The Finance Minister Arun Jaitley has said that the Indian government will soon write to Swiss authorities to furnish official information of accounts and money held by Indians in their banks. “We are writing to Swiss authorities so that the details or whatever information they have can be expedited and the cooperation between Swiss authorities and the government can bring fruitful results,” said Jaitley.
Yesterday, there were reports that the Swiss have given a list of Indian having accounts in their banks. “These individuals and entities are suspected to have held untaxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based out of countries other than India,” a Swiss bank official was quoted by several sources. The recently declared Swiss National Bank’s official holdings by foreign nationals in their banks mentions that Indian individual deposits stand at about 14 thousand crores. But the data does not include black money or money held on other names.
If the Swiss government responds to India’s request, the data may not be released to the public, as such exchange happens between governments only. Justice MB Shah, who is the head of the committee on the black money has responded to recent reports, saying that such deposits will surely brought back to India and the persons will be punished appropriately.