WELCOME KR On Fri, 12 Jun 2026 at 10:56, APS Mani <[email protected]> wrote:
> Very informative article, Mani > > On Fri, Jun 12, 2026 at 8:58 AM Rajaram Krishnamurthy < > [email protected]> wrote: > >> Prime Minister Narendra Modi’s government was unable to "bring back" >> black money in the form of a physical cash transfer or direct recovery into >> India's national treasury. This failure primarily stems from the legal >> complexities of recovering foreign assets, strict international banking >> privacy laws, and the fact that much of this money is already integrated >> into the global financial system. >> >> The recovery and transparency efforts faced several key hurdles: >> >> - *No Automatic Retroactive Recovery:* Recovering money kept in >> foreign accounts involves highly complex, time-consuming international >> litigation. India cannot simply seize private funds without proving in >> court that the money is illicit, and many bilateral tax treaties with >> Switzerland historically prevented the retroactive disclosure of funds. >> - *Strict Privacy Laws:* Switzerland’s historically strict banking >> secrecy laws prohibited the disclosure of account holders' identities or >> fund volumes without concrete legal evidence. >> - *Global Asset Integration:* The funds in question are rarely >> sitting as liquid cash. They are typically invested in companies, loans, >> or >> other financial vehicles across multiple countries, making outright >> "recovery" impossible without suing individual account holders through >> lengthy audits. >> >> Instead of direct repatriation, the Modi administration pivoted toward a >> different approach: >> >> - *Automatic Exchange of Information (AEOI):* In 2016, India and >> Switzerland signed an agreement to automatically share financial data, >> successfully dismantling historical Swiss banking secrecy. Since 2019, >> India has been receiving comprehensive details about the accounts and >> financial assets held by Indian residents in Switzerland. >> - *Domestic Tax Crackdown:* Rather than attempting to physically >> extract deposits from Swiss institutions, the government utilized this >> transparent data to investigate suspected tax evaders and penalize them >> locally >> >> The Indian Prime Minister Narendra Modi, will be visiting Switzerland on >> June 6. His trip comes when Switzerland is under great pressure to share >> banking information, but a deal on sharing data with India will probably >> have to wait. >> >> Even before being elected prime minister in 2014, Modi saw the political >> potential in raising the issue of untaxed income stashed abroad by Indians. >> Barely three months after joining Twitter he initiated a nationwide poll on >> bringing back black money (untaxed assets) from Switzerland. >> >> However, Swiss banking secrecy and limitations of bilateral treaties have >> frustrated his government’s efforts in delivering the promises. Questions >> are being raised about his government’s commitment to punish financial >> wrongdoers. Therefore Modi is under significant pressure to show something >> for his Swiss stopover. However, this is unlikely to happen. >> >> India has been looking into 782 names taken from a list of HSBC bank >> clients given to foreign authorities by former employee, Hervé Falciani, >> who worked at the bank’s Geneva branch. Despite pressure from India, >> Switzerland had refused to compromise on its stance of rejecting requests >> for banking information that are based on stolen bank data. >> >> But Switzerland has shown signs of being willing to bend the rules a bit >> to appease India. In October 2015, it reached an agreement with India to >> “examine requests for which investigations have been carried out >> independently from what the Swiss government considers as data obtained in >> breach of Swiss law.” >> >> The change in the Swiss stance towards Indian HSBC clients comes at a >> time when it is under intense OECD scrutiny to respond to requests for >> information. In March 2015, Switzerland was upgraded to Phase 2 of the >> Organisation for Economic Cooperation and Development’s (OECD) tax >> transparency review process, thanks to its efforts in complying with >> international tax data sharing standards. Achieving this Global Standard >> External link of tax compliance will help Switzerland be seen as taking >> money laundering and corruption seriously and cement its position as a safe >> place to do business. >> >> It now faces the challenging task of scraping through Phase 2, where it >> will assessed on its ability and willingness to respond to requests for tax >> information from other countries. Beginning the latter half of this year, a >> Peer Review Group (PRG) comprising 30 countries will evaluate Switzerland’s >> performance over several months. India happens to be one of four >> vice-chairs External link of the PRG and will likely wield considerable >> influence, especially when it comes to the issue of stolen data. >> >> “It is enough for two objections for Switzerland to stumble and India has >> a very uncompromising stance,” said Jacques de Watteville, chief of the >> State Secretariat for Financial Affairs in an interview External link >> published in the Le Temps paper in 2015. >> >> Refusal to entertain any information requests from India, even when they >> are based on stolen data, could potentially cost the Swiss their chance to >> clear Phase 2 and meet the OECD’s global standard on tackling tax evasion. >> Its neighbour Luxembourg failed its Phase 2 assessment in 2013 and one of >> the reasons given was its refusal to exchange information in cases where >> stolen data was involved. >> >> Thus the Swiss are hoping to appease India by revealing the identities >> and bank details of certain Indian HSBC clients where the Indian >> authorities have been able to provide other evidence in addition to the >> stolen HSBC data. A compromise of this kind would mean that Switzerland is >> not harangued by India over stolen data during its critical Phase 2 >> assessment. >> >> It is also in India’s best interest to have the Swiss as signed up >> members of the automatic exchange of information treaty as soon as >> possible. This would discourage Indians stashing undeclared funds in >> Switzerland in the future. >> >> In December 2015, the Swiss parliament approved the AIE treaty that the >> country had signed up to earlier. The green light for the agreement means >> that Switzerland will have to commit to an annual exchange of all financial >> information automatically on a reciprocal basis with all other >> participating countries. The first exchange of information is expected to >> take place in 2018. >> >> However, the Swiss parliament will have to approve information sharing >> under this AIE treaty with each country on an individual basis. So far, >> Switzerland has signed agreements with the EU and nine other countries, >> with parliament approving two of the deals – the European Union and >> Australia. India is not yet one of them. >> >> Modi, will no doubt be hoping to get India into this list as soon as >> possible*. But this is a time-consuming process as each country deal has >> to be approved by both houses of the Swiss parliament. It is unlikely that >> any deal will be inked during this visit. * >> >> ---------------------------------------------------------------------- >> >> It is nearly impossible to find out the exact amount of black >> money deposited in foreign countries since Indian agencies have no power or >> access to relevant original documents of those counties . Since you don’t >> have the reliable data, there is no point speculating over the figure. >> >> Narendra Modi Government has, however, done its best to bring back black >> money deposited in foreign countries to India. These steps include:- >> >> Constitution of the Special Investigation Team (SIT) on Black Money under >> Chairmanship and Vice-Chairmanship of two former Judges of Hon’ble Supreme >> Court, >> >> Enactment of a comprehensive law – ‘The Black Money (Undisclosed Foreign >> Income and Assets) and Imposition of Tax Act, 2015’ to deal specifically >> with black money stashed abroad, >> >> Constitution of Multi-Agency Group (MAG) consisting of officers of >> Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), >> Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) for >> investigation of revelations in Panama paper leaks, >> >> Proactively engaging with foreign governments with a view to facilitating >> and enhancing the exchange of information under Double Taxation Avoidance >> Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral >> Conventions, >> >> Proactively furthering global efforts to combat tax evasion/black money, >> inter alia, by joining the Multilateral Competent Authority Agreement in >> respect of Automatic Exchange of Information (AEOI) and having information >> sharing arrangement with USA under its Foreign Account Tax Compliance Act >> (FATCA), >> >> Renegotiation of DTAAs with other countries to bring the Article on >> Exchange of Information to International Standards and expanding India’s >> treaty network by signing new DTAAs and TIEAs with many jurisdictions to >> facilitate the exchange of information and to bring transparency, >> >> Enabling attachment and confiscation of property equivalent in value held >> within the country where the property/proceeds of crime is taken or held >> outside the country by amending the Prevention of Money-laundering Act, >> 2002 through the Finance Act, 2015, >> >> Enactment of the Benami Transactions (Prohibition) Amendment Act, 2016 to >> amend the Benami Transactions (Prohibition) Act, 1988 with a view to, inter >> alia, enabling confiscation of Benami property and prosecution of benamidar >> and the beneficial owner, >> >> Initiation of the information technology based ‘Project Insight’ for >> strengthening the non-intrusive, information driven approach for improving >> tax compliance, and >> >> Launching of ‘Operation Clean Money’ on 31st January 2017 for collection, >> collation and analysis of information on cash transactions, extensive use >> of information technology and data analytics tools for identification of >> high risk cases, expeditious e-verification of suspect cases and >> enforcement actions in appropriate cases, which include searches, surveys, >> enquiries, assessment of income, levy of taxes, penalties, etc. and filing >> of prosecution complaints in criminal courts, wherever applicable. >> >> Hence it cannot be denied that all-around sincere efforts have been taken >> by the Modi government for tackling the black money issue and the results >> will come in time, not over-night as is being expected by many, since many >> legal issues involved with it are to be addressed suitably. >> >> --------------------------------------------------------------------- >> >> THUS, THE NEUTRAL NATIONAL POLICY CANNOT BE ENCOUNTERED OR ENFORCED >> WITHOUT SECRET DATA SOURCES BEING PRESENTED, ENSNARING THE LIVES DANGEROUS. >> SWISS PARLIAMENT DUE TO FALL OF FINANCIAL STRENGTH , KEEP POSTPONING BOTH >> HOUSES APPROVAL. BUT HE LAWS OF INDIA PASSED BY MODI GOVT ,BLOCKS ENTRY OF >> SWISS MONEY NOT ONLY OF GANDHIS BUT ALSO OF MANY CITIZENS, SO THAT, MANY >> INDIANS ARE ALWAYS DAUNTING IN AND OUT OF INDIA TO SPEND; AND THAT IS WHY >> RAHUL IS SEEN JAUNTING AROUND ABROAD ALWAYS. THE FALL OF CONG WAS DUE TO >> NON- SUPPLY OF MONEY TO WIN THE ELECTIONS. >> >> >> ------------------------------------------------------------------------------- >> >> K RAJARAM IRS 12626 >> >> On Thu, 11 Jun 2026 at 21:01, Suryanarayana Ambadipudi < >> [email protected]> wrote: >> >>> MKG and JLN were both Hindu traitors more than IG and RG. >>> The less said about Sonia and Manmohan >>> Every true Hindu is proud of MoSha . >>> >>> >>> *A.SURYANARAYANA* >>> *The less you speak,the more you are listened to* >>> >>> On Thu, 11 Jun 2026 at 4:36 PM, N Sekar <[email protected]> wrote: >>> >>>> Travesty of truth to call it a prison. >>>> >>>> He and M K Gandhi were confined yes, but in luxury, unlike real >>>> freedom.fighters like Verr Savarkar who were subjected to unspeakable >>>> torture in Andamans. And people like V O Chidamabaram Pollai Ayya who was >>>> made to pull Chekku, a feat done by bulls or driven by motors. >>>> >>>> Yet, only 2 fellows are made our to be great snd people like Verr >>>> Savarkar are ridiculed and insulted. >>>> >>>> An ungrateful Nation, with deliberately misplaced praise. >>>> >>>> N Sekar >>>> >>>> Yahoo Mail: Search, Organize, Conquer >>>> <https://mail.onelink.me/107872968?pid=nativeplacement&c=US_Acquisition_YMktg_315_SearchOrgConquer_EmailSignature&af_sub1=Acquisition&af_sub2=US_YMktg&af_sub3=&af_sub4=100002039&af_sub5=C01_Email_Static_&af_ios_store_cpp=0c38e4b0-a27e-40f9-a211-f4e2de32ab91&af_android_url=https://play.google.com/store/apps/details?id=com.yahoo.mobile.client.android.mail&listing=search_organize_conquer> >>>> >>>> On Thu, Jun 11, 2026 at 2:58 PM, Indrajit Ghose >>>> <[email protected]> wrote: >>>> Fyi. >>>> >>>> >>>> -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. 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