NEW DELHI: The govt has declined to share knowledge on black money circumstances won from Switzerland, mentioning confidentiality.
Replying to an RTI query, the finance ministry said India and Switzerland share knowledge on black money on a case to case basis as per the investigations being performed. It is an ongoing process, it added.
"The information shared by Switzerland on black money cases is governed by confidentiality provisions," it said in reply to the RTI application filed via this PTI journalist.
The ministry was asked to provide details of black money circumstances won from Switzerland, including the names of companies and folks, but even so the details of action taken on the knowledge.
India and Switzerland are signatories to Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC). Indian and Switzerland have, for computerized sharing of economic account knowledge between the two international locations, signed a joint declaration on November 22, 2016, it said.
"The necessary legal arrangements have been put in place and from 2019 onwards, India will receive information of financial accounts held by Indian residents in Switzerland for the calender year 2018 and subsequent years," the ministry said.
This, it said, will probably be useful in tracing unaccounted source of revenue and property of Indian citizens in Switzerland and bringing the similar to tax.
There is not any estimation of amount of black money in circulation both outside and inside the country, the ministry said.
The finance ministry was additionally asked to provide details of black money circumstances won from different international locations.
It said, based upon the information won from France underneath the Indo-French Double Taxation Avoidance Convention, evaluate proceedings have been finished in all 427 actionable HSBC checking account circumstances.
"In these cases, undisclosed income of about Rs 8,465 crore has been brought to tax on account of deposits made in the unreported foreign bank accounts. Out of the above mentioned 427 cases in which assessments have been completed, concealment penalty of about Rs 1,291 crore has been levied in 162 cases," the ministry said.
In reply to an previous RTI application, the finance ministry had declined to share copies of three reports on the quantum of black money held via Indians throughout the country and abroad, pronouncing they were being examined via a parliamentary panel and disclosing details will cause a breach of privilege of the House.
These reports were submitted to the federal government greater than 4 years ago.
The UPA govt had in 2011 commissioned the studies via the Delhi-based National Institute of Public Finance and Policy (NIPFP) and the National Council of Applied Economic Research (NCAER) and the National Institute of Financial Management (NIFM) in Faridabad.
The learn about reports of the NIPFP, NCAER and NIFM were won via the federal government on December 30, 2013, July 18, 2014, and August 21, 2014, respectively.
The reports and the federal government's reaction to it had been forwarded to the Lok Sabha secretariat for placing them before the Standing Committee on Finance.
The Lok Sabha secretariat has knowledgeable that the similar has been placed before the committee which can examine it, it had said whilst replying to the RTI application in February.
"The issue of black money has attracted a lot of public and media attention in the recent past. So far, there are no reliable estimates of black money generated and held within and outside the country," the finance ministry had said whilst ordering the studies in 2011.
These estimates were in response to quite a lot of unverifiable assumptions and approximations, it had said.
The Terms of Reference (ToR) for the studies included the evaluate or survey of unaccounted source of revenue and wealth, and profiling the character of activities engendering money laundering both inside of and outdoor the country.
The studies were to spot, among different problems, essential sectors of the financial system by which unaccounted money was generated and examine the reasons and conditions that resulted within the technology.
Replying to an RTI query, the finance ministry said India and Switzerland share knowledge on black money on a case to case basis as per the investigations being performed. It is an ongoing process, it added.
"The information shared by Switzerland on black money cases is governed by confidentiality provisions," it said in reply to the RTI application filed via this PTI journalist.
The ministry was asked to provide details of black money circumstances won from Switzerland, including the names of companies and folks, but even so the details of action taken on the knowledge.
India and Switzerland are signatories to Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC). Indian and Switzerland have, for computerized sharing of economic account knowledge between the two international locations, signed a joint declaration on November 22, 2016, it said.
"The necessary legal arrangements have been put in place and from 2019 onwards, India will receive information of financial accounts held by Indian residents in Switzerland for the calender year 2018 and subsequent years," the ministry said.
This, it said, will probably be useful in tracing unaccounted source of revenue and property of Indian citizens in Switzerland and bringing the similar to tax.
There is not any estimation of amount of black money in circulation both outside and inside the country, the ministry said.
The finance ministry was additionally asked to provide details of black money circumstances won from different international locations.
It said, based upon the information won from France underneath the Indo-French Double Taxation Avoidance Convention, evaluate proceedings have been finished in all 427 actionable HSBC checking account circumstances.
"In these cases, undisclosed income of about Rs 8,465 crore has been brought to tax on account of deposits made in the unreported foreign bank accounts. Out of the above mentioned 427 cases in which assessments have been completed, concealment penalty of about Rs 1,291 crore has been levied in 162 cases," the ministry said.
In reply to an previous RTI application, the finance ministry had declined to share copies of three reports on the quantum of black money held via Indians throughout the country and abroad, pronouncing they were being examined via a parliamentary panel and disclosing details will cause a breach of privilege of the House.
These reports were submitted to the federal government greater than 4 years ago.
The UPA govt had in 2011 commissioned the studies via the Delhi-based National Institute of Public Finance and Policy (NIPFP) and the National Council of Applied Economic Research (NCAER) and the National Institute of Financial Management (NIFM) in Faridabad.
The learn about reports of the NIPFP, NCAER and NIFM were won via the federal government on December 30, 2013, July 18, 2014, and August 21, 2014, respectively.
The reports and the federal government's reaction to it had been forwarded to the Lok Sabha secretariat for placing them before the Standing Committee on Finance.
The Lok Sabha secretariat has knowledgeable that the similar has been placed before the committee which can examine it, it had said whilst replying to the RTI application in February.
"The issue of black money has attracted a lot of public and media attention in the recent past. So far, there are no reliable estimates of black money generated and held within and outside the country," the finance ministry had said whilst ordering the studies in 2011.
These estimates were in response to quite a lot of unverifiable assumptions and approximations, it had said.
The Terms of Reference (ToR) for the studies included the evaluate or survey of unaccounted source of revenue and wealth, and profiling the character of activities engendering money laundering both inside of and outdoor the country.
The studies were to spot, among different problems, essential sectors of the financial system by which unaccounted money was generated and examine the reasons and conditions that resulted within the technology.
Citing confidentiality, govt declines to share Swiss black money details
![Citing confidentiality, govt declines to share Swiss black money details]()
Reviewed by Kailash
on
May 17, 2019
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