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Yash Birla among seven Indians named by Switzerland

India Blooms News Service | | May 27, 2015, at 05:44 pm

New Delhi, May 27 (IBNS) Industrialist Yash Birla is among the seven Indian bank account holders named by Switzerland's tax authorities while more names could be released in the coming weeks for being probed in India for tax evasion, NDTV has quoted officials of Switzerland's Federal Tax Administration as saying.

India has asked Switzerland for details on these individuals in connection with its investigation into black or untaxed money stashed in Swiss bank accounts.

Swiss authorities say only names of individuals who couldn't be traced by the bank and the Swiss government, are being published. They say these people are seen as eligible for a tax evasion probe.

"If they cannot be traced, names are going to be put in the federal gazette. But it's just the names. You don't know why we are asking them. That's a secret," Patrick Teuscher, spokesperson for the Swiss Federal Tax Administration, told NDTV.

These individuals are being given a chance to get in touch with Swiss authorities; if they don't, then their account details will be handed over to India under the double taxation agreement between the two countries.

Switzerland y has long refused to share information based on "stolen data" - for instance, the list of account holders leaked by former HSBC employee Herve Falciani. But the leaked data led to the bank being indicted not only in France, Belgium and Argentina but also in Switzerland.

"At the moment we don't react to requests on stolen data but that could change. We don't know," NDTV quoted Teuscher as saying.

In 2011, Switzerland received about 370 requests for information. The number shot up to more than 2700 in 2014. India has made the highest number of requests to Switzerland, after Croatia and France.

#Yash Birla #BlackMoneyProbe # seven Indians named by Switzerland #BlackMoneyProbe # Swiss Bank #BlackMoneyProbe

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