Re-establishing its global financial position, Switzerland notifies 11 Indians on sharing Bank Account info

New Delhi, May 27: With the Modi Government returning to the reigns following a loud thumb cheering, the financial stability in the nation has begun to unfurl its motive right straight. Moving ahead to a corruption free India, the Modi-led Government had undertaken sizeable steps creating economic directives. Ahead of the said rationale, this time it seems that its the Swiss bank account holders targeted upright..!

 

 

The Swiss Bank, which is considered to be a safe case for the black money, has now moved up sending notices to the Indian Account holders asking for their account details. The individuals or their authorised representatives have been asked to file their appeals, if any, within 30 days with necessary documentary proof to support their case against providing administrative assistance to India.

 

Striving hard to re-establish its global financial centre position after clamping down on secrecy walls of its banks, Switzerland has initiated process to share information on Indians with Swiss bank accounts and shot off letters to about a dozen such individuals last week itself.

 

“Since March, at least 25 notices have been issued by the Swiss authorities to Indian clients of Switzerland-based banks in which they have been given one last chance to appeal against sharing of their details with India”, the statement read adding that 11 of those were issued on May 21 itself.

 

While trying hard to envelope the full names of the several account holders, the Swiss Government has redacted full names for two of them, named Krishna Bhagwan Ramchand and Kalpesh Harshad Kinariwala. The details of others are disclosed by initials and date of birth respectively.

 

This particular move has been taken off by the Swiss Authorities after the adoption of the Federal Transit Administration decision that can be appealed within 30 days, provided the appellant is able to give sufficient ground to challenge it. Besides, a new framework of automatic information exchange has been now put in place and the details can be accessed under the new system from this year.