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Black money in Swiss banks down 50% since ’06

Posted by on August 10, 2011 0 Comment

The information on tax evaders and those who have stashed unaccounted money abroad has started trickling in, with government admitting for the first time that total deposits of Indians in Swiss banks have come down by more than 50% in last five years.

The deposits of Indians have dropped from Rs 23,000 crore in 2006 to Rs 9,000 crore in 2010. “In a large number of specific cases, information has been obtained under DTAA,” finance minister Pranab Mukherjee said. He said there are other steps the government has initiated to curb tax evasion. He said in order to get black money back a five-pronged strategy has been formulated by government.

The initiatives are joining the global crusade against black money; exchange of information for tax purposes with other countries; setting up of a task force on financial integrity and economic development and joining the financial action task force and other international bodies to share information. Economic Times

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