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NEW DELHI / BERNE: As Switzerland strives to restore its position as a global financial center after the closure of the secrecy of its banks, the number of cases where it has begun the process of exchange of 39 Indian information A Swiss bank accounts and letters sent to a dozen people of this type last week.
Since March, the Swiss authorities have sent at least 25 notices to Indian clients of Swiss-based banks, giving them one last chance to appeal for sharing their data with India.
An analysis of the notifications issued by the Federal Tax Administration, the Swiss government's nodal department for sharing information on foreign customers of Swiss banks, shows that the Swiss government has stepped up its efforts to share this information. with several countries in the last few months. , but the upsurge of cases related to India is noticeable in recent weeks.
At least 11 such notifications were sent to Indian nationals on May 21, although the notifications to the Swiss government's official gazette canceled the full names of several of them, while making public only their names. initials, with the exception of nationality and dates of birth.
The two Indians whose names have been fully mentioned are Krishna Bhagwan Ramchand (born May 1949) and Kalpesh Harshad Kinariwala (born September 1972). However, no other details have been disclosed about them.
Among the Indian nationals whose names have been expurgated are Ms ASBK (born 24 November 1944), Mr ABKI (born 9 July 1944), Ms PASC (born 2 November 1983), Mrs RAS (born 22 November 1973 ), Mr. APS (born November 27, 1944), Mrs. ADS (born August 14, 1949), Mr. MLA (born May 20, 1935), Mr. NMA (born February 21, 1968) and Mr. MMA (the June 27, 1973).
In these notices, the persons or their authorized representatives have been invited to appeal, if any, within 30 days with the supporting documents necessary to support their argument against the granting of a grant. "administrative assistance" to India, which roughly means sharing their banking and other data. financial details.
Earlier this month, on May 7, a similar notice was sent to another Indian national, Ratan Singh Chowdhury, giving the opportunity to appeal within ten days, while another Indian national in name expurgated, MRP N, had 30 days on May 14th.
Also in April, some of these notifications were published, notably to Mrs JN V, as well as to MM. Kuldip Singh Dhingra and Anil Bhardwaj, among others.
Several of these names allegedly appeared on the HSBC's disclosed lists and in Panama newspapers that allegedly contained Indian names with Swiss bank accounts and which are being sought by Indian authorities in the past. alleged black money affairs.
In the case of Krishna Bhagwan Ramchand and Kalpesh Harshad Kinariwala, such notices were published in April and new notices were served on them, probably after their response to previous opinions.
Earlier, in March, Switzerland sent such notifications to Mumbai-based Geodesic Ltd and its three directors (Prashant Sharad Mulekar, Pankajkumar Onkar Srivastava and Kiran Kulkarni) and Aadhi Enterprises Pvt Ltd of Chennai. who have been questioned by the Court. Indian authorities for money laundering and other financial irregularities.
Switzerland was widely recognized as a safe haven for the black currency before bowing to the global pressure and agreeing to bring down the famous walls of secrecy that historically surrounded Swiss banks, provided that the requesting country provides the evidence of financial irregularities committed by the person concerned. person or company.
India, along with several other countries, is also taking advantage of this change in Switzerland's position by seeking details of the alleged black money hoarders in Swiss banks and has already obtained information in a large number of countries. in recent years.
According to Swiss law, the decision of the FTA can be appealed within 30 days (10 days in some cases), provided that the appellant can give sufficient grounds to challenge it.
Although the documents of the Swiss Government do not reveal specific details regarding the information and assistance requested by the Indian authorities with regard to these Indian companies and persons, such "administrative assistance" follows the presentation of evidence financial and tax misconduct and generally involves the sharing of information. information on the details of bank accounts and other financial data.
While Switzerland has always denied being a haven for black money, it has begun to share details in recent years with several countries, including India, after the presentation of evidence regarding reprehensible financial and fiscal acts committed by the customers of the Swiss banks.
In addition, a new framework for automatic exchange of information has been set up and details are accessible in the new system from this year.
According to the Swiss State Secretariat for International Finance, the global standard for automatic exchange of information (AEOI) on financial accounts should enhance transparency and prevent cross-border tax fraud.
The global standard provides for the mutual exchange of financial account information between states and territories that have agreed on the AEOI. In addition to Switzerland, more than 100 states and territories, including all major financial centers, have declared their intention to adopt the standard.
Since March, the Swiss authorities have sent at least 25 notices to Indian clients of Swiss-based banks, giving them one last chance to appeal for sharing their data with India.
An analysis of the notifications issued by the Federal Tax Administration, the Swiss government's nodal department for sharing information on foreign customers of Swiss banks, shows that the Swiss government has stepped up its efforts to share this information. with several countries in the last few months. , but the upsurge of cases related to India is noticeable in recent weeks.
At least 11 such notifications were sent to Indian nationals on May 21, although the notifications to the Swiss government's official gazette canceled the full names of several of them, while making public only their names. initials, with the exception of nationality and dates of birth.
The two Indians whose names have been fully mentioned are Krishna Bhagwan Ramchand (born May 1949) and Kalpesh Harshad Kinariwala (born September 1972). However, no other details have been disclosed about them.
Among the Indian nationals whose names have been expurgated are Ms ASBK (born 24 November 1944), Mr ABKI (born 9 July 1944), Ms PASC (born 2 November 1983), Mrs RAS (born 22 November 1973 ), Mr. APS (born November 27, 1944), Mrs. ADS (born August 14, 1949), Mr. MLA (born May 20, 1935), Mr. NMA (born February 21, 1968) and Mr. MMA (the June 27, 1973).
In these notices, the persons or their authorized representatives have been invited to appeal, if any, within 30 days with the supporting documents necessary to support their argument against the granting of a grant. "administrative assistance" to India, which roughly means sharing their banking and other data. financial details.
Earlier this month, on May 7, a similar notice was sent to another Indian national, Ratan Singh Chowdhury, giving the opportunity to appeal within ten days, while another Indian national in name expurgated, MRP N, had 30 days on May 14th.
Also in April, some of these notifications were published, notably to Mrs JN V, as well as to MM. Kuldip Singh Dhingra and Anil Bhardwaj, among others.
Several of these names allegedly appeared on the HSBC's disclosed lists and in Panama newspapers that allegedly contained Indian names with Swiss bank accounts and which are being sought by Indian authorities in the past. alleged black money affairs.
In the case of Krishna Bhagwan Ramchand and Kalpesh Harshad Kinariwala, such notices were published in April and new notices were served on them, probably after their response to previous opinions.
Earlier, in March, Switzerland sent such notifications to Mumbai-based Geodesic Ltd and its three directors (Prashant Sharad Mulekar, Pankajkumar Onkar Srivastava and Kiran Kulkarni) and Aadhi Enterprises Pvt Ltd of Chennai. who have been questioned by the Court. Indian authorities for money laundering and other financial irregularities.
Switzerland was widely recognized as a safe haven for the black currency before bowing to the global pressure and agreeing to bring down the famous walls of secrecy that historically surrounded Swiss banks, provided that the requesting country provides the evidence of financial irregularities committed by the person concerned. person or company.
India, along with several other countries, is also taking advantage of this change in Switzerland's position by seeking details of the alleged black money hoarders in Swiss banks and has already obtained information in a large number of countries. in recent years.
According to Swiss law, the decision of the FTA can be appealed within 30 days (10 days in some cases), provided that the appellant can give sufficient grounds to challenge it.
Although the documents of the Swiss Government do not reveal specific details regarding the information and assistance requested by the Indian authorities with regard to these Indian companies and persons, such "administrative assistance" follows the presentation of evidence financial and tax misconduct and generally involves the sharing of information. information on the details of bank accounts and other financial data.
While Switzerland has always denied being a haven for black money, it has begun to share details in recent years with several countries, including India, after the presentation of evidence regarding reprehensible financial and fiscal acts committed by the customers of the Swiss banks.
In addition, a new framework for automatic exchange of information has been set up and details are accessible in the new system from this year.
According to the Swiss State Secretariat for International Finance, the global standard for automatic exchange of information (AEOI) on financial accounts should enhance transparency and prevent cross-border tax fraud.
The global standard provides for the mutual exchange of financial account information between states and territories that have agreed on the AEOI. In addition to Switzerland, more than 100 states and territories, including all major financial centers, have declared their intention to adopt the standard.
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