Indian Swiss Accounts

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs.

Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.

India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland and this will include for the first time the data about real estate properties owned by Indians.

The Government of Switzerland has issued public notices for sharing of details with India about Swiss bank accounts and other financial assets of Congress leader Kuldeep Bishnoi and his wife Renuka following receipt of an ''administrative assistance'' request from the Indian authorities.

This marks the second consecutive year of decline in aggregate funds of Indian clients with all Swiss banks.

Switzerland's tax authorities today issued public notices for Indian businessman Ratul Puri, his father and two offshore firms linked to them after India sought details of their Swiss bank accounts for allegedly having illicit funds.

The Finance Ministry has declined to share Swiss bank account details of Indians saying it is covered under "confidentiality provisions" of a tax treaty signed between India and Switzerland.

India has got first chunk of Swiss bank account details of its nationals under a new automatic information exchange pact, a major milestone in the government's fight against black money stashed abroad.

Banking details of Indians with accounts in Switzerland will be available to tax authorities from Sunday as the automatic exchange of information regime kicks off between the two countries.

India's fight against suspected black money stashed abroad will get a major boost this September in the form of first set of detailed financial information about all Indians having Swiss bank accounts, including those closed since last year.

As Switzerland strives hard to re-establish its global financial centre position after clamping down on secrecy walls of its banks, there has been a significant surge in the number of cases where it has initiated process to share information on Indians with Swiss bank accounts and shot off letters to about a dozen such individuals last week itself.

India will start receiving from Switzerland this year information relating to financial accounts held by Indians in Swiss banks, government said Wednesday.

India expects to receive data from Swiss authorities on HSBC accounts of its citizens in about 10 days after Switzerland's top court directions that data be shared with the Indian government, finance minister Piyush Goyal said today.

Switzerland's highest court has allowed tax authorities to turn over bank account details of two Indian citizens who had fought the release on the grounds that India's request for assistance in a tax-dodging probe arose from stolen bank data.

Money parked by Indians in Swiss banks rose over 50 per cent to 1.01 billion Swiss francs (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money.

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs.

Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.

India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland and this will include for the first time the data about real estate properties owned by Indians.

The Government of Switzerland has issued public notices for sharing of details with India about Swiss bank accounts and other financial assets of Congress leader Kuldeep Bishnoi and his wife Renuka following receipt of an ''administrative assistance'' request from the Indian authorities.

This marks the second consecutive year of decline in aggregate funds of Indian clients with all Swiss banks.

Switzerland's tax authorities today issued public notices for Indian businessman Ratul Puri, his father and two offshore firms linked to them after India sought details of their Swiss bank accounts for allegedly having illicit funds.

The Finance Ministry has declined to share Swiss bank account details of Indians saying it is covered under "confidentiality provisions" of a tax treaty signed between India and Switzerland.

India has got first chunk of Swiss bank account details of its nationals under a new automatic information exchange pact, a major milestone in the government's fight against black money stashed abroad.

Banking details of Indians with accounts in Switzerland will be available to tax authorities from Sunday as the automatic exchange of information regime kicks off between the two countries.

India's fight against suspected black money stashed abroad will get a major boost this September in the form of first set of detailed financial information about all Indians having Swiss bank accounts, including those closed since last year.

As Switzerland strives hard to re-establish its global financial centre position after clamping down on secrecy walls of its banks, there has been a significant surge in the number of cases where it has initiated process to share information on Indians with Swiss bank accounts and shot off letters to about a dozen such individuals last week itself.

India will start receiving from Switzerland this year information relating to financial accounts held by Indians in Swiss banks, government said Wednesday.

India expects to receive data from Swiss authorities on HSBC accounts of its citizens in about 10 days after Switzerland's top court directions that data be shared with the Indian government, finance minister Piyush Goyal said today.

Switzerland's highest court has allowed tax authorities to turn over bank account details of two Indian citizens who had fought the release on the grounds that India's request for assistance in a tax-dodging probe arose from stolen bank data.

Money parked by Indians in Swiss banks rose over 50 per cent to 1.01 billion Swiss francs (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money.