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India, Swiss agree on sharing of black money information: FM
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SME Times News Bureau | 18 Oct, 2014
Finance Minister Arun Jaitley Friday said India and Switzerland have reached an understanding on a number of issues regarding sharing of information in cases of black money being stashed in Swiss banks.
"A team of senior Finance Ministry officials which returned today (Friday) from Switzerland have been negotiating with the Swiss on a number of issues regarding information that India seeks on Black money," Jaitley told reporters in New Delhi.
"The Swiss have agreed to provide us bank information of names that we will provide them after there has been an investigation and evidence collected against that person."
According to the minister, the Swiss authorities also agreed to accept any findings of Indian investigations into the black money issue as authentic and will co-operate in providing bank information of the people against whom evidence have been found.
"We have agreed to carry this process of sharing information in a time bound manner in which a time frame will be set for the process so that investigation and the request for information does not goes on for ever," Jaitley said whose ministry's revenue secretary Shaktikanta Das and Chairman of the Central Board of Direct taxes (CBDT) K.V. Chowdary travelled to Switzerland to hold discussions with the authorities there.
The Finance Minister Jaitley said that the both sides have agreed to hold discussion for reaching an agreement for automatic sharing of information of account holders against whom substantial evidences have been found.
On the governments' stand at the Supreme Court regarding disclosure of names of individual the ministry had received from foreign governments, Jaitley said that these names can not be revealed due to a confidentiality clause in a double taxation avoidance agreement India had signed with Germany in 1995.
The disclosure can only happen, Jaitley said if a proper investigation is started against such individual and a substantial amount of evidence is found against them and given in a court of law.
The government has said that such disclosures would be counter productive for getting further information on black money stashed away in tax havens as foreign governments would not share such information in future.
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No strong intention of govt to bring back Black Money
poor common man | Thu Oct 23 15:31:44 2014
Confidentiality clause with Germany prevents to reveal the names of criminals who stashed black money in Swiss banks!? All these rules and agreements are made to protect criminals and make genuine tax payers and all Indians fools. Alas, even this party which came into power on black money issue is not really interested in doing anything real and concrete reg. bringing back Black Money from Swiss Banks.
Pot calling the Kettle Black
uni | Sat Oct 18 08:26:02 2014
Enough! Plenty of Information, Reports and Analysis are available on Black Money. All parties have wasted decades in fooling the public. We now need !Action! to get the money back into the Indian economy, in punitive fines, and in getting the big guns sent to jail.
What about Black money inside India???
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