Why Should India Focus on Collection of Taxes?

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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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I-T raid at IAS couple home yields Rs 3 crore in cash

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