Blackmoney: Swiss banks seek fresh undertakings from Indians

March 29, 2015

New Delhi, Mar 29: Seeking to come clean on illicit funds amid intense government pressure, Swiss banks have asked their Indian clients to provide fresh undertakings to ensure that untaxed money is not stashed in their accounts.

swishSwiss banks, long perceived to be safe havens for parking unaccounted funds, have also started asking for auditor certificates from high net worth individuals and corporate clients to vouch for the "clean status" of their money.

The latest development comes at a time when India is aggressively making efforts to bring back illicit money parked by its citizens overseas and Switzerland has also agreed to co-operate on the issue.

Sources said that Swiss banks are asking their Indian customers to provide fresh undertakings that all taxes have been paid on funds deposited by them in these accounts.

According to them, banks are also asking both corporate and individual clients to furnish auditor certificates certifying "clean status" of funds, assets and income related to their accounts.

Such directives are believed to have been issued to high networth individuals, wealth management and portfolio management clients, they added.

Queries sent to banking majors, including HSBC and Credit Suisse, related to the issue, did not elicit immediate response.

Indian authorities are already pursuing cases related to its citizens who had kept unaccounted funds in HSBC Switzerland, after receiving a list of names from the French government few years back.

According to sources, HSBC has been asked by Indian authorities to show cause why action should not be initiated against it in case of non-cooperation with regard to "suspected tax evaders and offenders of tax crimes".

Besides, HSBC has come under regulatory cross hairs in multiple jurisdictions including India, following an expose that revealed thousands of entities allegedly parked their illicit funds at its Swiss branch.

To curb the blackmoney menace, a Supreme Court constituted special investigation team is probing various cases while the government would soon be coming out with a stringent that provides for hefty penalties as well as imprisonment for stashing away unaccounted money.

Recently, Finance Minister Arun Jaitley had said that all efforts are being made to bring to book those who have been named in the HSBC bank list of black money holders and there are evidence against them.

There were as many as 628 names in the HSBC list. "We have in this process found that the total income which is evaded is to the extent of Rs 3,250 crore for which there is a tax impact. That assessment has been completed," Jaitley had said about the HSBC list.

"In more than 200 of those cases, assessment have been completed, demands have been placed on them. In some cases recovery have been made... Additionally, in about 77 of those cases, criminal prosecution have already been finalised. The details of each one of them are with us," Jaitley had told the Rajya Sabha this month.

Meanwhile, the Swiss government is slowly moving towards automatic exchange of tax information with various jurisdictions, including India.

Earlier this month, Swiss government said talks on automatic exchange of tax information with India would begin at the "earliest" once the domestic procedures are in place.

Citing discussions between officials of both sides last October, a Swiss Federal Department of Finance spokesperson had said talks on automatic exchange of tax information would start at the earliest once the domestic procedures are completed in Switzerland.

Last year, Indian and Swiss officials held high level deliberations on boosting co-operation with regard to the black money problem.

"Switzerland took note of the interest expressed by India and it was agreed between Revenue Secretary Shaktikanta Das and State Secretary Jacques de Watteville that talks will commence at the earliest after completion of Swiss domestic procedures regarding the approval of the legal foundations for automatic exchange of information," the official had said.

The government's proposed legislation to curb blackmoney problem provides for prosecute those stashing illicit wealth abroad with 10 year rigorous imprisonment, among other provisions.

'The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015,' proposing that it would come into effect from April 1, 2016.

According to the government, the legislation would provide a one-time compliance opportunity for a limited period to persons who have any undisclosed foreign assets which have hitherto not been disclosed for the purposes of income-tax.

Such persons may file a declaration before the specified tax authority within a specified period, followed by payment of tax at the rate of 30 per cent and an equal amount by way of penalty.

Outside this window, a tax would be levied at a flat rate of 30 per cent, while the penalty would be 90 per cent of the undisclosed income.

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News Network
February 28,2020

Patna, Feb 28: Social and cultural activists from far and wide converged here on Thursday to lend their support to a massive rally that marked the conclusion of Kanhaiya Kumar's 'Jan Gan Man Yatra' across Bihar to galvanise public opinion against CAA-NPR-NRC.

Medha Patkar of the Narmada Bachao Andolan fame, Mahatma Gandhi's grandson Tushar Gandhi and former IAS officer Kannan Gopinathan, who gave up his career at a young age in protest against abrogation of Article 370, shared the stage with the former JNU students' leader.

Shabnam Hashmi -- founder of socio-cultural organisation ANHAD and sister of slain Marxist playwright and director Safdar Hashmi -- also joined them.

Congress MLA Shakil Ahmed Khan, a former president of JNU students' union himself who accompanied Kanhaiya during his tour that commenced at Champaran on January 30, Mahatma Gandhi's death anniversary, and leaders of state units of CPI and CPI(M) also addressed the rally held at Gandhi Maidan.

Kanhaiya began his speech with a one-minute silence held in the memory of those who lost their lives in Delhi violence.

Defending his frequent use of the term "azadi" (freedom) which supporters of the Sangh Parivar hold to be tantamount to supporting secession, Kanhaiya said, "We must talk about the virtues of azadi here since today happens to be the day when legendary revolutionary Chandrashekhar Azad had given up his life fighting the British."

Charging the ruling BJP with pitting Hindus against Muslims, he said, "Let us resolve to defeat their agenda by emulating the fabled friendship of Ram Prasad Bismil and Ashfaqullah Khan."

The young CPI leader, who made an unsuccessful debut from his native Begusarai Lok Sabha constituency last year, seemed unimpressed with the resolution passed by the Bihar Assembly earlier this week against NRC and inclusion of contentious clauses in NPR forms.

"Both the government and the opposition are busy congratulating themselves. I extend my congratulations as well. But to all those who are present here, I would say it is a half-victory. We must not allow our movement to fizzle out and draw inspiration from Gandhi's model of civil disobedience when the NPR exercise gets underway," he said.

"Villagers should ask their respective panchayat heads to ensure that no NPR official is allowed to come knocking in their areas of jurisdiction when NPR is scheduled to be undertaken in May," the CPI leader said.

"We have to brace for a long and tough fight. We are living under a regime which sends conscientious professionals like Dr Kafeel Ahmed behind the bars and declares anybody questioning its actions as an anti-national," said Kanhaiya, who has himself been slapped with a sedition case.

Earlier, in his address, Tushar Gandhi likened CAA, NPR and NRC to the "three bullets that killed the Mahatma" and asserted that these measures would "harm the poor, belonging to all religious communities and not just the Muslims".

"If the government does not care about the poor, we must tell those in power -- 'chale jaao' (go away) just as we had done to the British colonisers... it is going to be a long fight. Independence was achieved five years after the call for Quit India Movement," he said.

"We need to keep repeating the importance of non-violence over and over again while those with other value systems simply have to utter inciting statements," he said, in an oblique reference to the controversial poll campaign of Union minister and BJP leader Anurag Thakur during the recently-held Delhi Assembly elections, which the party lost.

Kannan Gopinathan said, "The claim that CAA is all about granting citizenship and not taking it away is bunkum. Any law which seeks to favour one section of the society on the basis of religion can be tweaked to harm another social segment... people say this government is Fascist. I am not sure of that but it is certainly stupid."

"This government brought in demonetisation and wrecked the economy but failed to achieve its promise of eradicating black money. It abrogated Article 370 and now it is clueless as to what to do with the situation in Kashmir," he said.

"Union minister Amit Shah had declared in Parliament that NRC will be implemented. Faced with public resistance, Prime Minister Narendra Modi had to say he does not know what NRC is. Keep up the stir for a little longer, he will start saying he does not know Amit Shah," said Kannan, evoking peals of laughter.

In the course of his speech, Kanhaiya also made the crowds sing after him the National Anthem but skipped a few words towards the end. Participants at the rally were viciously trolled on social media for the slip-up.

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News Network
July 13,2020

New Delhi, July 13: The number of active Covid-19 cases in India crossed the 3 lakh mark on Sunday even as fresh infections during the day surged to another new peak, crossing 29,000 for the first time. After staying over 500 for the past two days, the daily death toll came down slightly to 492.

While the focus has been on recoveries, the number of active Covid-19 cases in the country has been steadily rising. It hit the 1 lakh mark on June 4 and went past 2 lakh 23 days later. It has taken just 15 days more to reach 3 lakh.

India reported 29,271 new cases on Sunday, the fifth straight day of record rise in daily infections. With this, the country’s coronavirus caseload has risen to 8,79,060, two days after hitting the 8 lakh mark, as per data collated from state governments. Active cases stood at 3,02,466 while more than 5.53 lakh people were declared cured of the infection.

Covid-19 deaths in the country rose to 23,175 after 492 fatalities were added on Sunday, translating to a case fatality rate of 2.6%. The CFR has been steadily dropping with the surge in cases.
 

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News Network
April 2,2020

New Delhi,  Apr 2: Muslim cleric Imam Umer Ilyasi appealed to all the individuals who attended Tablighi Jamaat congregation at Nizamuddin Markaz in Delhi recently, not to hide from the government and not to be scared of it.

"I appeal to all the Muslim brothers and mosque managing committees involved in the Jamaat congregation to please come out and inform the government. You do not need to feel scared of the government," Ilyasi told news agency.

He added: "You do not need to feel scared of the government. If you are quarantined, it doesn't mean you will be punished. This is for your and other people's safety."
On the subject of people likely to be quarantined, he said that if one does get quarantined, he or she must not think those quarantine facilities are jails. "If you are quarantined, it doesn't mean you will be punished. This is for your and other people's safety. Quarantine is the cure, you do not need to worry about it," he added.

Ilyasi further appealed to the people that one must not associate religion with the coronavirus outbreak. "Islam talks about saving one person's life and securing a person's life. Do not connect the outbreak with religion as this outbreak does not affect any religion or caste in particular," he said.

With regards to the lockdown being imposed by the centre, he said: "I appeal to all that we must obey the lockdown judiciously as there is no medicine or cure for this disease."
The Union Ministry of Health and Family Welfare's latest bulletin said that there are 1,834 coronavirus positive cases in India, including 1,649 active cases, 144 cured/discharged/migrated people and 41 deaths.

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