Tuesday December 11, 2018
Home India Harsh Penal P...

Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely

A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system

0
//
Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely
Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely. flickr
Republish
Reprint

Union Minister Arun Jaitley today warned that Indians having illegal deposits in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts real time sharing of details of accounts from January onwards. Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed by its citizens overseas.

“A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system. This has led to misinformed reaction in certain circles raising a query whether the government’s anti-black money steps have yielded results,” Jaitley said in a blog. Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosures and entered into a treaty even with India and real time flow of information with regard to Indians would be made. “The flow of information is starting in January, 2019. Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India,” said the senior BJP leader and an eminent lawyer.

Jaitley said the Alpine nation has amended its domestic laws
Jaitley said the Alpine nation has amended its domestic laws. Flickr

Also read: Under Arun Jaitley corruption grew manifold in DDCA: Bishan Singh Bedi

Further, Jaitley said those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed. “To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption,” he added. (IANS)

Click here for reuse options!
Copyright 2018 NewsGram

Next Story

Narendra Modi Considers Indians in Argentina as Bridge Between Two Nations

Narendra Modi is slated to meet Chinese President Xi Jinping and US President Donald Trump on the sidelines of the G20 summit

0
India, elections
Indians in Argentina bridge between two nations: Modi. Wikimedia Commons

Prime Minister Narendra Modi who arrived here to participate in the G20 Summit, sought the help of the Indians in Argentina in strengthening bilateral ties and taking it to a new level by playing the role of a “bridge”, an official statement said on Friday.

Narendra Modi made the remarks on Thursday evening while attending a “Yoga for Peace” event.

The Prime Minister said that there were unlimited possibilities of mutual cooperation between the two countries and “we can avail the benefits of our capabilities in the field of business, pharma, oil, gas, IT and space”.

“The cooperation between the two countries has an ability to create a golden future in sectors of water, land and space. You are all India’s messengers. Your contribution is a bridge which connects both the countries,” Modi said in the event.

Modi said that practices like yoga can further enhance the relationship between the two countries.

“The meaning of Yoga is to unite. Yoga connects us with ‘wellness and happiness’. It led to overcome thousands of kilometres distance between India and Argentina and has been uniting the people of both the countries.”

He invited Indians residing in Argentina and their friends to visit India and understand the country in a vast way.

Narendra Modi App
Prime Minister Narendra Modi (FILE PHOTO)

“All the Indians living in Argentina should come to India with their friends (and participate) in ‘Pravasi Bharatiya Divas’ programme to be organised in Kashi in January 2019. As the Ardh Kumbh will be going on at the same time in Prayagraj, you can observe the Indian culture, the face of a changing India and also a New India on these occasions.”

In the event, Modi said that issues such as global economy, sustainable development, climate change and economic fugitives, which are of interest to the entire global community will come up for discussion at the two-day summit that will begin on Saturday.

The event featured a mass yoga demonstration by 600 people, a song by famous Argentine singer Patricia Sosa, chanting of “Om Namah Shivaya” and a short Indian classical dance performance.

Congratulating “The Art of Living” for organising this event, the Prime Minister said that yoga improves the health of both the mind and body.

Also Read- Filmmaker Karan Johar Launches New Digital Division

Modi also spoke of Argentina’s interest in Indian philosophy, art, music, and dance; and the immense popularity of Argentine football stars, such as Diego Maradona, in India.

The Prime Minister congratulated the Argentine hockey team for winning their first match during the Hockey World Cup held in Odisha.

Narendra Modi is slated to meet Chinese President Xi Jinping and US President Donald Trump on the sidelines of the G20 summit. (IANS)