NEW DELHI – India tightens the noose around Swiss bank accounts holders,media has reported.
Swiss authorities are in process of sharing details of at least 50 Indiannationals having accounts in Switzerland-based banks, with regulatory andenforcement agencies in the two countries tightening their noose onindividuals suspected to have amassed illicit wealth.
These individuals largely include businessmen associated with companies,including the dummy ones, in sectors ranging from real estate, financialservices, technology and telecom to paints, home decoration, textiles,engineering goods, gems, and jewellery. Officials involved in the processof mutual administrative assistance between the two countries said.
Switzerland has been striving hard for the past few years to shed along-standing perception of it being a safe haven for black money, whilethe issue has been a politically sensitive one in India as well.
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When the Modi government first came to power in 2014, it had termed thecrackdown on the black money, including those allegedly parked in Swissbanks, as a key focus area.
Since then, the two countries have strengthened their framework for theexchange of information in cases of financial wrongdoings, including bysigning the global automatic exchange of information framework.
