Swiss tax authorities have disclosed more names of Indians having accounts in their jurisdiction, marking a success for the government's efforts to persuade them to share information on at least those against whom the income tax department has collected credible evidence of non-reporting. A day after two names-Sneh Lata Sawhney and Sangita Sawhney , linked to the owners of Sawhney Tyres--were disclosed, more identities of Swiss account holders from India became public. These included industrialist Yash Birla, Sayed Mohamed Masood and Chand Kausar Mohamed Masood, Gurjeet Singh Kochar and Ritika Sharma.
The Mumbai-based Masoods are facing various investigations for their alleged involvement in what is known as the City Limousine scam. Kochar, an NRI, is the son-inlaw of the late `Ponty' Chadha, a real estate, sugar and liquor tycoon. Swiss tax authorities said that the names were disclosed because the individuals concerned had not provided valid addresses. They did not rule out putting out more Indian names.
A spokesperson of the Swiss Federal Tax Authority emphasized that account details of those whose names have been disclosed would be shared with the Indian government if the individuals did not respond. Switzerland has given 10 days to the account holders to appeal.
Politically, the disclosures could not have been timed better, coming on the first anniversary of the Modi government, which was under pressure for not redeeming its pledge to recover black money .
Jaitley acknowledged that the cooperation fructifying around the first anniversary of the Modi government made him even happier. The government also feels that the lifting of the veil will prompt those with undisclosed wealth overseas to take advantage of the soon-to-be launched compliance scheme to avoid up to 10 years in jail under the new black money law.
Sources pointed out that while the Sawhneys were among those on the list of account holders in HSBC's Geneva branch, the Swiss stonewalled India's repeated requests for information on them. They had argued that the HSBC list was based on “stolen“ data and Swiss law barred them from making it public.
It was after three rounds of discussions--including two at the level of the Indian finance minister--that they relented and agreed to act in cases where the government submitted evidence against individuals.
Sources said the official disclosure about the Sawhneys in the Swiss Federal Gazette followed submission of evidence gathered during I-T searches on their premises.
Considering that the income tax department has launched prosecution in 121 cases linked to the HSBC list, more disclosures are likely. “It is no longer a taboo area for the Swiss,“ said an officer.
The authorities have more reasons to cheer.The cases of the Masoods and Kochar show that Swiss cooperation has stretched beyond the HSBC list. Sources said these names were not on the HSBC list and the information on them was provided on the basis of investigation carried out by the I-T department. With more mechanisms for automatic exchange of information with countries regarding assets in their banks in the offing, the government feels tax havens will cease to be impregnable fortresses which evaders took advantage of to stash their illicit assets.
The Mumbai-based Masoods are facing various investigations for their alleged involvement in what is known as the City Limousine scam. Kochar, an NRI, is the son-inlaw of the late `Ponty' Chadha, a real estate, sugar and liquor tycoon. Swiss tax authorities said that the names were disclosed because the individuals concerned had not provided valid addresses. They did not rule out putting out more Indian names.
A spokesperson of the Swiss Federal Tax Authority emphasized that account details of those whose names have been disclosed would be shared with the Indian government if the individuals did not respond. Switzerland has given 10 days to the account holders to appeal.
Politically, the disclosures could not have been timed better, coming on the first anniversary of the Modi government, which was under pressure for not redeeming its pledge to recover black money .
Jaitley acknowledged that the cooperation fructifying around the first anniversary of the Modi government made him even happier. The government also feels that the lifting of the veil will prompt those with undisclosed wealth overseas to take advantage of the soon-to-be launched compliance scheme to avoid up to 10 years in jail under the new black money law.
Sources pointed out that while the Sawhneys were among those on the list of account holders in HSBC's Geneva branch, the Swiss stonewalled India's repeated requests for information on them. They had argued that the HSBC list was based on “stolen“ data and Swiss law barred them from making it public.
It was after three rounds of discussions--including two at the level of the Indian finance minister--that they relented and agreed to act in cases where the government submitted evidence against individuals.
Sources said the official disclosure about the Sawhneys in the Swiss Federal Gazette followed submission of evidence gathered during I-T searches on their premises.
Considering that the income tax department has launched prosecution in 121 cases linked to the HSBC list, more disclosures are likely. “It is no longer a taboo area for the Swiss,“ said an officer.
The authorities have more reasons to cheer.The cases of the Masoods and Kochar show that Swiss cooperation has stretched beyond the HSBC list. Sources said these names were not on the HSBC list and the information on them was provided on the basis of investigation carried out by the I-T department. With more mechanisms for automatic exchange of information with countries regarding assets in their banks in the offing, the government feels tax havens will cease to be impregnable fortresses which evaders took advantage of to stash their illicit assets.
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