The Swiss government has provided the Central Government with the 4th list containing the details of Indians holding accounts in Swiss banks.
Banks in Switzerland offer a high level of security for their customers’ money and confidential information, so many countries including India have stored their money there.
Some rich people are using Swiss banks to stash their illegally earned money, including tax evasion, as black money. There was an allegation that the country’s economic growth was being affected due to India’s large amount of black money being stored in Swiss banks.
An agreement was signed between the two countries in 2018 to share details of Indians holding accounts in Swiss banks. Based on that agreement, the first list containing the details of Indians and companies with accounts in Swiss banks was submitted to the central government in 2019, the 2nd list in 2020 and the 3rd list in last year.
In this case, the Swiss government has given the 4th list to the central government. It contains the account holder’s name, address, occupation, sources of income, proof of tax payment, amount in bank account etc.
Help to take action: Regarding the list, some central government officials said, ‘The names of those who have professional accounts in Swiss banks after paying taxes are also included in the list.
The information provided by the Swiss government will be helpful in filing cases and taking action against Indians who have stashed black money in Swiss banks without paying taxes properly,’ he said.
The Ministry of Tax Administration of the country has given the details of account holders in Swiss banks to 101 countries including India. The ministry said that about 34 lakh bank account details of people from those countries have been shared. The next list will be issued in September 2023, according to the Swiss government.