Swiss banks to reveal 50 Indian names soon
The Government of India may soon get information related to 50 Indian account holders in different Swiss banks from Switzerland. Latest reports say that this is part of a tax treaty signed between the two countries.
Swiss banks are notorious for being safe havens for black money. Banking secrecy laws of the country make it impossible for countries like India to know who all have hidden their monies in banks. However, in recent years, there has been global pressure on safe havens like Switzerland to make secrecy laws liberal.
It's believed that many Indians who have made illicit wealth in the real estate, financial services sector, etc have hidden their ill-gotten wealth in Swiss banks to escape Indian taxation laws. If 50 such names are revealed, they might be in trouble.