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HSBC provides details of US-based clients with accounts in India to US IRS

BS Reporter  |  Kolkata 

HSBC Holdings Plc said it has provided details of the US-based clients of its group company in India to the US Internal Revenue Service.

"In April 2011, HSBC Bank USA received summons from the US Internal Revenue Service directing HSBC Bank USA to produce records with respect to US-based clients of an HSBC Group company in India. HSBC Bank USA has cooperated fully by providing responsive documents in its possession in the US to the US Internal Revenue Service," said the bank, while announcing its financial results for 2012.

The Department of Justice and the US Internal Revenue Service are investigating whether certain group companies and employees acted appropriately in relation to certain customers, who had US tax reporting requirements.

On India business, HSBC said growth remained slow in 2012 due to weak external demand, lagged effects of monetary policy transmission, absence of structural policies and infrastructure investments.

"Encouragingly, the government embarked on a reform programme towards the end of the year, which helped lift sentiment and stabilise growth," it said.

First Published: Wed, March 06 2013. 00:25 IST
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