India tightens the noose around Swiss bank accounts holders

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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 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.

These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems, and jewellery. Officials involved in the process of mutual administrative assistance between the two countries said.

Switzerland has been striving hard for the past few years to shed a long-standing perception of it being a safe haven for black money, while the issue has been a politically sensitive one in India as well.

When the Modi government first came to power in 2014, it had termed the crackdown on the black money, including those allegedly parked in Swiss banks, as a key focus area.

Since then, the two countries have strengthened their framework for the exchange of information in cases of financial wrongdoings, including by signing the global automatic exchange of information framework.

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