After
Switzerland, now more tax havens including British Virgin Islands, Cyprus and Jersey have geared up to lend a helping hand to Indian PM
Narendra Modi in his task to track-down
black money estimated at Rs.120 lakh crore stashed abroad. Recent published reports suggest that these countries have already started sharing information of Indians having accounts in
foreign banks.
Indian authorities, after receiving the details have confirmed that parts of the information have already been verified and that
Modi government too had elevated its efforts to get the data. The move came soon after
Swiss bank disclosed the names of seven Indians with bank accounts with Switzerland based bank.
What makes it even more insightful is the proposed compliance act which is all set for a finalization and might come-up by the end of current month with a six month window expected to be announced shortly.
"We are close to finalizing the modalities and we are looking at every aspect to ensure that there is neither any misuse nor harassment," said a senior official on condition of anonymity.
Image: thinkstock
