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India towards to excavation of black money, Swiss bank extending their cooperation

After a big bold move demonetization of high value currency notes. The BJP government has heading towards excavation of stashed black money abroad. India has approached swiss bank to reveal details of atleast a ten persons and entities suspected to have kept unaccounted money.

The list including two textile firms, and persons associated with an art curator and his carpet export business.

Tax department of Switzerland already issued notices to them to within 30 days to appeal the decision about providing ‘administrative assistance’ in information requests from India.

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As per local laws, Switzerland will give a final chance to the concern persons and entities before sharing information in such suspected tax crime cases with any foreign jurisdiction. There is a chance to issue a public through gazette notification, incase they not reachable by the concern banks or tax department.

At least ten such notices concerning individuals and companies with Indian links were issued last week. This notices names two textile companies Neo Corporation International and SEL Manufacturing Company Ltd.

There are also some suspected individuals and entities such involved in tax fraud like Panama and British Virgin Islands. Most of them are associated with an art curator and a carpet export business with operations abroad.

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These are Abdul Rashid Mir, Amir Mir, Sabeha Mir, Mujeeb Mir and Tabassum Mir. The companies named in these notices include Cottage Industries Exposition, Modale SA and Progress Ventures Group.

Some of these names had figured in the leaked Panama Papers too, but several of them including the two listed firms have denied any wrongdoing.

Earlier, the notices were issued by Switzerland’s Federal Tax Administration (FTA) asking some of them to designate a representative to exercise their “right to be heard” before the assistance is extended to India.

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