Bring back India’s wealth from UBS

August 27th, 2009

Swiss Bankers Association has declined to give names of Indian holding accounts in Swiss banks. But they could not hold American’s names, they buckled down, revealed names of US nationals and paid fines to US also. Why do we then fail?


SWISS BANKERS Association (SBA) has turned down India’s request of fishing the names of Indians who has had stashed black money in Swiss banks including Union Bank of Switzerland (UBS). This denial has come as a major bash to the efforts of Indian government with respect to unearth black money siphoned off abroad. The chairman of SBA James Nason has, however, said that the Swiss Banks would consider the unfolding names if concrete and definite information is made available to them.

He further said that India needs to re-negotiate Double Tax Avoidance Agreement (DTAA) with Switzerland so that SBA can exchange some information with respect to Indian accounts holders.

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