Switzerland Releases Names Of Five Indian Nationals Who Are Suspected To Have Blackmoney Stashed Away

The Indian government has promised its people a swift crackdown on all money laundering activities and said it would take to task anyone found having blackmoney stashed overseas. The finance minister Arun Jaitley had last week requested Switzerland to fast track the investigation process and publish the names of Indian account holders who were suspected of having illegal funds in Swiss accounts.

Switzerland’s official gazette has responded to India’s request and has already released the names of 5 individuals who are suspected to have large sums of money in Swiss banks. Yash Birla a well known industrialist, Gurjit Singh Kochar whose family interests are in real estate, Ritika Sharma a business woman from Delhi and two Mumbai based businessmen who are supposed to have ties with the tainted City Limousines were the first five names to feature on the list.

The Indian government once again urged its citizens to approach them and declare their vested business interests and pay taxes on them in order not to go through legal proceedings. In a statement, Arun Jaitley said “I have been repeatedly saying that the era of tax havens has come to an end. It is no longer safe to keep your assets overseas illegally. The world is increasingly moving towards automatic transmission of information with regard to illegal money held up. By 2017, the situation will arise that we will able to get information in real time.

According to the new Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill 2015, individuals who conceal funds and hide their assets overseas will be prosectuted and if found guilty could face up to 10 years in prison.