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four conditions for sharing information

NEW DELHI: Facing flak from India and others for acting as a safe haven to foreigners stowing away wealth, Swiss banks have said they will share account details of suspected money launderers if the request is supported by four specific details.   The specific details that someone requesting information should provide are the identity of the suspected offenders, details of the alleged offence, along with facts to undermine the suspicion, name of the bank and branch concerned in Switzerland and a written request from the foreign country's tax authority.   India is believed to have completed talks with Switzerland to amend their bilateral tax treaty, which would pave the way for authorities here to seek details of illicit wealth stashed away by Indians in Swiss banks.   Having made it clear earlier that it won't encourage "fishing expeditions" by any country, Swiss banks have also said that account details would not be exchanged automatically and would be shared with ...
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Jethmalani links Sonia to illegal funds in tax havens

Publish Date: Friday,3 September, 2010, at 12:36 PM Doha Time Former federal law minister Ram Jethmalani yesterday alleged several leaders of the ruling Congress Party had illegal funds stashed in foreign tax havens.The Rajya Sabha MP of the Bharatiya Janata Party (BJP) said that huge amounts of money stolen by criminal offenders from the pockets of poor people of India were hidden in foreign banks. “It is increasingly certain that bigwigs of the Congress are involved in these grave crimes, including (party chief) Sonia Gandhi and her son (Rahul),” Jethmalani alleged.He said that the latest protocol with the Swiss government was a further attempt to blockade the acquisition of information about these highly influential criminals.“The protocol does not even make sense. The double taxation treaty has nothing to do with the present situation,” Jethmalani said. India said on Tuesday a tax pact signed with Switzerland should help the government track illicit funds parked in Swiss bank ac...
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I-T raid at IAS couple home yields Rs 3 crore in cash

CNN-IBN BIG CATCH: House of senior IAS officer Arvind Joshi was raided on Thursday night. Bhopal: Over Rs 3 crore in cash have been recovered from an IAS couple in Bhopal following raids by the Income Tax Department officials at their residence on Thursday night. Officials also seized details of bank deposits worth Rs 2.25 crore from the house of Arvind Joshi, a senior IAS officer and his wife Tinu Joshi, who is the secretary of Woman and Child Welfare Development in the Madhya Pradesh government. "Stacks of banknotes were recovered in a suitcase. The action comes on the basis of documents found during a similar exercise in 2009 of heavy investments made in an insurance company by these officials," said Director General of Investigations (I-T) for Madhya Pradesh and Chhattisgarh, Brajesh Gupta. Sources say Joshi confessed all the money is from unaccounted sources . There were also simultaneous raids at the houses of retired Bhopal Municipal Corporation commissioner MA Kha...
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