In a major boost to India's fight against black money, Switzerland has prepared a list of Indians suspected to have stashed un-taxed wealth in various Swiss banks. News agency PTI quoting a Swiss government official source said the details are being shared with the Indian government. The official also said names of these Indian individuals and entities have come under the scanner of the Swiss authorities during an ongoing exercise to identify real beneficiary owners of funds held in various banks operating in Switzerland.Reacting to the development, Justice M B Shah, who is heading the Special Investigation Team, SIT on black money in India, said the list would be verified and action would be taken against those found keeping unaccountable money. He promised action will be taken if any illegality is found. Meanwhile, Finance Minister Arun Jaitley described the move of the Swiss authorities to share the names of Indian individuals and entities suspected to hold untaxed money in Swiss Banks as a significant development which will greatly benefit the SIT.
News On AIR | June 23, 2014 1:46 PM
India to get Swiss bank details on untaxed wealth