Govt declines to share Swiss black money details

NEW DELHI: The govt has declined to share knowledge on black money circumstances won from Switzerland, mentioning confidentiality.

Replying to an RTI query, the finance ministry said India and Switzerland share knowledge on black money on a case to case foundation as according to the investigations being carried out. It is an ongoing procedure, it added.

"The information shared by Switzerland on black money cases is governed by confidentiality provisions," it said in respond to the RTI application filed via this PTI journalist.

The ministry was requested to offer main points of black money circumstances won from Switzerland, together with the names of companies and individuals, but even so the details of action taken on the knowledge.

India and Switzerland are signatories to Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC). Indian and Switzerland have, for automatic sharing of economic account knowledge between the two international locations, signed a joint declaration on November 22, 2016, it said.

"The necessary legal arrangements have been put in place and from 2019 onwards, India will receive information of financial accounts held by Indian residents in Switzerland for the calender year 2018 and subsequent years," the ministry said.

This, it said, will be useful in tracing unaccounted income and property of Indian citizens in Switzerland and bringing the same to tax.

There is no estimation of quantity of black money in move both inside and outside the rustic, the ministry said.

The finance ministry was additionally requested to offer main points of black money circumstances won from other international locations.

It said, founded upon the ideas won from France under the Indo-French Double Taxation Avoidance Convention, review lawsuits have been completed in all 427 actionable HSBC checking account circumstances.

"In these cases, undisclosed income of about Rs 8,465 crore has been brought to tax on account of deposits made in the unreported foreign bank accounts. Out of the above mentioned 427 cases in which assessments have been completed, concealment penalty of about Rs 1,291 crore has been levied in 162 cases," the ministry said.

In respond to an previous RTI application, the finance ministry had declined to share copies of 3 reviews on the quantum of black money held via Indians inside the nation and in another country, pronouncing they had been being examined via a parliamentary panel and disclosing main points will purpose a breach of privilege of the House.

These reviews had been submitted to the government greater than four years ago.

The UPA govt had in 2011 commissioned the research via the Delhi-based National Institute of Public Finance and Policy (NIPFP) and the National Council of Applied Economic Research (NCAER) and the National Institute of Financial Management (NIFM) in Faridabad.

The learn about reviews of the NIPFP, NCAER and NIFM had been won via the government on December 30, 2013, July 18, 2014, and August 21, 2014, respectively.

The reviews and the government's response to it were forwarded to the Lok Sabha secretariat for putting them ahead of the Standing Committee on Finance.

The Lok Sabha secretariat has knowledgeable that the same has been placed ahead of the committee which will examine it, it had said while replying to the RTI application in February.

"The issue of black money has attracted a lot of public and media attention in the recent past. So far, there are no reliable estimates of black money generated and held within and outside the country," the finance ministry had said while ordering the research in 2011.

These estimates had been in line with more than a few unverifiable assumptions and approximations, it had said.

The Terms of Reference (ToR) for the research included the review or survey of unaccounted income and wealth, and profiling the character of actions engendering money laundering both inside of and out of doors the rustic.

The research had been to identify, among other problems, essential sectors of the economic system by which unaccounted money was generated and examine the causes and prerequisites that resulted in the technology.
Govt declines to share Swiss black money details Govt declines to share Swiss black money details Reviewed by Kailash on May 18, 2019 Rating: 5
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