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Switzerland provides first tranche of Indians’ accounts in Swiss banks

In a significant milestone in fight against black money stashed abroad, India received the first tranche of details about financial accounts of its citizens in Swiss banks.

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Swiss banks

In a significant milestone in the fight against black money suspected to be stashed abroad, India has received the first tranche of details about financial accounts of its citizens in Swiss banks under a new automatic exchange of information (AEOI) framework between the two countries, said media reports.

India is among 75 countries with which Switzerland’s Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI, an FTA spokesperson told PTI.

This is the first time that India has received details from Switzerland under the AEOI framework, which provides for exchange of information on financial accounts that are currently active as well as those accounts that were closed during 2018.

The next exchange would take place in September 2020, the spokesperson added.

The FTA had earlier been reported to have stated that “several dispatches might be necessary” in the case of India, giving an indication of the volume of details to be shared with Indian tax authorities of all Indians with bank accounts in Switzerland as of 2018 beginning.

In 2018, data from Zurich-based Swiss National Bank (SNB) had shown that after declining for three years, money parked by Indians in Swiss Banks rose 50 per cent to CHF (Swiss Franc) 1.02 billion (Rs 7,000 crore) in 2017 over the previous year, reported The Indian Express.

A large portion of the first tranche of data relates to accounts that have been already closed due to fear of action.

It can, however, still establish a strong prosecution case against those who had any unaccounted wealth in those accounts, bankers and regulators said.

The data provides entire details of the entire flow of funds to and from all the accounts that were active even for a single day in the year 2018, bankers said. Hence, deposits and transfers as well as of all earnings including through investments in securities and other asset classes can be examined, they said.

The first tranche relates mostly to businessmen, including non-resident Indians now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries, PTI had earlier quoted regulatory officials as saying.

They admitted there was a huge outflow from these accounts in the last few years after a global crackdown began against the so-called high-secrecy walls associated with the Swiss banks and several of these accounts got closed.

Besides, there are at least 100 cases of older accounts held by Indians, which might have been closed before 2018, for which Switzerland is in the process of sharing details with India under an earlier framework of mutual administrative assistance as Indian authorities had provided prima facie evidence of tax-related wrongdoings by those account holders.

These relate to people engaged in businesses like auto components, chemicals, textiles, real estate, diamond and jewellery, steel products etc. Regulatory and government officials said the special focus of the analysis of the Swiss bank data could be on identifying people with political links.

A Swiss delegation was in India in August before the first set of details could get shared under the new automatic information exchange, while the two sides also discussed possible steps to expedite execution of tax information sharing requests made by India in specific cases and enhancing of collaboration in offshore tax compliance matters.

The exchange of information is being carried out under the Common Reporting Standard (CRS), the global reporting standard for such exchange of information, which takes care of aspects such as confidentiality rules and data safeguards. The CRS has been developed by the Organisation for Economic Cooperation and Development (OECD).

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SIT issues lookout notice for Prajwal Revanna in sex video case

A police officer, who is part of the SIT, confirmed to the media that a lookout circular has been issued at all the immigration points to detain Prajwal Revanna, said to be in Germany, as soon as he enters the country.

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The Special Investigation Team (SIT), probing the sex tapes case involving JD(S) Lok Sabha candidate Prajwal Revanna, on Thursday issued a lookout notice against him. The notice was issued at all immigration points all over the world. The development comes as Revanna allegedly fled to Frankfurt, Germany on April 26, as a huge cache of explicit videos and photographs showing him indulging in the sexual abuse of several women went viral on social media platforms.

Prajwal Revanna is the grandson of former prime minister and JD(S) patriarch HD Deve Gowda and son of former minister HD Revanna, is seeking re-election from Hassan on the JD(S) ticket. The JD(S) MP faces sexual assault charges and has sought 7 days to appear before the Special Investigation Team probing the matter.

Prajwal Revanna and his father, DD Revanna have been issued notices to appear before the SIT for questioning. The Hassan MP informed the SIT team that he is currently outside Bengaluru. A case has been registered against both HD Revanna and his son Prajwal Revanna at Holenarasipura based on a complaint lodged by their former cook and relative for sexually harassing her.

She alleged that Prajwal Revanna made video calls to her daughter and spoke in an objectionable manner, which forced her to block his phone number. The FIR was referred to the SIT, led by BK Singh, Additional Director-General of Police, Criminal Investigation Department, formed to probe the alleged sex scandal involving Prajwal Revanna, after many explicit videos were circulated on social media.

The National Commission for Women (NCW) has demanded a comprehensive report within 3 days from the Karnataka Police regarding allegations of sexual misconduct against Prajwal Revanna. The NCW expressed grave concern over the circulation of a number of obscene videos on social media, which showed Prajwal Revanna sexually assaulting number of women.

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2024 Lok Sabha Elections

PM Modi takes a dig at Rahul Gandhi, says Pakistan wants him as Prime Minister

PM Modi said Pakistan is eager to make the prince the Prime Minister and everyone knows that the Congress is a fan of Pakistan. The prime minister further added that the partnership between Pakistan and Congress has now been completely exposed.

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Prime Minister Narendra Modi took a veiled dig at Rahul Gandhi on Thursday. He was addressing an election rally in Gujarat’s Anand where PM Modi said, Congress is dying here and Pakistanis are crying. He further added that Pakistani leaders want to make shehzada of Congress the prime minister of India.

He said everyone should look at the coincidence that today the Congress is getting weak in India and Pakistani leaders at the same time are praying for the grand old party. PM Modi said Pakistan is eager to make the prince the Prime Minister and everyone knows that the Congress is a fan of Pakistan. The prime minister further added that the partnership between Pakistan and Congress has now been completely exposed.

A few days earlier Pakistani leader Chaudhary Fawad Hussain had shared a video on X which featured Rahul Gandhi, in which the Congress leader is seen targetting the BJP and PM Modi. In the video shared by the former Pakistan minister, rahul Gandhi can be seen attacking the BJP government over the invitees at Ram Mandir’s Pran Pratishtha ceremony.

The edited video shows Rahul Gandhi speaking about the Ram Mandir’s inauguration and charging the BJP government of sidelining the interests of the poor and youth.  PM Modi further added at the Anand rally that Congress Shahzade is dancing around with the Constitution on their foreheads. But for 75 years, this did not apply to all parts of Hindustan. The Constitution was not applicable in Kashmir, where Article 370 was like a wall that the BJP government had demolished.

The Prime Minister said it is his guarantee that he will work 24×7 to make India a developed country by 2047. He pointed out that in the last 10 years, the BJP government has given tap water connections to 14 crore houses, while the Congress gave just 3 crore houses in 60 years.

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2024 Lok Sabha Elections

Farooq Abdullah accuses PM Modi of trying to divide the country over religion

Faroukh Abdullah reacted to PM Modi’s remark that the Congress will redistribute people’s money and property to Muslims if voted to power and said Muslims respect all religions. He said that they are Muslims and Allah has told them to respect other religions. He further added that a Muslim cannot snatch anyone’s right.

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Farooq Abdullah, Jammu and Kashmir’s National Conference President said on Wednesday that Prime Minister Narendra Modi was trying to divide the country over religion. He also said that those who will vote for them must prepare for hell. Farooq Abdullah said Muslims cannot snatch away the rights of others.

Farooq Abdullah also called Prime Minister Narendra Modi-led government a threat to the survival of the country. Omar Abdullah, former Jammu and Kashmir chief minister cautioned the people not to divide this country on the basis of religion, otherwise a storm will unleash making the survival of the nation difficult. He said it is better to talk about uniting the country, instead of dividing its people.

He was addressing an election rally in Thanamandi area of the Rajouri district in Jammu and Kashmir. The Anantnag parliamentary constituency will go for elections on May 25. Faroukh Abdullah reacted to PM Modi’s remark that the Congress will redistribute people’s money and property to Muslims if voted to power and said Muslims respect all religions. He said that they are Muslims and Allah has told them to respect other religions. He further added that a Muslim cannot snatch anyone’s right.

He remembered an incident when former Prime Minister Rajiv Gandhi once stopped his car in Pulwama and assured a poor Hindu woman that he would give her a mangalsutra as she could not afford it. Farooq Abdullah said those who were against the INDIA bloc are against the nation.

Prime Minister Narendra Modi had earlier sparked a controversy last month as he commented that the Congress would take away the hard-earned money of the masses and distribute them among infiltrators and those with many children.  Speaking at a rally today, the Prime Minister took a jibe at the Congress and said the governments in the past were not able to implement the Indian Constitution in Jammu and Kashmir. He was referring to the revocation of Article 370.

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