-2014

 

Acting on reports that names of Indian nationals and entities have come under the scanner of Swiss authorities, the Indian government said it would write Switzerland to seek details of Indians with unaccounted money in Swiss banks.

Several press reports yesterday quoted a Swiss government official as saying that names of certain persons and entities, who have come under the scanner of Swiss authorities, would be shared with India. However, Union Finance Minister Arun Jaitley said his ministry had yet to receive official communication on this matter.


“We are today writing to the Swiss authorities with whom the Ministry has been in touch so that details with regard to whatever information the Swiss authorities have can be (obtained) and cooperation between the Swiss authorities and the government of India can bring fruitful results. Our communication will be sent today,"  Jaitley said.

He was referring to the issue of Indians allegedly stashing unaccounted money in Swiss banks.

“News reports have quoted Swiss authorities as saying that they were willing to actively cooperate with the government of India in giving details about Indians who hold bank accounts in the Swiss banking system,” he said.

According to the latest data published by Switzerland’s central bank, SNB, Indian money in various Swiss banks rose by 43 per cent in 2013. These include money held directly by Indian clients and those through fiduciaries or wealth managers.

As part of its efforts to bring back "black" money to the country, the Union Cabinet headed by Prime Minister Narendra Modi on its first day in office constituted a special investigative team to unearth illicit money.

 

Mobile Apps Newsletters ANN on You Tube