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Black Money: FM delighted as Swiss Banks reveal Account Holder’s names

May,26,2015: Finance Minister Arun Jaitley on Tuesday said the move should provide enough indications of actions to follow for those holding unaccounted assets outside India.

Tracing Black Money
Tracing Black Money

“I have been repeatedly saying that the veil of secrecy with regard to assets and monies kept by Indian entities outside India is going to be lifted… This should give a sufficient indicator to those who hold assets outside India,” Mr. Jaitley said.

The names of at least seven “Indian nationals” have been made public in Switzerland’s Federal Gazette with regard to details sought about them by the Indian authorities.

Some countries have already been cooperating and the world is moving in the direction of automatic exchange of information, Mr. Jaitley said, adding he was encouraged by Switzerland cooperating with India.

“From the last one year we have had extensive negotiations with the Swiss authorities. The Swiss authorities have been moving in the direction of cooperation. I am delighted that this cooperation would not have fructified on a better day than when our government completes its one year,” he said.

Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among the seven Indian nationals with Swiss bank accounts whose names have been made public in Switzerland’s official gazette with regard to ongoing tax probes against them in India.

The others are Gurjit Singh Kochar, son-in-law of late realty baron Ponty Chadha, a Delhi-based businesswoman Ritika Sharma, Sneh Lata Sawhney and Sangita Sawhney.

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