Citizens' Issues
Swissleaks: HSBC says served summons from Indian tax authorities

HSBC said it is facing probe in several countries for alleged irregularities by its Swiss banking unit and there could be significant amounts of fines, penalties and forfeitures imposed on the bank

 

Facing a multi-nation probe for alleged tax evasion, money laundering and unlawful cross-border banking solicitation, HSBC on Monday said it has been served summons by the Indian tax department.
 
The bank said it is being probed by tax authorities in many other countries as well with regard to alleged irregularities by its Swiss banking unit and there could be “significant” amounts of fines, penalties and/or forfeitures imposed on it.
 
Separately, the UK-based bank said it has also received “subpoenas and requests for information” from the US and other authorities with respect to certain US-based clients of an HSBC company in India.
 
This case relates to some non-resident Indian (NRIs) facing investigation in the US for alleged violation of the American tax laws.
 
A leaked list of over one lakh account holders in HSBC’s Swiss banking unit, including 1,195 Indians, recently became public, prompting authorities in India and many other countries to launch their investigations to ascertain whether these accounts had illicit money stashed abroad.
 
Giving an update on the case in its annual report published today, HSBC said it is cooperating with the relevant authorities, while adding that it was possible that other tax administration, regulatory or law enforcement authorities will also initiate or enlarge similar investigations or regulatory proceedings.
 
“Based on the facts currently known, there is a high degree of uncertainty as to the terms on which they will be resolved and the timing of such resolutions, including the amounts of fines, penalties and/or forfeitures imposed on HSBC, which could be significant,” it added.
 
With regard to India, the bank said earlier this month a public prosecutor in Switzerland commenced an investigation of HSBC Swiss Private Bank, and “the Indian tax authority issued a summons and request for information to an HSBC company in India”. 
 

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COMMENTS

Harish

2 years ago

सारे जहां का् कौआ काला, जुठ नही सच बोलने पर काट खाता है. ये भुरियो के देश सौ चुहे मार के खा जाते है फिर हज को जाने का दिखावा करते है. भुरिये विश्वासघातीओ से बचे. पृथ्वी पर सब से भ्रष्टाचारी अगर कोइ है तो ये भुरिये है. Corruption Perception Index निकालते है दुसरो को भ्रष्टाचारी दिखाते है. और फिर अपनी मलाइ निकाल लेते है. पहेले Perception बनाते है की फला फला देश अधिक भ्रष्टाचारी है. और फिर अपने व्यारे न्यारे करते रहेते है. ऐसे Perception से बचे. भ्रष्टाचारीको भ्रष्ट बनने का मौका दे स्वयं भ्रष्टाचारी न बने.

Rahul Gandhi to skip Budget session?

Congress has been performing badly at the hustings, which started with the Lok Sabha elections last year and continued in the Assembly elections in various states, including Delhi

 

Congress Vice-President Rahul Gandhi has gone on a sabbatical “for a few weeks” to reflect upon recent events and the future of the party that was completely wiped out in the Delhi Assembly elections capping a string of losses.
 
Rahul has been “granted leave of absence for a few weeks after which he will return and resume his active participation in the affairs of the Congress party”, party sources told newspersons.
 
They said he has “requested Congress President Sonia Gandhi for some time to reflect on recent events and future course of the party”.
 
He believes that the direction that the party adopts at the upcoming AICC session will be of crucial importance for its future and he wishes to prepare for it, the sources said.
 
Congress has been performing badly at the hustings, which started with the Lok Sabha elections last year and continued in the Assembly elections in various states, including Delhi, recently.
 
The debacle in Delhi, where Congress failed to get even one seat in the 70-member House, was more stunning as the party had ruled the state for 15 years till December 2013.
 
The AICC session is expected in early April and media reports have suggested that Rahul could be made the party chief on that occasion.
 

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Government to focus on simplification of official procedures: President Mukherjee

President Mukherjee said the government will focus on simplification of official procedures and reduce the decision-making levels by leveraging technology 

 

President Pranab Mukherjee on Monday said India has emerged as the fastest growing large economy with an estimated growth rate of 7.4% in 2014-15 and the government is taking "decisive measures" to ensure a better future for the people. 
 
"A promising future awaits us," the President said while listing out the initiatives taken by the government in his address to the joint sitting of Parliament. 
 
The government, Mukherjee said, has taken several measures to improve ease of doing business, ending financial untouchability and containing inflation with a view to stimulate the economy. 
 
The President also said the government is determined to take all possible measures to stop generation of black money, both domestically and internationally. These will include putting in place robust legislative and administrative frameworks. 
 
Mukherjee said, "As a result of Government's sustained efforts and series of policy initiatives, our economy is again on the high growth trajectory... Our GDP is growing at 7.45, which makes India the fastest growing large economy in the world." 
 
Referring to the principle of 'Maximum Governance, Minimum Government', the 
President said the government will focus on simplification of official procedures and reduce the decision-making levels by leveraging technology. 
 
"The system of Group of Ministers has been dispensed with and emphasis is on swift decision-making," Mukherjee said. 
 
In order to promote 'Make In India' programme, he said the government has relaxed FDI regulations and would continue to deal with the problem of inverted duty structure to make Indian industries competitive. 
 
He said the decisive measures taken by the government have helped lower the inflation to "record low" and also boosted capital markets. 
 

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