India must show proof of fraud: Swiss Ambassador In an exclusive interview, Mr. Caste

[V.Balasubramani]

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India must show proof of fraud: Swiss Ambassador

In an exclusive interview, Mr. Castelmur acknowledged that the Indian government had sent some queries based on investigations on black money to the Swiss government

The Swiss government will continue to withhold information on Swiss bank account holders, unless the Indian government shows “independent investigations of fraud” in each case, Switzerland’s Ambassador to India Linus Von Castelmur said.

In his first interview on the issue, Mr. Castelmur acknowledged that the Indian government had sent some queries based on investigations on black money to the Swiss government, but many were part of a “fishing expedition.”

“There are several cases of alleged fraud, where the Indian authorities have done independent investigations and those cases are going fine. We are cooperating on them,” Mr. Castelmur told The Hindu. “When they come to us on the basis of the stolen [HSBC] list, or data not from proper sources, Switzerland cannot cooperate.”

Mr. Castelmur said some of the processes would be speeded up since the Swiss federal council agreed to join the “global framework on automatic exchange of tax information” in November, which would become the world standard by 2017. However, despite the NDA government’s push for “bringing back black money,” it has yet to join the Organisation for Economic Cooperation and Development-led framework, partly because the Supreme Court has taken cognisance of the matter.


Read more: India must show proof of fraud: Swiss Ambassador - The Hindu

 

[V.Balasubramani]

BLACK MONEY CASE:

Prosecute account holders by March 31: SC
[h=2]Counsel expresses fears over period of limitation[/h]The Supreme Court on Wednesday directed the Centre to complete prosecution of black money holders abroad under the Income Tax Act by March 31, 2015.

A Bench of Chief Justice H.L. Dattu and Justices Madan B. Lokur and A.K. Sikri gave this direction to the Centre after senior counsel Anil Divan, appearing for petitioner Ram Jethmalani, said the defaulters and evaders whose names had been disclosed to the SIT would be off the hook if the income tax proceedings were not completed by then.

Attorney General Mukul Rohatgi said the Income Tax Act had been amended to extend the period of limitation for launching prosecution. He said if prosecution could not be completed by the deadline, the law would be suitably amended or appropriate orders passed. He said some people had accepted that they had accounts in foreign banks and paid tax. Proceedings against others were pending.

During the last hearing, the Centre submitted to the court in a sealed cover a list of 627 Indians holding black money in accounts abroad, along with a status report regarding the investigation

Source: Prosecute account holders by March 31: SC - The Hindu

 

[vgane]

Supreme court is forcing the Government to act..This is a much needed push...But why does the Government wait for courts direction..Modi has been selected for bringing the black money back and taking action against the wilful defaulters

 

[V.Balasubramani]

Sir,

With a view to bring the black money stashed away in foreign banks, the Government of India as soon as assumed Office have formed a Special Investigation Team and the team is initiating various measures in this regard which includes reporting of assets (including bank accounts) kept out of the country and actively engaging with foreign Governments in exchange of information on Black Money stashed in their respective Banks.

As for prosecuting the black money holders in foreign Banks and in India, the Government of India need to take effective steps for which I think we should have personalities like Special Judge John Michael D'Gunha (who conducted the trail effectively and awarded judgment in the 18 years dragged DA case of J.J in a record time) to head Income tax and Enforcement Directorate and drive for expeditious disposal of the pending cases.