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Swiss authorities sharing details of 50 Indian account holders

By The Assam Tribune
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BERNE/NEW DELHI, June 16 - Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.

These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery.

Switzerland has been striving hard for the past few years to shed a long-standing perception of it being a safe haven for black money, while the issue has been a politically sensitive one in India as well. When the Narendra Modi government first came to power in 2014, it had termed the crackdown on the black money as a key focus area. Since then, the two countries have strengthened their framework for exchange of information in cases of financial wrongdoings, including by signing the global automatic exchange of information framework.

Citing the federal gazette notifications issued by the Swiss government to the individuals concerned, the officials said at least 50 Indian nationals have been issued notices in the past few weeks giving them one final opportunity to appeal against proposed sharing of their details with the Indian authorities.

Some of these notices have followed after the preliminary appeals by the concerned clients of Swiss banks have already been rejected due to inadequate supporting facts and documents, leaving a limited chance of their further pleas getting heard, officials said.

They said the sharing of details of Indian clients of Swiss banks with dubious records, showing suspected illegalities in amassing of funds deposited there, has been a continuing process in the recent months.

While details of more than 100 Indians nationals have been shared in the past one year by the Swiss government with the Indian authorities, there is a high chance that a large majority of the cases currently under scrutiny would result in the administrative assistance being provided in the coming months, officials said.

Under Swiss laws, foreign clients of Swiss banks are given an opportunity to appeal against proposed sharing of their details within 30 days (only 10 days in some cases) after a country with a mutual assistance treaty, or party to the multilateral information exchange framework, seeks the details while giving sufficient proof of suspected financial wrongdoings.

The full names that have been made public in recent weeks in the Swiss government federal gazette include Krishna Bhagwan Ramchand, Potluri Rajamohan Rao, Kalpesh Harshad Kinariwala, Kuldip Singh Dhingra, Bhaskaran Nalini, Lalitaben Chimanbhai Patel, Sanjay Dalmia, Pankaj Kumar Saraogi, Anil Bhardwaj, Tharani Renu Tikamdas, Mahesh Tikamdas Tharani, Savani Vijay Kanaiyalal, Bhaskaran Tharur, Kalpeshbhai Patel Mahendrabhai, Ajoy Kumar and Dinesh Kumar Himatsingka, Ratan Singh Chowdhury and Kathotia Rakesh Kumar.

However, there are many more cases where only people�s initials have been disclosed for Indian nationals. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.

While a large number of Indians have been issued notices in recent weeks with Switzerland stepping up its process to share details of such individuals, many more such notices are in the offing in coming weeks as India has sought details about a large number of Indian clients of Swiss banks who are suspected to have indulged in illicit financial activities.

These include people whose names figured in the HSBC and Panama lists, as also those being probed by the Income Tax Department and the Enforcement Directorate among other agencies. � PTI

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Swiss authorities sharing details of 50 Indian account holders

BERNE/NEW DELHI, June 16 - Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.

These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery.

Switzerland has been striving hard for the past few years to shed a long-standing perception of it being a safe haven for black money, while the issue has been a politically sensitive one in India as well. When the Narendra Modi government first came to power in 2014, it had termed the crackdown on the black money as a key focus area. Since then, the two countries have strengthened their framework for exchange of information in cases of financial wrongdoings, including by signing the global automatic exchange of information framework.

Citing the federal gazette notifications issued by the Swiss government to the individuals concerned, the officials said at least 50 Indian nationals have been issued notices in the past few weeks giving them one final opportunity to appeal against proposed sharing of their details with the Indian authorities.

Some of these notices have followed after the preliminary appeals by the concerned clients of Swiss banks have already been rejected due to inadequate supporting facts and documents, leaving a limited chance of their further pleas getting heard, officials said.

They said the sharing of details of Indian clients of Swiss banks with dubious records, showing suspected illegalities in amassing of funds deposited there, has been a continuing process in the recent months.

While details of more than 100 Indians nationals have been shared in the past one year by the Swiss government with the Indian authorities, there is a high chance that a large majority of the cases currently under scrutiny would result in the administrative assistance being provided in the coming months, officials said.

Under Swiss laws, foreign clients of Swiss banks are given an opportunity to appeal against proposed sharing of their details within 30 days (only 10 days in some cases) after a country with a mutual assistance treaty, or party to the multilateral information exchange framework, seeks the details while giving sufficient proof of suspected financial wrongdoings.

The full names that have been made public in recent weeks in the Swiss government federal gazette include Krishna Bhagwan Ramchand, Potluri Rajamohan Rao, Kalpesh Harshad Kinariwala, Kuldip Singh Dhingra, Bhaskaran Nalini, Lalitaben Chimanbhai Patel, Sanjay Dalmia, Pankaj Kumar Saraogi, Anil Bhardwaj, Tharani Renu Tikamdas, Mahesh Tikamdas Tharani, Savani Vijay Kanaiyalal, Bhaskaran Tharur, Kalpeshbhai Patel Mahendrabhai, Ajoy Kumar and Dinesh Kumar Himatsingka, Ratan Singh Chowdhury and Kathotia Rakesh Kumar.

However, there are many more cases where only people�s initials have been disclosed for Indian nationals. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.

While a large number of Indians have been issued notices in recent weeks with Switzerland stepping up its process to share details of such individuals, many more such notices are in the offing in coming weeks as India has sought details about a large number of Indian clients of Swiss banks who are suspected to have indulged in illicit financial activities.

These include people whose names figured in the HSBC and Panama lists, as also those being probed by the Income Tax Department and the Enforcement Directorate among other agencies. � PTI