India News

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.

Published

7 years ago

October 7, 2019

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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India News

Air India sacks Phuket-Delhi flight pilot after failing drug test

Air India has terminated the Phuket-Delhi flight pilot after a confirmatory test found a psychoactive substance following the August 4 incident.

Published

8 hours ago

September 4, 2026

APNLive Desk

Air India has terminated the employment of the pilot-in-command of a Phuket-Delhi flight after he tested positive for a psychoactive substance.

The pilot was in command of flight AI2379, which was travelling from Phuket to Delhi on August 4 when the aircraft suddenly lost altitude over Odisha. The incident left 24 passengers injured.

Air India said the termination was in line with its zero-tolerance policy regarding safety violations and regulatory requirements.

Air India terminates pilot with immediate effect

In a statement, the Tata-owned airline said the pilot-in-command had tested positive for a psychoactive substance.

The airline said that, considering its zero-tolerance approach to violations related to safety, fitness and regulatory requirements, the pilot’s employment had been terminated with immediate effect.

Air India also said it continues to cooperate fully with the investigation into the incident and has provided access to relevant operational, maintenance and technical records.

What happened on the Phuket-Delhi flight?

According to the preliminary findings of the Aircraft Accident Investigation Bureau (AAIB), the Airbus A320 was carrying 145 people when it experienced the near-simultaneous loss of all three hydraulic systems while cruising at around 36,000 feet.

The technical failure resulted in the autopilot disconnecting and triggered a brief stall warning. The aircraft subsequently lost altitude, resulting in injuries to 24 passengers.

The preliminary report also noted that the pilot tested non-negative for a psychoactive substance in a confirmatory test.

However, the report did not establish that the pilot’s drug-test result caused or contributed to the hydraulic system failure or the subsequent loss of altitude.

AAIB recommends action over psychoactive substance finding

The AAIB described the confirmation of psychoactive substance use as a serious concern and recommended that the Directorate General of Civil Aviation (DGCA) take appropriate action against the pilot on priority.

The investigation into the technical and other aspects of the incident is still underway.

The preliminary report also noted that the co-pilot was flying the aircraft when the incident occurred and attempted to bring the situation under control.

Air India said safety remains its highest priority and that its pilots undergo training, proficiency checks, medical examinations and other regulatory assessments in accordance with applicable requirements.

India News

India offers forensic DNA support to identify Nepal flood victims

India will make forensic laboratory facilities available for DNA profiling of first-degree relatives of people missing after Nepal’s August 26 flash floods.

Published

13 hours ago

September 4, 2026

APNLive Desk

India has offered forensic laboratory support to help identify people who remain missing after the devastating flash floods in Nepal.

The Ministry of External Affairs (MEA) said central and state forensic laboratories in India will make their DNA profiling facilities available for first-degree biological relatives of people missing after the August 26 flash floods in Nepal.

DNA samples can be provided by relatives in India

According to the MEA, first-degree biological relatives living in India can have their biological samples collected and DNA profiles prepared.

The relatives can include a person’s father, mother, son, daughter or sibling. DNA profiling can be carried out at Central Forensic Science Laboratories (CFSLs), State Forensic Science Laboratories (SFSLs), laboratories of the National Forensic Sciences University (NFSU), and NABL-accredited laboratories with DNA profiling capabilities.

The initiative is intended to support Nepal’s ongoing process of identifying mortal remains recovered after the flash floods.

DNA profiles to be compared with unidentified remains

The MEA said the DNA profiling may use Autosomal STR DNA profiling, as advised by Nepal Police, subject to the technical requirements communicated by the Nepali authorities.

Once prepared, DNA profiles and the preliminary information required by Nepalese authorities can be sent to Nepal Police by email for comparison with DNA profiles obtained from unidentified mortal remains.

The Indian Embassy in Kathmandu will also facilitate coordination, with copies of the DNA profiles to be shared with the embassy for this purpose.

Nepal flood death toll rises

The death toll from the flash floods has risen to at least 1,259, according to Nepalese authorities, after rescue workers recovered additional bodies from affected areas.

More than 12,000 people have been rescued, while around 5,000 people remain missing as search and rescue operations continue.

The flash floods, which followed an ice-rock avalanche near the Nepal-Tibet border, caused extensive destruction across towns and villages in northern and central Nepal.

India News

PM Modi hails ISRO after successful GSLV-F17 launch, calls it proud moment

PM Modi congratulated ISRO after GSLV-F17 successfully launched EOS-05, calling the achievement a proud moment for India.

Published

18 hours ago

September 4, 2026

APNLive Desk

Prime Minister Narendra Modi on Friday congratulated the Indian Space Research Organisation (ISRO) after the successful launch of the GSLV-F17 rocket carrying the EOS-05 Earth observation satellite, describing the achievement as a proud moment for the nation.

The GSLV-F17 lifted off at 2:55 a.m. IST from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh. The EOS-05 satellite was subsequently placed into its designated sub-geosynchronous transfer orbit.

PM Modi praises ISRO’s growing capabilities

In a post on X, PM Modi said the successful mission reflected the excellence, innovation and expanding capabilities of India’s space sector.

Yet another outstanding achievement by ISRO and a proud moment for our nation.

The successful launch of GSLV-F17 carrying EOS-05, India’s first-ever imaging satellite from Geosynchronous orbit is a reflection of the excellence, innovation and growing capabilities that define… https://t.co/fXzwnSmwAF
— Narendra Modi (@narendramodi) September 4, 2026

He also highlighted the growing partnership between ISRO and Indian industry, saying it was strengthening India’s space programme and expanding capabilities across the wider space ecosystem.

The prime minister described the successful launch of GSLV-F17 carrying EOS-05 as another outstanding achievement by ISRO and a matter of national pride.

EOS-05 strengthens earth observation capabilities

According to the report, EOS-05 is India’s first-ever imaging satellite from geosynchronous orbit. The satellite is designed to provide continuous observation of the country from an altitude of nearly 36,000 km above Earth.

The mission is expected to strengthen India’s earth observation capabilities and support advanced imaging and observation applications.

ISRO Chairman Dr V Narayanan expressed satisfaction with the mission, saying the satellite was precisely injected into its intended orbit.

Mission Director Thomas Kurian described the launch as a significant milestone for the GSLV programme. He said it was the 19th flight of the GSLV and noted that EOS-05 is the heaviest satellite the launch vehicle has placed into a geosynchronous transfer orbit or sub-GTO orbit.

GSLV-F17 launch vehicle details

The GSLV-F17 stands 51.7 metres tall and has an approximate liftoff mass of 420.5 tonnes.

Science and Technology Minister Jitendra Singh also congratulated the ISRO team following the successful mission. He described EOS-05 as a state-of-the-art Earth observation satellite capable of advanced imaging across visible, infrared, multispectral and hyperspectral bands.