Central Board of Direct Taxes (CBDT, which frames policy for the Income Tax Department, said that this is a significant step in the government's fight against black money and the era of "Swiss bank secrecy" will finally be over from September.
Pointing to volume, Swiss office says several dispatches may be needed. According to the two Swiss agencies, India is among 73 countries with whom information on bank accounts will be shared this year — AEOIs were implemented with 36 countries last year.
The case relates to a mortgage taken out by Rose Capital Ventures, one of Mallya's companies, with the 62-year-old businessman, his mother Lalitha and son Sidhartha, listed as having the right of occupancy on the property.
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.
The state of NRW has for years irritated Switzerland by buying data as part of a crackdown on Germans stashing cash in secret accounts to avoid paying tax. The state has spent 17.9 million euros since 2010 on data that has helped it recover nearly 7 billion in tax revenue.
An Indian family This refers to ‘Intermarriage is not jihad, it is India’ (IE, October 15). I would like to congratulate the writer and The Indian Express for the brilliant article. We need more such voices to be heard. I am from a Christian family and my wife is a Hindu. My brothers and sisters […]