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"Under international pressure, Switzerland has changed its attitude concerning tax havens and is ready to give assistance in this regard to India," said Rudolf Strahm, a former MP who held the post of Federal Price Regulator till recently.
India and Switzerland are currently renegotiating the bilateral double taxation treaty, which would help the Indian authorities to seek details of Indians who have secret Swiss bank accounts.
While there is no official figure on the huge amounts of unaccounted money kept in Swiss banks, a petition moved by former Law Minister Ram Jethmalani and others claims that the amount involved is around Rs 70 lakh crore.
The Swiss government has already signed about 20 bilateral agreements with 20 countries on double taxation, Strahm said.
"There is a process of change of attitude in Switzerland concerning this capital from abroad," Strahm, a former MP of ruling Social Democratic Party who is on a visit to India, said.
Strahm said the Swiss government has declared that it will give official assistance to countries on the issue of tax evasions.
"We are prepared for discussions with other countries on the issue. It is up to those countries to negotiate with the Swiss government," Strahm said.
Asked about black money in Swiss banks from this country, he said India too can enter into an agreement with Switzerland on double taxation.
"I think the tax havens in Switzerland will change and will be corrected. In the last two years, we have very strong philosophy inside the government towards the question of tax evasions," he said.
Strahm is on 11-day visit to India during which he proposes to highlight the advantages of the vocational education and training programmes in Switzerland which have immensely helped meeting its industry requirements.
He said the Gujarat government has evinced interest in adopting such vocational education model which combines education and practical training.
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this is a very much bad news to the world and mor for indians swiss bank allows to sucks indian blood by indian Misquotes form indian poor peoples ...! if the money comes to indan that is the day of freedom Independent of an true inian
if indian tax rules 15% with out audit ( which type money, when ? where ? no comment )then swizz indian money back anybody.....
This is a good sign of changing times. The purpose should be to track unaccounted money stashed away. There could be many cases of individuals or Companies who have kept funds earned legitimately for one reason or another. Let us hope this doesnt end in a wild goose chase that some offenders in the intervening period withdraw their funds and move it elsewhere.
I pray that Al Qaeda/LET/Taliban will blow up some important bank buildings during night time in Switzerland. Later on if the banks say that all records are lost due to the bomb blasts, then we will have a series of suicides in India. Thus we can come to know who all have lost their hidden money. Our UPA govt. will not work to bring the money back, but I trust Al Qaeda to do this favour to India.
best wishes in my heart
Many many poor countries had been economically collapsed due to such Banks existed in the world for ex. HSBC, USB Switzerland , some of middle America and so on. I am sure about the recent global recession (financial crisis)too originated from such Banks. These Banks must be forbidden to receive black money from any country/coy/Individuals and function..Indian black money has been declared to a huge amount of 70 lakhs crores of IR can be reckoning equal to 1400 US Dollars. Such a huge amt can be tabulated the Indian financial structural budget for appx 4 years at this time of economy.The ongoing myterious black Indian money might have been deposited by corrupted Indian politicians/Business men for tax evasion etc., The involved persons who ever may be, must be punnished for life imprisonment minimum that will be lesson for others. It is a CRIME AND TREASON against a Nation. There should not be any IMPUNITY for politicians/crorepathy /etc., Recent personnel case is of Maddock in USA.
I think government of India must act fast and stop any transaction by these rogue depositers.All these culprits must not be given any more opportunities to remove their deposits. Catch all those who have been involved in the transactions.
Its going to be political for sure; Congress will only publish individual names(in case they get it from Swiss authority) who doesn't belong to themselves. but anyway, it would be good for country, as no one else would come to claim the black money
Bharatiya Janata Party in the 2009 Parliament Elections had took up the matter that if voted to Power it will bring back the Black money lying in Swiss Banks . At that time some people raised huge cru by saying that it seems impossible , but the new agreement treaty if implemented honestly between India and Switerland on double Taxation it will clearly expose the Crores of rupees lying in the Swiss Bank unaccounted , It will be a major victory of the Government if suceeded in bringing Back the Black money to India . Cheers if the agreement is endorsed and imposed .Millions of rupees will be back in the country and new dimesnions of Development cannot be ruled out .
As emerging economic power & growth engine india can exert more pressure on tax haven countries to change their policies for the benefit of mutual trade which can run into hundreds of billion dollars over long term, most of which end up in these tax havens. if these tax havens don't concede they risk doing future business with india's big consumer market & its rewards/returns for them. This is legal, look how china controls whole world by its gigantic influence.
THESE WEALTH CAN MAKE INDIA A BETTER PLACE TO LIVE IN. NO FIGHT - NO CORRUPTION - NO HUNGER.
Don't be naive. The very people who are seeking this disclosure have money stacked up in Swiss Banks. This is nothing but a public relation show. In the end, nothing will come out or may be the opponents of the Government will be disclosed. Even Indira Gandhi, Rajeev Gandhi,all major movie stars, several politicians, have money hidden there. If anybody thinks that they want to be disclosed are ignorant. If a Government can not punish a Terrorist caught red handed in 26/11 attack after more than a year, you think, will punish those who hide the money in Swiss Bank?
Should get the details including the deposited date, & from the date deposited tax has to be levied for the black money including penalties for hiding the black money without information to the Indian Government. Also on the huge deposit a through enquiry should done and it the money is earned by wrong ways sever punishment to follow.
70 lakh crores is too big money for this country.The Swiss govt. has conceded under pressure from British and US governments to disclose the amount of illegal money in thier banks of thier citizens.Both the countries not only forced Swiss govt. but other tax havens too to declare the names of their citizenary as thier economies tumbled due to illegal deposits in countries like Panama,Bahamas,Cayman Islands & Switzerland.India must grab this opportunity to take the complete list of all Indian citizens who have illegal deposits there.But we must move quickly to seize the opportunity to get the list of money launderers so that they may not move thier money from these countries and employ some dubicious means to hoodwink the govt.Our govt. must move quickly if they want to catch hold of the culprit and not wait till such time the culprit takes away all their ill gotten wealth to somewhere else.The big question is who will bell the cat as culprits themselves are decicision makers here?
Do you really think that the Government is truly interested in finding out the names. What if names like, Indira Gandhi, Rajeev Gandhi, Sonia Gandhi,Sharad Pawar, etc. come up? This is nothing but a Public Relations Show.
Dear Editor, This is the best piece of news ..better than the RS yadavgiri. You should provide, as a True Indian, all the relevant procedural details of how to open and operate the account in a swiss bank.I will come as a disguised beggar to your office to start my collections to stash there. Hurry up..Be a lucky One..No Repeat offers..