Black money Campaign: Inflow from Swiss & other Countries

NEW DELHI: It isn’t just Switzerland but several other countries — including tax havens which were earlier stalling the government’s efforts to share information on Indians with unaccounted wealth — that have now indicated their willingness to disclose data following vigorous persuasion by the tax department over the past few months.

“It’s the result of a sustained campaign that information flow has started. The new black money law and the benami bill have been very positive. Foreign countries recognize that combating black money is no longer just a slogan but is something that India is extremely serious about,” said a source.

The disclosures go beyond the HSBC list with several cases on which independent probes have been conducted where the government is now hoping to get information. There is already evidence of that in some of the names which have been published in the Swiss Federal Gazette.

Sources in the government feel that with the new black money law which provides for up to 10 years in jail for those keeping undisclosed wealth abroad and with the G20 information sharing agreement set to kick in, those with illicit assets will be squeezed if they don’t come clean.

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Source:Timesofindia