Black Money holders to be exposed; Swiss Banks to share information

New Delhi, Oct 16: Beware black money holders. Switzerland has agreed to share all information regarding suspected black money stashed in Swiss banks. According to media reports, the development, which virtually pulls down the famed secrecy wall surrounding Swiss banks, would lead to Switzerland providing all forms of mutual assistance - exchange on request, spontaneous information sharing, tax examinations abroad, and assistance in tax collection.

Succumbs to the pressure from across the world, Switzerland has signed OECD's Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Total 58 countries including India signed convention which provides for sharing of information and mutual cooperation among all its signatories.

Black money held by Indians in Swiss bank fell to a record low level of Rs 9K cr

Paris-based Organisation for Economic Cooperation and Development (OECD) is an international policy-advisory body that has formulates global tax standards to fight tax evasion and concealment of illicit funds.

Swiss National Bank recently has released a figure which says total funds held by Indians in Swiss banks fell to a record low level of about Rs. 9,000 crore (1.42 billion Swiss francs) at the end of 2012, from about Rs. 14,000 crore (2.18 billion Swiss francs) a year ago.

The overall funds held in Swiss banks by entities from across the world also fell from $1.65 trillion to $1.5 trillion during 2012.

OneIndia News
(With PTI inputs)

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