The governments of the two countries have started cracking down against the Indians who hold undeclared accounts in Switzerland's banks. Switzerland officials are engaged in the process of handing over the bank information of at least 50 Indian people to Indian officials in this regard.
Such people include most of the business and companies involved in real estate, financial services, technology, telecommunications, paint, home furnishings, textiles, engineering goods and business of gems and ornaments. Some of these may include the names of dummy companies.
This information has been given by the compliant officers in the process of mutual administrative assistance between the two countries. The Government of Switzerland has made several improvements for some years to change the image of the country's thieves from the hideouts of the thieves. Under this agreement, it has been involved in the system of sharing banking information related to suspects with different countries with the agreement.
Switzerland has hastened the process of sharing information with some countries in Hull. During the last few weeks, the process of exchange of information in India related matters has increased. The case of black money in India is politically sensitive.
Swiss authorities issued a notice to at least 50 Indian account holders from March to date and gave their information to the Indian government before giving them a final chance of appealing.
Switzerland has been known as a major global financial center for the privacy of customers who hold accounts in its banks. But after the global agreement on tax evasion, this wall of privacy is no longer there. He has compromised with the Indian government about sharing the information of the account holders. Such agreements have also been done with other countries.
The Government of Switzerland has not only disclosed the full names of consumers in public information released by the gazette, but have just given the initial letters of the name. Apart from this, the nationality of the consumer and birth date has been mentioned. According to the gazette, notices were issued to 11 Indians on May 21.
The two names of the two Indians who have been given full names include Krishna Lord Ramchand born in May 1949 and Kalpesh Harshad Kiniariwala, born in September 1972. However, other information about them has not been disclosed.
Among other names in which the initial letters are mentioned, born on 24 November 1944, ASBK, born on July 9, 1944, ABKI, born on November 2, 1983, Mrs PAS, born on November 22, 1973, was born on 27 November 1944, Mrs. RAS. APS, born on 14th August, 1949, was born on MLI, 20 May 1935, NMA born on 21st February, 1968 and MMA born on June 27, 1973. These notices have said that concerned customers or any of their authorized representatives will be present with the necessary documentary evidence to appeal within 30 days.
