India to get bank details from Switzerland starting April: Govt

"The amended DTAA with Switzerland will enable India to get banking information in specific cases for a period beginning 1 April 2011 and thereafter," minister of state for finance SS Palanimanickam said

New Delhi: India will be able to access banking information from Switzerland in specific cases beginning 1 April 2011, reports PTI.

The two countries had signed an agreement on 30 August 2010 to amend the Double Taxation Avoidance Agreement (DTAA) to facilitate exchange of information between the two countries.

"The amended DTAA (with Switzerland) will enable India to get banking information in specific cases for a period beginning 1 April 2011 and thereafter," minister of state for finance SS Palanimanickam told the Rajya Sabha in a written reply.

The revised DTAA with Switzerland was signed by finance minister Pranab Mukherjee and Micheline Calmy-Rey, head of Swiss Federal Department of Foreign Affairs.

While the India has completed the formalities for implementation of the revised DTAA, Switzerland has yet to ratify the agreement, Mr Mukherjee said in reply to another query.

"The amending protocol will come into force on completion of the internal process by Switzerland. Switzerland has informed that they have still not completed their internal process as the Amending Protocol has yet not been ratified by their Parliament," Mr Mukherjee said.

The revised DTAA, according to Mr Palanimanickam, will, "specifically provide for exchange of banking information as well as information without domestic interest".

The Amending Protocol, he added, "contains a provision wherein the requesting state has to provide the name of the person under examination or investigation and, if available, other particulars facilitating that person's identification such as address, date of birth, marital status and tax identification number."

The revised agreement with Switzerland, however, will not allow "fishing expeditions", a term used for seeking general information.

"The Amending Protocol also provides that these clauses contain important procedural requirements that are intended to ensure that fishing expeditions do not occur. Nevertheless they need to be interpreted in order not to frustrate effective exchange of information," the minister added.

Pointing out that the government does not have any verifiable information on the total amount of money deposited in Swiss banks by Indian nationals, Mr Palanimanickam said the finance ministry was getting a fresh study done on unaccounted income and wealth within and outside the country.

"The proposal (of study) was approved by the government in January 2011. The study is likely to be completed within a timeframe of 18 months," he added.

The government is committed to tax undisclosed income of Indian residents within and outside the country, the minister said, adding "this also includes undisclosed deposits in other countries including Switzerland. Since this in an on-going process, no time frame can be fixed for the same."

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COMMENTS

tk shah

6 years ago

Why does not India ratify the UN Convention for forfeiture of such properties,involving monney laundering.?

Reliance Capital plans to expand operations in Middle East

Through its office in the Dubai International Financial Centre, Dubai Reliance Capital wants to expand its business in the region up to $1 billion in the next three years

Dubai Reliance Capital, the financial services arm of Anil Dhirubhai Ambani Group, plans to expand its operations in the Middle East, chief executive Sam Ghosh said.

Through its office in the Dubai International Financial Centre (DIFC), the company wants to expand its business in the region up to $1 billion (3.67 billion dirhams) in the next three years and up to $2 billion in the next five years, with a special focus on wealth management and sharia-compliant businesses, Ghosh added.

The company said its sharia business in Dubai is growing several-fold and it expects to see significant growth in its asset management business based out of Dubai in the next few years.

"We see Dubai play an important role in our international growth strategy. Dubai's geographical location and its highly dynamic business environment are ideal for our international presence. Our decision to open office in DIFC is helping us accelerate and tap the vast business potential present in the region," Mr Ghosh told Gulf News.

As part of its expansion, the company will increase its headcount considerably in the next couple of years. "The India story is well known to Indians living in the UAE and the region. Through our Dubai office, we want to reach out to more nationalities keen to participate in the India growth story," Reliance Capital Asset Management's business head for Europe, Middle East and Africa, RM Sriram, told the newspaper.

Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, investment banking, wealth management services, commercial finance, exchanges and other activities in financial services.

In Dubai and the Gulf region, Reliance Capital will primarily emphasise India-focused asset management business.

Reliance Asset Management (UK) Plc's Dubai branch began advisory operations from DIFC last year after receiving a licence from the Dubai Financial Services Authority. The Dubai branch provides full range of wealth and investment advisory services to institutional clients and high net-worth individuals.

Ghosh said leading sovereign wealth funds from the region have investment exposure to India and the company expects growing interest from family offices and regional high net-worth clients going forward.

"Although international institutions offer exposure to India through offshore funds, everyone knows the fact that the local knowledge of the market is key asset in fund management business. This is what we want to leverage in the region," Mr Ghosh said.

On Tuesday, Reliance Capital ended 1.76% up at Rs484.90 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.19% to 18,439.65.

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Fortis Healthcare to set up cardiac centre in Dehradun for Rs10 crore

Fortis Healthcare plans to set up a cardiac centre at Dehradun under public private partnership with the Uttarakhand government at an investment of Rs10 crore

Fortis Healthcare Ltd said it plans to set up a cardiac centre at Dehradun under public private partnership with the Uttarakhand government at an investment of Rs10 crore.

The facility at Deen Dayal Upadhyaya (Coronation) Hospital would be the first comprehensive cardiac care facility in Dehradun, and will be operational by November 2011, Fortis Healthcare said in a filing to the Bombay Stock Exchange.

"We are pleased to join hands with the government of Uttarakhand and look forward to serving the people of the state in our distinctive patient centric manner," Fortis Healthcare regional director Ashish Bhatia said.

Under the terms of agreement, Fortis will invest in infrastructure and technology as the hospital building is already provided. The initial phase of contract will be for a period of 10 years, the company added.

Commenting on the occasion government of Uttarakhand DG Health Services Asha Mathur said: "We are confident that the people of Dehradun will benefit immensely and will improve the healthcare ecosystem in the city."
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The proposed facility will have Cardiac Care Unit, cath lab, cardiac OT, non invasive diagnostic lab and intensive care unit for the cardiac surgery, Fortis said.

"The addition of this facility takes the Fortis network to a total of 55 hospitals with over 8,000 beds across the country," it added.

On Tuesday, Fortis Healthcare ended 0.46% up at Rs152.15 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.19% to 18,439.65.

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