Swiss to share black money list

Names crop up during an ongoing exercise to identify real beneficiary owners of funds held in various banks operating in Switzerland

India’s efforts to crackdown on black money stashed abroad got a major boost on Sunday with Switzerland readying a list of Indians suspected to have un-taxed money in Swiss banks, while Special Investigation Team constituted by Indian government promised action if any illegality is found.

The names of certain Indian individuals and entities came under the scanner of the Swiss authorities during an ongoing exercise to identify the real beneficiary owners of funds held in various banks operating in Switzerland, a senior Swiss government official said.

The list of such persons and entities is being shared with India, while further details would also be provided in due course and all necessary administrative assistance would be made available as well, he said.

Reacting to the development, Justice M B Shah, who is heading the special investigation team on black money in India, said the list would be verified and action would be taken against those found to have kept unaccountable money.

The Swiss government official refused to divulge the identity of the entities concerned  as also the quantum of funds involved, citing the confidentiality clause of the information exchange framework between India and Switzerland. He, however, said they are suspected to have held untaxed money in Swiss banks through structures like trusts and domiciliary companies based out of countries other than India.

India at 58th rank
India has moved up to 58th rank in terms of foreign money lying with Swiss banks but it accounts for a meagre 0.15 per cent of an estimated $1.6 trillion total global wealth held in Switzerland’s banking system.