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India mops up taxes on Swiss accounts..

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    India mops up taxes on Swiss accounts..

    This is a huge initiative against corruption.. with world banking laws now favoring countries who want to trace the ill-gotten/tax evaded money in off shore accounts.. any country who requests disclosure of these accounts will not only get information.. but also can nab the the account holders.. get their accounts frozen.. and eventually can claim the money back. I hope this can be done by Pakistan also.. but we have very little hope as politicians/bureaucrats/army generals who have to take this initiative are themselves believed to be the biggest holders of these accounts.




    The News International - latest news and breaking news about Pakistan, world, sports, cricket, business, entertainment, weather, education, lifestyle; opinion & blog | brings 24 x 7 updates

    News Desk
    NEWS DELHI: Investigators say they have already mopped up a “massive amount” - running into “hundreds of crores” - as unpaid taxes from among the 700 numbered bank accounts held by Indians in HSBC Bank in Geneva in the ongoing scrutiny of what is considered a sprawling black money trail, reports the Indian Express on Sunday.

    In fact, Rs 40 crore has been recovered from Delhi-based account holders and Rs 60 crore from just one account holder in Chennai alone. As reported first by The Indian Express (August 8, 2011), it was in July that the French authorities passed on details of these accounts to India. Of the total list, 70 account holders were based in Delhi and 18 of them were scrutinised while six account holders volunteered to pay their tax dues.

    To date, the HSBC Delhi list has yielded unpaid taxes to the tune of Rs 40 crore with account holders understood to have been holding between Rs 7 crore and Rs 40 crore in their accounts. Said a key official: “It is only in two cases that investigation showed taxes had been paid as per norms. Over 95% of the deposits can be described as black money. The case, we hope, will be a deterrent for others who are holding huge deposits in banks abroad.’’

    Significantly, officials said that while only unpaid taxes have been collected so far, once the entire exercise is over, penal action and a possible routing of the banking details to the Enforcement Directorate (ED) will follow.

    The information on the numbered accounts posed a challenge since in a third of the 700 cases, complete data was not available. The information supplied is in the form of name of account holder; the beneficiary; the name of the person who opened the account; the passport number; the name of the banker; date of opening and closing the account and the balance (till year 2007, but not in all cases). There are no signatures of either the account holder or beneficiaries of the numbered accounts.

    The I-T authorities, thus, decided to first search those account holders where all the details had come in from France. Communiques have also been sent to the HSBC Bank to furnish all transaction details for the 700 accounts but no response has been received as yet. Sources said the bank has alerted all its account holders that their confidentiality clause had been violated on account of data theft by an ex-employee.
    Only sheep need a shepherd

    #2
    Re: India mops up taxes on Swiss accounts..

    Don't believe these reports. These 40 crores and 60 crorese are mere small change to what is actually owned and owed. It was reported 2 weeks ago that the Congress and coalition leaders, including Sonia Gandhi have moved their fund sout of the Swiss banks. This gives the green signal for enforcement to go "mop up" what is left.

    Actual tax owings run into thousands of crores

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      #3
      Re: India mops up taxes on Swiss accounts..

      When ever i switch on Star-news or NDTV i just hear "5 Hajaar crore", "7 Hajaar crore", "10 Hajaar crore" ka ghapla etc. etc. ..... man this is simply way beyond anything ...... just take into perspective for what small amounts the Farmers commit suicide coz they can't pay back the loans or can't survive on the little income they have

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        #4
        Re: India mops up taxes on Swiss accounts..

        Originally posted by Zero_one View Post
        When ever i switch on Star-news or NDTV i just hear "5 Hajaar crore", "7 Hajaar crore", "10 Hajaar crore" ka ghapla etc. etc. ..... man this is simply way beyond anything ...... just take into perspective for what small amounts the Farmers commit suicide coz they can't pay back the loans or can't survive on the little income they have
        greed simply greed , that is how this world is going on ,lack of equitable distribution of wealth has created such great gaps everywhere between people . no body is ready to share his hazaar crore with poor men. but even if theft of these thousand crores could be stopped condition of common man will improve.

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          #5
          Re: India mops up taxes on Swiss accounts..

          not enough !

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            #6
            Re: India mops up taxes on Swiss accounts..

            Originally posted by Zero_one View Post
            When ever i switch on Star-news or NDTV i just hear "5 Hajaar crore", "7 Hajaar crore", "10 Hajaar crore" ka ghapla etc. etc. ..... man this is simply way beyond anything ...... just take into perspective for what small amounts the Farmers commit suicide coz they can't pay back the loans or can't survive on the little income they have
            hajaar crores are things of past .
            now they talk about lakh crores....
            I dont know if India is growing by 10% or not but ccorruption amount is growing by hajaar %s for sure.
            Tu bhi villain ban sakta tha, "BILLA" ban sakta tha.....

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              #7
              Re: India mops up taxes on Swiss accounts..

              While we are all sitting happy watching the middle class grow, it seems the black-money-based-*******s-club is growing exponentially and siphoning money off into swiss and other destinations. politicians actors crook-industrialists and crime-bosses have this club membership

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                #8
                Re: India mops up taxes on Swiss accounts..

                And in the meantime, the common man in the sub-continent is fed enough masala to stir up nationalistic fervor, while the politician class secures its khandaan's future.
                Why isn't the Dividend story among the featured threads?

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                  #9
                  Re: India mops up taxes on Swiss accounts..

                  While it indeed is a miniscule step but is definitely a positive beginning. Lets hope a lot more cash is mopped up which is stashed overseas by people, mostly politicians that is.

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                    #10
                    Re: India mops up taxes on Swiss accounts..

                    Originally posted by Southie View Post
                    And in the meantime, the common man in the sub-continent is fed enough masala to stir up nationalistic fervor, while the politician class secures its khandaan's future.
                    Even political class bother about the future of there illegitimate kiddos !! do i have to give u example of few southie?
                    God: The most popular scapegoat for our sins.

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