04 December, 2020

In The Chocolate Factory

Hundred of crores stashed in Swiss tax havens. How much of it is true and what can we do to get our money back.

In The Chocolate Factory
outlookindia.com
-0001-11-30T00:00:00+05:53

Five Reasons Why It’s Not Going To Be Easy

  • India needs to have tax/fund information sharing as part of bilateral agreements with tax havens.
     
  • Also needs supporting agreements to repatriate funds or suspected felons. This could of course take decades.
     
  • Tax havens also need to relax their banking secrecy rules.
     
  • India would have to first furnish names of suspected fraudsters and establish illegality of bank account holder's fund source.
     
  • Fraud component in each individual case will need to be proved, which is a lengthy process. Just "fishing" won’t work.

***

Swiss Bank FAQs

  • Can open an account if above 18, minimum balance varies from 5,00,000 to 1 million Swiss francs.
     
  • Apart from UBS and Credit Suisse, the two...
    unsub

    THIS ARTICLE IS PRICELESS...

    To read this piece, and more such stories in India's most exciting and exacting magazine, plus get access to our 25-year archives goldmine, please subscribe.


More from Sanjay Suri


Latest Magazine

December 14, 2020
content

other articles from the issue

articles from the previous issue

Other magazine section