SWISS BANK: INDIA’S WEALTH

If US can, Why cannot India Force the Swiss Government to Disclose Names of Indians with Swiss Bank Accounts?

In a much publicised case last year, US authorities had compelled UBS (the biggest bank in Switzerland) to reveal the names and details of 300 odd American citizens who were holding bank accounts in the said bank. The US government had even slapped a penalty on the bank to the tune of $780 million for helping the individuals evade tax

And the Indian government? Well, apart from sending cursory emails and diplomatic communiqués, the Indian government itself doesn’t seem to want the details. If they really had wished, the Indian government could have taken up a Swiss government offer last year to rework the India-Switzerland treaty. Guess what, India didn’t!

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Source : IIPM Editorial, 2012.

An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

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