Modi Govt Refuses To Share Swiss Bank Details Of Indians Citing ‘Confidentiality Provisions’: Report

Supported by

The Union Finance Ministry has refused to reveal the Swiss bank accounts details of Indians saying it is covered under “confidentiality provisions” of a tax treaty signed between India and Switzerland.

In reply to an RTI query, the ministry also denied disclosing the details of black money received from other countries.

“Information exchanged under such tax agreements is covered under confidentiality provisions of respective agreements. Thus, disclosure of tax-related information and information sought/obtained from foreign governments is exempted under section 8 (1) (a) and 8 (1) (f) of the Right to Information (RTI) Act,” it said in response to the RTI application filed by a PTI journalist.

The section 8 (1) (a) restricts disclosure of information “which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence.”

The other section exempts disclosure of “information received in confidence from a foreign government”.

The ministry was asked to disclose the information received from Switzerland related to Indians accounts in banks there. It was also asked to provide the details of the information received from foreign countries on black money, including details of such cases shared with India.

In September, India received the first set of Swiss bank account details of its nationals under a new automatic information exchange pact.

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 Automatic Exchange of Information.

There are rumours that many Indians might have shut their accounts after a global crackdown on black money, forcing Switzerland to open its banking sector for scrutiny.

Switzerland agreed to AEOI with India after a lengthy process, including review of a necessary legal framework in India on data protection and confidentiality.

The National Council of Applied Economic Research (NCAER), one of the institutes commissioned in 2011 by the then UPA government to conduct research on black money, has estimated wealth accumulated outside India between $384 billion and $490 billion from 1980 to 2010.

During1997-2009, illicit financial flows out of the country have been in the range of 0.2% to 7.4% of GDP, according to the National Institute of Public and Finance Police (NIPFP).


Also Read: No Claimants For Dormant Rs 300 Crore Lying In Swiss Bank Linked To Indian Accounts

#PoweredByYou We bring you news and stories that are worth your attention! Stories that are relevant, reliable, contextual and unbiased. If you read us, watch us, and like what we do, then show us some love! Good journalism is expensive to produce and we have come this far only with your support. Keep encouraging independent media organisations and independent journalists. We always want to remain answerable to you and not to anyone else.

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

Amplified by

ITC Sunfeast - Mom's Magic

In a Season of Promotions, Sunfeast Mom’s Magic Shines with Purpose-Driven Will of Change Campaign

Amplified by

Mahindra

Nation Builders 2024 – Mahindra:  Forging a Resilient Future, Anchoring National Development

Recent Stories

Fire Erupts at Jungle Jamboree Restaurant in Delhi’s Rajouri Garden: Diners Jump Rooftops in Panic, One Injured

Sanjay Malhotra Appointed as New RBI Governor: What His Leadership Means for India’s Economy

Bihar’s Sex Ratio at Birth Hits a Shocking Low of 882: Government’s Swift Action Against Female Foeticide

Contributors

Writer : 
Editor : 
Creatives :