India set to seek info about specific accounts in Swiss banks

New Delhi: Stepping up efforts to bring back black money stashed in Swiss banks, India is set to seek information on specific accounts there through the Federal Court of that country, reports PTI.

The finance ministry has initiated steps under which the Swiss Federal Court of Justice would be requested to ensure that information on specific accounts is provided by April 1, 2011 under the Mutual Legal Assistance Agreement, sources told PTI today.

Attorney General G E Vahanvati would be writing to the Swiss authorities to obtain information for the foreign tax (FT) and tax research (TR) divisions of the finance ministry, which are investigating aspects related to Indian black money stashed in bank accounts abroad.

The sources, however, did not specify the accounts about which the details would be sought.

Sources said several individuals have made investments to the tune of crores of rupees, taking advantage of the Double Taxation Avoidance Agreement (DTAA) in various countries and the details sought from Switzerland would help agencies investigate tax evasions.

In August this year, India and Switzerland had signed a protocol to amend the existing DTAA between the two countries so as to bring under its ambit information regarding the money stashed away in banks in that country.

“Under the current DTAA between India and Switzerland, India has not been able to obtain banking information from Switzerland. The protocol now seeks to amend the Article concerning Exchange of Information to enable exchange of such information,” finance minister Pranab Mukherjee had informed the Lok Sabha in a statement made in August.

Under the revised DTAA, information, which is foreseen as relevant for carrying out the provisions of the agreement or to the administration or enforcement of the domestic laws concerning taxes, can be exchanged under the pact.

Earlier, information which was relevant only for carrying out the provisions of DTAA could be exchanged.

The objective of the DTAAs is to evolve an equitable basis for the allocation of the right to tax different types of incomes between the ‘source’ and ‘residence’ states, ensuring in that process tax neutrality in transactions between residents and non-residents.
 

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COMMENTS

Shiv Gupta

6 years ago

The government has taken too much time to dealt with this issue, giving the defaulters enough time to consult solicitators the strategy to divert their black wealth to some other alternatives. They will not wait till the time government come to them and cought them red-handed.

Axis Bank to open 100 branches under RBS

Axis Bank Ltd plans to open 100 branches in the country, under its Rural Banking Strategy (RBS).

The bank plans to open 100 banks across India, including 25 more in Tamil Nadu. A few of its branches would be opened in Coimbatore, Erode, Namakkal, Salem and Tiruchirapalli districts this fiscal.

The bank would offer saving accounts exclusively at RBS branches with a minimum balance of Rs1,000 and offer a host of services like at-par cheque book, debit card, tele-banking, etc.

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COMMENTS

logachandar

6 years ago

site avilable in namakkal for axis bank in trichengode road

Gitanjali Q2 net profit zooms 52% to Rs 80 crore

Branded jewellery firm Gitanjali Gems reported a 52% growth in net profit at Rs80.04 crore for the quarter ended September 2010 compared to Rs52.74 crore in the corresponding period last year.

The company registered a sales growth of 43% at Rs2,509.71 crore for the second quarter against Rs1,757.73 crore in the same quarter of last fiscal, Gitanjali Gems said.

"The momentum in domestic market has been the biggest contributor to this growth," Gitanjali Gems managing director Mehul Choksi said.

Net profit for the six months ended September 2010 grew at 61.66% at Rs158.74 crore from Rs98.19 crore in the same period last year.

The company's net sales for the period witnessed a growth of 41% at Rs4,375.61 crore against Rs3,109.89 crore in the corresponding period of last fiscal.

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