Modi to bring millions to india, is that Indian black money which disappear from Swiss Banks  

New Delhi, June 30: Indians’ money in Swiss banks has dropped by one-third to record low of 1.2 billion franc or Rs 8,392 crore. Funds held directly by Indians drop to 1,207 million Swiss franc, while money held through fiduciaries hit record low of 10.9 million franc.

A number of Swiss and other European banks had started asking Indian clients to disclose their accounts to the tax authorities back home as they fear being accused of ‘abetting’ the hoarding of untaxed assets.

These banks, which include those headquartered in Switzerland and London, are asking their customers from India, including those having turned NRIs, to avail the ongoing ‘one-time compliance’ window provided by the Indian tax authorities for disclosure of undeclared foreign assets.

Besides, these banks are also asking their clients to give fresh undertakings to state that they are ‘in compliance’ with all the laws in their home countries, executives at some of these large financial institutions said.

Under the new law, a three-month compliance window has been given for disclosure of all undeclared foreign assets till next month, for which they would need to pay 30 per cent tax and 30 per cent penalty and escape further action.

Tags: , ,