Fight against black money..!? Jackpot for central government..!

Sowmiya Sriram
Fight against black money..!? Jackpot for central government..!

When prime minister Modi came to power, he announced that he would eliminate black money and gained the trust of the people. Following this, while investigating the bank account details of indians from the Civic bank, they introduced old 500 and 1000 rupee notes to eliminate black money domestically.
This demonetization has been a major failure in the attempt to transform india into a wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital economy. But now both efforts have failed, the number of currency notes in circulation is at an all-time high despite the big push for the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital economy, while indian money in swiss banks has recently touched a multi-year high.
In this case, the central government has won the fight against black money. A landmark case in the swiss supreme court has favored the central government's fight against black money. This will enable the government of india to obtain data on many important accounts which were not available till now.
In this judgment, it has been announced that the details of the money, account details, and account owner details can be shared with india even if the ultimate beneficiaries of the accounts do not receive any money from the secret foreign trust and bank accounts held by indians in Switzerland.
This decision of the supreme court of switzerland has made many rich indians nervous. The income tax department is expected to receive these data from swiss central banks soon. Lawyers appointed by wealthy indians to hear the case argued in a swiss court that such private financial information has nothing to do with the indian tax office, explaining that beneficiaries of foreign trusts cannot be taxed in the absence of distribution of funds.
Over the past two weeks, the swiss supreme court has heard arguments from several angles. In particular, the swiss supreme court said it could not rule on why the indian government had sought the information and whether they could claim tax based on such data. The verdict is expected to reveal data on trust and bank accounts held by many of India's leading business conglomerates. The hunt is on for the Income Tax department.
For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

fight against black money

Related Articles: