Switzerland To Reveal The Names Of Indian Account Holders

Relaxing the ‘confidentiality clause’ of its banking system, Switzerland has prepared a list of Indians holding accounts in various Swiss banks and it will share the same with India. The quantum of black money stashed abroad ranges between $500 billion and $1,400 billion. A study conducted by Global Financial Integrity has estimated the black money outflow to be $462 billion.

The development has come as a shot in the arm for the government, which had set up a special investigation team (SIT) to probe black money stashed abroad. It would help in prosecuting the offenders. This was the new government’s first decision after coming to power.

Justice Arijit Pasayat, SIT vice-chairman, said, “Swiss authorities are preparing the list and will hand it over to the government, which will then forward it to us for scrutiny. We have discussed the matter with other members of the SIT. Our job will be made easier if it comes out to be what it looks like and we will take suitable action. This is a breakthrough t in the fight against black money. Till now, the impression was that Switzerland is creating hurdles in this battle.” He has regarded the step taken by Swiss authorities as a very encouraging sign.

Till now, any information that India has got about black money has been through the leaked lists of account holders shared by other countries excluding Switzerland.

Swiss authorities are identifying the real owners of funds stashed in various banks in the country, said a senior Swiss government official. “These individuals and entities are suspected to have held un-taxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based in countries other than India," the official added.