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By NewsGram Staff Writer

Switzerland said on Tuesday that it has received a request for information on Neo Corp International Ltd, an Indore- based textiles firm, on suspected black money cases which are being investigated by tax authorities in India.

Neo Corp had already faced income tax searches on its various premises earlier in February for alleged tax evasion. Having started out as a small woven sack maker in 1985, the company now claims to be a multinational technical textiles group.

As part of India’s crackdown against suspected black money stashed in Swiss bank accounts, the country has sought details from Switzerland about numerous individuals and companies. This was carried out as a part of India’s bilateral treaty with Switzerland for administrative assistance and exchange of information.
A series of such Indian names have been published in the official gazette of the Swiss government about whom the tax authorities in India have sought information. Many other requests are pending as the Swiss authorities conduct their own examinations of the same before sharing information.
The notification about the concerned entity’s right to appeal is generally the first step in the information exchange process. This is typically seen as the Swiss government’s in-principle agreeing to share the information.

 

As per their local laws, Neo Corp will have 30 days to appeal against “administrative assistance” by the Swiss federal tax administration, the notification stated.

 

The notification stated that the appeal needed to be filed before the Swiss federal administrative court along with reasons and evidence for the same; it gave February 15, 1985 as the date of incorporation.

 

However, in a regulatory filing to the BSE earlier in May, Neo Corp had said that it was cooperating with the tax authorities and that a search had been conducted on February 27, 2015 on the company, its group companies, directors and key officials.

 

“The company is in the process of collating and responding to all the queries raised by the income tax authorities and the company is lending its fullest co-operation to the department in completing the enquiry. It is to put on record that no incriminating documents or undisclosed income was found as far as Neo Corp and its group companies are concerned,” the BSE filing on May 22 stated.

 

Though Neo Corp is listed on the BSE, its shares have been falling sharply for the past few days. The company claims to be present in over 28 countries and commands a market value of Rs 134 crore. It posted a revenue of Rs 744 crore and a net profit of Rs 30 crore in the latest fiscal.

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Demonetisation Anniversary: BJP acts cheeky, releases new video showing Frustration of ‘Corrupt’ Politicians following Demonetisation

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

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Demonetisation Anniversary
Screen grab of the sarcastic video released by BJP to mark Demonetisation Anniversary. Twitter

New Delhi, November 8, 2017 : On November 8 2016, every Indian citizen sat glued to their TV screens as Narendra Modi was set to make a big announcement. Outcome? The Indian Prime Minster shocked the entire nation with the introduction of Demonetisation, a move that was to change the very foundation of the cash-dependent Indian economy.

The much-debated move by Modi garnered the attention of several well-versed economists from the country and abroad, alike. While some people willingly welcomed the move, there were others who stood in staunch criticism.

As the move completes its first year, the Bharatiya Janata Party (BJP) is set to observe November 8 as ‘anti-black money day’ to celebrate Demonetisation anniversary in the country.

On the eve of the Demonetisation anniversary, the BJP released a cheeky video claiming to depict how ‘corrupt’ politicians have been criticizing the move, as the nation won following demonetisation.

WATCH BJP’S TONGUE-IN-CHEEK VIDEO

In the video, the BJP attempted to take a dig at corrupt politicians, who have been criticizing PM Modi’s Demonetisation move.

In the video, a woman, playing the character of a frustrated, corrupt politician can be seen going on a rant over PM Modi’s note ban initiative, which was aimed to combat black money, corruption, fake currency and terrorism.

The video ends with a voice-over saying demonetisation has not only brought out this frustration of corrupt citizens, but also black-money, claiming that almost 99 per cent cash which was previously lying hidden with people has now entered the banking system.

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

Ahead of the Demonetisation anniversary, the last few days have witnessed several leaders present their opinions on PM Modi’s demonetization move.

Finance Minister Arun Jaitley called PM Modi’s note ban initiative a ‘watershed moment’ while Piyush Goyal, Minister of Railways believes the move has pushed India towards a more transparent economy.

However, the move is being criticized by ex-Prime Minister Manmohan Singh calling it ‘irresponsible’. The opposition maintains that PM Modi’s note ban initiative has caused reckless damage to the country and the Indian economy.

On Demonetisation anniversary, the BJP is set to observe November 8 as ‘anti-black money day’, while opposition leaders are set to observe the day as ‘black day’ in protest against the note ban initiative.