Tuesday, Jun 28, 2022

In The Chocolate Factory

Hundred of crores stashed in Swiss tax havens. How much of it is true and what can we do to get our money back.

In The Chocolate Factory
In The Chocolate Factory In The Chocolate Factory

Five Reasons Why It’s Not Going To Be Easy

  • India needs to have tax/fund information sharing as part of bilateral agreements with tax havens.
  • Also needs supporting agreements to repatriate funds or suspected felons. This could of course take decades.
  • Tax havens also need to relax their banking secrecy rules.
  • India would have to first furnish names of suspected fraudsters and establish illegality of bank account holder's fund source.
  • Fraud component in each individual case will need to be proved, which is a lengthy process. Just "fishing" won’t work.


Swiss Bank FAQs

  • Can open an account if above 18, minimum balance varies from 5,00,000 to 1 million Swiss francs.
  • Apart from UBS and Credit Suisse, the two largest banks, there are 330 other Swiss banks to chose from.
  • An account can be opened via correspondence, but not via the Internet. Customer verification systems are followed.
  • Wire transfers and cash deposits are accepted. Sources and origin of funds have to be explained.
  • Can open a numbered account, but that only means fewer people know the account-holder's identity.
  • Yes, it's true. Swiss banks offer a very low rate of interest if one chooses to keep funds parked there.
  • Indians can now legally open an overseas bank account, as long as one declares it to the tax authorities.