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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).

India News

Parliament winter session: Government lists 15 bills, including Waqf bill

The session will kick off on November 25 and conclude on December 20.

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The government has listed five new ones and one to amend the contentious Waqf law out of 15 bills for the winter session of Parliament. The session will kick off on November 25 and conclude on December 20.

The government has introduced five new bills, including the Coastal Shipping Bill, 2024, which aims to promote coasting trade and increase the participation of Indian-flagged vessels owned and operated by Indian citizens for both national security and commercial purposes.

Another significant legislation that will be introduced by the government is the Indian Ports Bill, 2024. This bill is designed to implement measures for the conservation of ports, enhance security, and manage pollution, ensuring compliance with India’s international obligations and statutory requirements.

Additionally, the government plans to introduce the Merchant Shipping Bill, 2024, which aims to meet India’s obligations under maritime treaties and support the development of Indian shipping while ensuring the efficient operation of the Indian mercantile marine in a way that serves national interests.

Pending legislation includes the Waqf (Amendment) Bill, which is awaiting consideration and passage after the joint committee of both Houses submits its report to the Lok Sabha. The committee is expected to report by the end of the first week of the winter session.

Currently, there are eight bills, including the Waqf (Amendment) Bill and the Mussalman Wakf (Repeal) Bill, pending in the Lok Sabha, while two additional bills are in the Rajya Sabha.

Furthermore, the government has also listed the Punjab Courts (Amendment) Bill for introduction, consideration, and passage, which seeks to increase the pecuniary appellate jurisdiction of Delhi district courts from Rs 3 lakh to Rs 20 lakh.

The Merchant Shipping Bill, along with the Coastal Shipping Bill and the Indian Ports Bill, is slated for introduction and eventual passage.

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International Criminal Court issues arrest warrant against Israel PM Benjamin Netanyahu over war crimes

The court accused Prime Minister Netanyahu and Defence Minister Gallant of crimes against humanity, including murder, persecution, inhumane acts, and the war crime of starvation as a method of warfare.

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International Criminal Court issues arrest warrant against Israel PM Benjamin Netanyahu over war crimes

The International Criminal Court (ICC) today issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant over alleged war crimes and crimes against humanity.

The court accused Prime Minister Netanyahu and Defence Minister Gallant of crimes against humanity, including murder, persecution, inhumane acts, and the war crime of starvation as a method of warfare. The leaders allegedly restricted essential supplies such as food, water, and medical aid to civilians in Gaza, resulting in severe humanitarian crises and deaths, including among children.

Last year in October, Israel had launched attacks on Gaza in retaliation for the surprise attack by Hamas. The Israel-Hamas war has led to the death of thousands of civilians, while lakhs have been displaced. The major infrastructures in Gaza, including hospitals and schools, were also destroyed as Israel vowed to wipe out Hamas.

The International Criminal Court stated that it found reasonable grounds to believe the accused intentionally targeted civilians and limited medical supplies, forcing unsafe medical procedures, which caused immense suffering. This ruling was based on the findings from at least October 8, 2023 until at least May 20, 2024.

The court remarked that it has assessed that there are reasonable grounds to believe that PM Netanyahu and Defence Minister Gallant bear criminal responsibility as civilian superiors for the war crime of intentionally directing attacks against the civilian population of Gaza.

Furthermore, it also noted that the lack of food, water, electricity and fuel, and medical supplies created conditions of life calculated to bring about the destruction of part of the civilian population in Gaza, leading to death of civilians, including children due to malnutrition and dehydration.

Additionally, the International Criminal Court dismissed two challenges by Israel against its jurisdiction in the situation in the State of Palestine.

Notably, Israel had contested the ICC’s jurisdiction, claiming it could not be exercised without Israel’s consent. Nonetheless, the Chamber ruled that the Court has jurisdiction based on Palestine’s territorial scope, including Gaza, the West Bank, and East Jerusalem. It further noted that Israel’s objections were premature, as jurisdictional challenges under the Rome Statute can only be made after an arrest warrant is issued.

Reportedly, Israel had also requested a fresh notification regarding the investigation, started in 2021. Denying the request, the court stated that Israel had earlier declined to request a deferral, making additional notifications unnecessary.

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Yogi Adityanath accords tax-free status to Sabarmati Report film in Uttar Pradesh

Earlier, Prime Minister Narendra Modi and Home Minister Amit Shah have also praised this film.

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Uttar Pradesh Chief Minister Yogi Adityanath on Thursday accorded a tax-free status to ‘The Sabarmati Report’ film, based on the train burning incident at Godhra in Gujarat in 2002, in the state.

The announcement was made after Chief Minister Adityanath attended the screening of Vikrant Massey and Raashii Khanna-starrer ‘The Sabarmati Report’ in Lucknow with the film’s cast.  

Speaking to reporters, actor Vikrant Massey thanked the Uttar Pradesh Chief Minister for making ‘The Sabarmati Report’ film tax-free in the state. “I want to thank Yogi Adityanath ji. This is an important film and I appeal to everyone to go and watch this film,” he said.

Chief Minister Adityanath along with many of his cabinet colleagues watched the film ‘The Sabarmati Report’ under a special screening at a cinema hall in the capital, said a spokesperson of the state government.

Several people associated with the film unit were also present on the occasion. Later the chief minister announced to make this film tax-free in UP.

The BJP-ruled states have been praising the makers of The Sabarmati Report, claiming the team has tried to bring out this truth in front of the people of the country through the film.

The saffron party is appealing to people to watch this film and try to get closer to the truth of Godhra.

Uttar Pradesh becomes the sixth BJP-ruled state after Haryana, Rajasthan, Chhattisgarh, Madhya Pradesh and Gujarat to declare lead actors Vikrant Massey and Raashii Khanna’s film tax-free.

Adityanath said along with identifying the faces of those who are conspiring against the country for political gains, there is also a need to expose them. The film team has discharged its responsibilities to expose the truth, he said, adding an attempt has been made to bring the real truth in front of the country in a big way through the film.

The Sabarmati Report is said to be based on the incident of setting fire to a train full of ‘karsevaks’ in Godhra on February 27, 2002, killing 90 devotees. After this incident, communal riots broke out in Gujarat. Earlier, Prime Minister Narendra Modi and Home Minister Amit Shah have also praised this film.

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