Don't come fishing for account details: Swiss banks to India
Funny it looks with the news that
the Swiss banking authority has disrespected India of getting the detail of bank accounts in their banks. The easy destination of black money is Swiss banks, where the money is kept with utmost secrecy. The Swiss law and OECD’s model tax convention does not permit the banks to disclose the account detail of the clients to anybody, is the contention of the Swiss authorities. If that is so, then how they disclosed more than 4450 account detail to United States’ Internal Revenue Services?
Funny it is definitely as the refusal of the Swiss Banks is not at par with all the countries of the world.
Is it because that US is the super power and India is a developing country? Or, the banks there are earning more from the Indian account holders exploiting the black money parameter.
The account holders did certainly not earn this black money in a legal way. Therefore, the government has the right to confiscate this money and bring back to the country for the general benefit of its people. The finance minister, Pranab Mukherjee, though said that channels for discussion have opened with Swiss authority and other countries on this subject, yet it shows no promising outcome in the near future.
The common person is in the dark as always, and the leaders get away with news after news with full of excuses.