India’s Black Money – Closer to getting information on more than 600 accounts

11950323_1669050560002728_8163655219179047572_oSwitzerland has announced that it is reworking its rules which could allow it to share information with countries who want to track down tax evaders on the basis of leaked data from banks.In 2008, Herve Falciani, an IT employee with HSBC, released the details of citizens from different countries who held accounts at the bank in Geneva. France then passed on the details of more than 600 Indians to Delhi. But Switzerland said it could not comment on “stolen data”according to the Swiss Federal Council, the government’s top decision-making body, it should now be possible to respond to requests if a foreign country has obtained the stolen data via “administrative assistance channels” (i.e. under treaties signed between two countries) or from “public sources”. However, the amendment has to be approved by Parliament.However Modi Government has been relentlessly trying to crack down on black money since it came to power and lets hope that it will succeed soon.