The latest data from Zurich-based Swiss National Bank (SNB) comes months after a new framework has been put in place for automatic exchange of information between Switzerland and India to help check the black money menace.
On Supreme Court's direction, the government had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.
According to Indian laws, it is not illegal for Indians to own property in Dubai. As per the Foreign Exchange Management Act of 1999, resident and non-resident Indians are allowed to own immovable properties abroad.
Of the 129,000 entries in the Dubai database from 181 countries, those of Indians form a sizeable chunk with 5,800 linked to properties in top sites such as the Palm Jumeirah, The World, Motor City, Emirates Living, Dubai Marina, Burj Dubai, Old Town Island.
The exchange will work like this -- If an Indian has a bank account in Switzerland, the bank concerned will disclose the financial account data to authorities there; the Swiss authority will automatically forward the information to its peer in India who can then examine the person's details.
“The GDP has decreased by 2 per cent and 15 lakh people have lost their jobs from January to April this year. The farmers are going through a tough time and the industrial sector is going through one of its worst phases,” said the Congress leader
New Delhi, Jan 12 (ANI): Reacting on the black money statement of Yoga Guru Baba Ramdev, Congress leader Shobha Oza on Tuesday said the Modi government, which had black money as an important issue in their election manifesto, has now gone silent on the matter. She further said that PM Modi has failed on his promise to bring the black money back. Meanwhile, Bharatiya Janata Party (BJP) leader Sudesh Verma said that necessary steps were being taken by the government on black money and assured that the results would come soon.