Era of Swiss bank secrecy over, details of Indians to come from today
5 years, 4 months ago

Era of Swiss bank secrecy over, details of Indians to come from today

India TV News  

In a major boost to Modi government's fight against the menace of black money, Switzerland will send details of bank accounts of Indian citizens in Swiss banks from today. The details to be shared by Switzerland with the Indian tax authorities under the Automatic Exchange of Information framework would include account numbers, credit balance and all kinds of financial income for each Indian client of every Swiss financial institution. Under the AEOI framework, detailed financial information on all Indian residents that have an account maintained by a Swiss financial institution in 2018 will be provided for the first time to the Indian tax authorities in September 2019 and on a yearly basis thereafter. In an explanatory dossier on AEOI, the FDF said if a taxpayer in country A has a bank account in Switzerland, the bank would disclose the financial account data to the Swiss authorities, which would automatically forward the information to the tax authorities in the country A. The identity details would be name, address, date of birth and tax identification number, while account information would include the account number as also name and address of the financial institution.

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History of this topic

Mint Quick Edit: Contain the damage from the Swiss roll-back of a tax benefit
4 weeks, 2 days ago

Mint Quick Edit: Contain the damage from the Swiss roll-back of a tax benefit

Live Mint  

The investment relationship between India and Switzerland has taken a blow, with the latter having withdrawn the most favoured nation status it granted India as part of a double taxation avoidance agreement. The reason, it said, is the effect of a 2023 ruling by India’s Supreme Court on a case involving Nestle that the pact’s MFN clause doesn’t automatically kick …

‘Almost nothing…': Swiss ambassador says black money isn't an issue anymore
2 years ago

‘Almost nothing…': Swiss ambassador says black money isn't an issue anymore

Hindustan Times  

Swiss ambassador to India Ralf Heckner on Monday said that he “almost heard nothing” on matters related to black money in his last two years of tenure and that the issue was dealt between India and Switzerland through bilateral treaties in 2018. Swiss ambassador to India Ralf Heckner said he "almost heard nothing" on matters related to black money. He …

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM
2 years, 5 months ago

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM

Live Mint  

Finance Minister Nirmala Sitharaman in a written reply to Lok Sabha on Monday said the government raised a tax demand of ₹14,820 crore as of May 2022, after completing an assessment of 368 cases under the Black Money law for undisclosed foreign income and assets. The FM said there is no official estimate of the amount of money deposited by …

India gets 3rd set of Swiss bank details under automatic info exchange framework
3 years, 3 months ago

India gets 3rd set of Swiss bank details under automatic info exchange framework

India TV News  

India has received the third set of Swiss bank account details of with Switzerland as part of an annual exercise under which the European nation has shared particulars of nearly 33 lakh financial accounts with 96 countries. While the FTA did not disclose names and further details of all 96 countries, officials said India figured among those having received the …

Swiss bank details about real estate properties owned by Indians to be revealed this month | 7 points
3 years, 4 months ago

Swiss bank details about real estate properties owned by Indians to be revealed this month | 7 points

India TV News  

The third set of Swiss bank account details of Indians under an automatic exchange of information pact with Switzerland will be revealed this month, officials told news agency PTI. Even though it is for the third time that India will get details about bank accounts and other financial assets held by Indians in Switzerland, it will be the first time …

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland
3 years, 6 months ago

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland

India TV News  

The Union Finance Ministry on Saturday said that increase in deposits of Indians in Swiss Banks could be on account of increase in business of Swiss bank branches located in India and raised Inter-bank transactions, rather than due to an increase in alleged black money held by Indians in Switzerland. "Reports allude to the fact that the figures reported are …

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities
3 years, 6 months ago

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities

India TV News  

The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. Quoting data from Switzerland's central bank, PTI had reported on June …

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry
3 years, 6 months ago

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry

The Hindu  

The Finance Ministry has asserted that ‘there does not appear to be any significant possibility’ of an increase in Swiss bank deposits from undeclared incomes of Indians, but has requested Swiss authorities to provide the ‘relevant facts’ and ‘possible reasons’ for changes in deposit numbers. “The Swiss authorities have been requested to provide the relevant facts along with their view …

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings
3 years, 6 months ago

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings

India TV News  

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The total amount of CHF 2,554.7 million, described by the …

India gets 2nd set of Swiss bank account details under automatic info exchange framework
4 years, 3 months ago

India gets 2nd set of Swiss bank account details under automatic info exchange framework

India TV News  

India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad. India is among the 86 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework …

India gets second set of Swiss bank account details under automatic info exchange framework
4 years, 3 months ago

India gets second set of Swiss bank account details under automatic info exchange framework

The Hindu  

India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government’s fight against black money allegedly stashed abroad. India is among the 86 countries with which Switzerland’s Federal Tax Administration has exchanged information on financial accounts within the framework …

Finance ministry declines to share Swiss bank account details of Indians in response to RTI, cites 'confidentiality provisions' of tax treaty
5 years ago

Finance ministry declines to share Swiss bank account details of Indians in response to RTI, cites 'confidentiality provisions' of tax treaty

Firstpost  

New Delhi: The finance ministry has declined to share Swiss bank account details of Indians saying it is covered under “confidentiality provisions” of a tax treaty signed between India and Switzerland. It was also asked to provide the details of information received from foreign countries on black money, including details of such cases shared with India. India had in September …

Finance Ministry declines to share Swiss bank accounts details of Indians citing confidentiality
5 years ago

Finance Ministry declines to share Swiss bank accounts details of Indians citing confidentiality

The Hindu  

The Finance Ministry has declined to share Swiss bank accounts details of Indians saying it is covered under “confidentiality provisions” of a tax treaty signed between India and Switzerland. It was also asked to provide the details of information received from foreign countries on black money, including details of such cases shared with India. India had in September got the …

Government receives first tranche of Swiss account details
5 years, 3 months ago

Government receives first tranche of Swiss account details

Hindustan Times  

India has got first tranche 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. Overall, the FTA has sent information on around 3.1 million financial accounts to the partner states and received information on around 2.4 million. India is among 75 countries …

Black money: India gets first tranche of Swiss bank account details under automatic exchange framework
5 years, 3 months ago

Black money: India gets first tranche of Swiss bank account details under automatic exchange framework

Firstpost  

India has received first tranche of details about financial accounts of its residents in Swiss banks under a new automatic exchange of information framework between the two countries, marking a significant milestone in the fight against black money suspected to be stashed abroad New Delhi/Berne: India has received the first tranche of details about financial accounts of its residents in …

War on black money: India gets first tranche of Swiss bank account details
5 years, 3 months ago

War on black money: India gets first tranche of Swiss bank account details

India TV News  

India has received first tranche of details about financial accounts of its residents in Swiss banks. Switzerland handed over the first tranche to India under a new automatic exchange of infomation framework between the two countries, marking a significant milestone in the fight against black money stashed abroad. India figures among 75 countries with which Switzerland's Federal Tax Administration has …

India's Swiss bank black money probe reaches at the doorstep of Mumbai-based software firm
5 years, 3 months ago

India's Swiss bank black money probe reaches at the doorstep of Mumbai-based software firm

Firstpost  

New Delhi/Berne: India’s fight against suspected black money stashed in Swiss banks has reached a village lane in Andheri area of Mumbai, where an obscure-sounding company, Motech Software Pvt Ltd, was set up nearly two decades ago that allegedly went on to deposit millions of dollars in Switzerland through a maze of offshore entities. The Indian tax department and other …

India will start getting Swiss Bank details of Indians from today
5 years, 4 months ago

India will start getting Swiss Bank details of Indians from today

Live Mint  

New Delhi: India will start getting details of bank accounts held by its citizens in Switzerland from September, ending the era of Swiss bank secrecy. This will be a significant step in the government's fight against black money as the era of Swiss bank secrecy will finally be over," the Income Tax department said in a tweet. The announcement follows …

Money in Swiss banks: India slips to 74th place, UK remains on top
5 years, 6 months ago

Money in Swiss banks: India slips to 74th place, UK remains on top

India TV News  

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation. An analysis of the latest annual banking statistics released by the Swiss National Bank shows that India …

Indians’ Money in Swiss Banks at Second-Lowest Level in 2 Decades
5 years, 6 months ago

Indians’ Money in Swiss Banks at Second-Lowest Level in 2 Decades

The Quint  

Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 percent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National Bank data showed on Thursday, 27 June. Aggregate funds of all foreign clients of Swiss banks also fell by over 4 percent to …

Indians' money in Swiss banks falls, hits second-lowest level in two decades
5 years, 6 months ago

Indians' money in Swiss banks falls, hits second-lowest level in two decades

India TV News  

Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 per cent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National Bank data showed Thursday. According to the SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account …

Indians' money in Swiss banks falls by nearly 6%, hits second-lowest level in over two decades
5 years, 6 months ago

Indians' money in Swiss banks falls by nearly 6%, hits second-lowest level in over two decades

Firstpost  

Aggregate funds of all foreign clients of Swiss banks also fell by over 4 percent to CHF 1.4 trillion in 2018 Zurich/New Delhi: Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 percent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National …

Switzerland shares details of 50 Indians, mostly businessmen, suspected of amassing illicit wealth at Swiss banks
5 years, 6 months ago

Switzerland shares details of 50 Indians, mostly businessmen, suspected of amassing illicit wealth at Swiss banks

Firstpost  

Authorities are in process of sharing details of at least 50 Indian nationals having Swiss bank accounts, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth Berne: Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and …

Swiss bank accounts: Names of industrialists Sanjay Dalmia, DK Himatsingka, dozen others revealed in Switzerland's Federal Gazette
5 years, 7 months ago

Swiss bank accounts: Names of industrialists Sanjay Dalmia, DK Himatsingka, dozen others revealed in Switzerland's Federal Gazette

Firstpost  

New Delhi: Industrialist Sanjay Dalmia, Dinesh Kumar Himatsingka, Executive Chairman of Bangalore-based Himatsingka group, are among about a dozen Indians with Swiss bank accounts whose names have been made public in Switzerland’s Federal Gazette with regard to the ongoing probe into offshore accounts by the Income Tax authorities. The names of Dinesh Kumar Himatsingka’s brother Ajoy Kumar Himatsingka, Renu Tharani, …

Swiss bank accounts: Switzerland steps up process to share details of clients; notices to Indian account holders continue
5 years, 7 months ago

Swiss bank accounts: Switzerland steps up process to share details of clients; notices to Indian account holders continue

Firstpost  

At least 14 Indians, with accounts in Switzerland-based banks, were issued notices by the Swiss authorities last month New Delhi/Berne: Amid a continuing crackdown on Swiss bank account holders with suspected illicit money, Switzerland has stepped up its process to share details of such individuals with Potluri Rajamohan Rao being the latest Indian national to get a notice in this …

As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details
5 years, 7 months ago

As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details

Op India  

In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians holding Swiss bank accounts. The notice sent by Swiss authorities to Indian clients of Switzerland-based banks last week notifies that they have been given one last chance to appeal against sharing of their details with India. According to data published by …

Black money issue: Switzerland steps up process to share information on bank accounts; 11 Indians get notices in a day
5 years, 7 months ago

Black money issue: Switzerland steps up process to share information on bank accounts; 11 Indians get notices in a day

Firstpost  

Switzerland was widely known as an alleged safe haven for black money before it bowed down before the global pressure and agreed to bring down the famed secrecy walls New Delhi/Berne: As Switzerland strives hard to re-establish its global financial centre position after clamping down on secrecy walls of its banks, there has been a significant surge in the number …

Modi government’s surgical strike(s) on Black Money: A multi-pronged, systematic approach that has been cleansing corruption effectively
5 years, 8 months ago

Modi government’s surgical strike(s) on Black Money: A multi-pronged, systematic approach that has been cleansing corruption effectively

Op India  

“Everybody was so focused on magician’s right hand, that no one noticed him slipping the coin in his pocket with his left hand. At least now each and every conversation about Black Money would not end with Swiss Banks. This even by opposition’s claim means Demonetization killed black money of worth more than twice of what is deposited in Swiss …

Black money: India, Switzerland discuss automatic exchange of information
6 years, 5 months ago

Black money: India, Switzerland discuss automatic exchange of information

Firstpost  

Black money has been a major issue in India and banks in Switzerland have long been perceived as one of the safest havens to park such funds due to their famed secrecy walls for years. New Delhi: India and Switzerland on Friday discussed the activation of automatic exchange of information relating to black money stashed by Indians in secret accounts …

Indians' Swiss bank deposits have been falling from 2006 peak, but that doesn't mean all is well
6 years, 5 months ago

Indians' Swiss bank deposits have been falling from 2006 peak, but that doesn't mean all is well

Firstpost  

if Indian money deposits have dipped in Swiss banks and if we assume this was all black money, where did all this money go, On Tuesday, in a reply to Parliament, Union Finance Minister Piyush Goyal said between 2014 and 2017, there was an 80 percent decline in the total deposits by Indians in Swiss banks, adding media was misinterpreting …

Swiss money: SNB bank says its data include total deposits of Indian customers
6 years, 5 months ago

Swiss money: SNB bank says its data include total deposits of Indian customers

Firstpost  

The Swiss National Bank further said its figures include the “data from branches of Swiss banks in India” and therefore the locational banking statistics compiled by the Bank for International Settlements, a global central banking body, would be more reliable. New Delhi/Zurich: Amid a controversy over its official data showing 50 percent surge in Indians’ money in Swiss banks last …

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014
6 years, 5 months ago

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014

Firstpost  

Piyush Goyal said that contrary to Congress President Rahul Gandhi’s assertion that deposits by Indian nationals in Swiss Banks had increased by 50 percent, the actual Indian deposits had gone down by 34 percent New Delhi: Finance Minister Piyush Goyal on Tuesday dismissed the allegations of a 50 percent jump in deposits by Indians in Swiss banks as “baseless” and …

No claimants for Rs 300 crore lying in India-linked dormant Swiss bank accounts for third year in a row
6 years, 5 months ago

No claimants for Rs 300 crore lying in India-linked dormant Swiss bank accounts for third year in a row

Firstpost  

As per the latest data released by the Swiss National Bank, funds parked by Indians with Swiss banks rose 50 percent to CHF 1.01 billion in 2017. Zurich/New Delhi: It is the third year since Swiss banks made public a list of accounts lying dormant without any trace of owners and no claimant has come forward for those with Indian …

Money in Swiss banks: India moves to 73rd place, UK remains on top
6 years, 6 months ago

Money in Swiss banks: India moves to 73rd place, UK remains on top

Live Mint  

Zurich/New Delhi: India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top. The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum …

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