Details of Indian accounts in Swiss banks: 4th annex handed over to central government News WAALI
The Swiss government has provided the central government with the 4th list containing details of deposit accounts of Indians in Swiss banks.
Banks in Switzerland provide a high level of security for their customers’ money and confidential information, which is why many countries, including India, have stored their money there.
Some wealthy people use Swiss banks to hide their illegally earned money, including tax evasion, as black money. There was an allegation that the economic growth of the country was affected due to the large amount of black money from India stored in Swiss banks.
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An agreement was signed between the two countries in 2018 to share details of Indian deposit accounts in Swiss banks. Based on this agreement, the first list containing the details of Indians and companies with accounts in Swiss banks was submitted to the central government in 2019, the 2nd list in 2020 and the 3rd list last year.
In this case, the Swiss government gave the 4th list to the central government. It contains name, address, occupation, sources of income, tax payment proof, bank account amount, etc. of the account holder.
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Help take action: Regarding the list, some central government officials said: “The names of those who have business accounts in Swiss banks after paying taxes are also included in the list.
The information provided by the Swiss government will be useful in filing complaints and taking action against Indians who hid black money in Swiss banks without paying taxes properly,” he said.
The country’s tax administration ministry has released the details of account holders in Swiss banks to 101 countries, including India. The ministry said around 34 million bank account details of those who left these countries have been shared. The next list will be published in September 2023, according to the Swiss government.