The Switzerland authority has issued at least 25 notices for several Indians with Swiss bank accounts and they have been given a last chance to appeal against sharing of their details with India. The Swiss government has taken the decision after it strives hard to re-establish its global financial position. Last week, about a dozen of such Indian individuals were given the notice to share information.
In a notice issued by the Federal Tax Administration, Switzerland government’s nodal department it has ordered to share information of foreign clients of Swiss banks shows that the Swiss government has stepped up its efforts in sharing such details with a number of countries in recent months. But for India, the case was noticeable in the past few weeks.
On May 21, at least 11 notices were issued to Indians, though the notifications did not reveal the full names. The two Indians whose names have been mentioned in full are Krishna Bhagwan Ramchand (born in May 1949) and Kalpesh Harshad Kinariwala (born in September 1972).
The other names of the Indian nationals are, Mr A B K I (born July 9, 1944), Mrs P A S (born November 2, 1983), Mrs A S B K (born November 24, 1944), Mrs A D S (born August 14, 1949), Mrs R A S (born November 22, 1973), Mr N M A (born February 21, 1968), Mr A P S (born November 27, 1944), Mr M L A (born May 20, 1935), and Mr M M A (June 27, 1973).
The above mentioned Indian nationals were asked to file their appeals, if any, within 30 days with mandatory documentary proof to support their case against providing ”administrative assistance” to India, which broadly means sharing of their banking and other financial details.
Switzerland was known as a safe place for black money. But as a result of the global pressure, it was compelled to bring down the framed secrecy walls that had historically surrounded the Swiss banks. As per Switzerland’s State Secretariat for International Finance, the global standard for the automatic exchange of information (AEOI) on financial accounts is likely to increase the transparency and prevent cross-border tax evasion.