SWISS RESIDENCY
Hinduja family members get jail term for to up to 4.5 years for exploiting servants; family issues statement
Hinduja family members jal: A Swiss criminal court has sentenced four members of the wealthy Hinduja family to between four and 4 1/2 years in prison for exploiting their domestic workers. The court, however, dismissed more severe charges of human trafficking. The family members were accused of exploiting mostly illiterate Indian workers at their Geneva villa, including withholding passports, paying in Indian rupees instead of Swiss francs, and imposing long working hours under restrictive conditions.
Julius Baer targets rich Indians in Dubai with UBS, JPMorgan hires
Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to strengthen its business serving wealthy Indians in Dubai.
INDIA bloc communal, casteist and dynastic: PM Modi in Bihar
Modi also charged the RJD-Congress combine for having made Bihar, which gave India its first president Rajendra Prasad, infamous for extortion. He lambasted the Nehru-Gandhi family, which he referred to as "Congress' royal family", for "keeping mum" over controversial remarks made by its leaders and allies against people of Bihar in states such as Punjab, Telangana and Tamil Nadu.
Fatal shooting leaves two dead in Southern Swiss Town, Sion; suspect still at large
In a tragic incident in Sion, Switzerland, two people are dead and another injured after a shooting. The unidentified suspect fired shots in two areas. Authorities suspect familiarity between the assailant and victims. A murder investigation is underway. Switzerland's high gun ownership, with 2.3 million firearms among 9 million residents, adds concern.
India gets 5th set of Swiss bank account details under automatic info exchange framework
India has received a new set of Swiss bank account details as part of an annual automatic information exchange. Switzerland has shared information on nearly 3.6 million financial accounts with 104 countries. This is the fifth such exchange between Switzerland and India, with the new details including hundreds of accounts associated with individuals, corporates, and trusts.
Black money is no more an issue with India, says Swiss envoy
According to some reports, Indian investment in the Swiss banking system witnessed a sharp rise in 2021. Switzerland had shared information about Indian account holders in four batches since the automatic exchange of bank information agreement was signed in 2018.
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India gets 4th set of Swiss bank account details under automatic info exchange framework
They did not divulge specifics, citing the confidentiality clause of the information exchange and the adverse impact it may have on further investigations, but asserted that the data would be used extensively in probes of suspected tax evasion and other wrong doings including of money laundering and terror funding.
Rs 14,820 cr tax demand raised under black money law on foreign income: Government
Finance Minister Nirmala Sitharaman further informed the House that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made in the one-time three months compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Swiss top court quashes move to stall transfer of info to India
Court says Switzerland can share info on bank a/cs, trusts even if money’s not distributed.
Indians' funds in Swiss banks jump 50 pc to over Rs 30k cr on surge in securities, institutional holdings; customer deposits up too
The rise in aggregate funds of Indian clients with Swiss banks, from 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020, marks the second consecutive year of increase. Besides, the money held in Indian customers' savings or deposit accounts rose to a seven-year high of about Rs 4,800 crore, reversing a two-year declining trend.
Notes from Davos: The Swiss connection
The population of Davos, estimated at about 10,000 (numbers India can conjure in a few blocks), survive on the business generated by ski tourism—which extends from end-November till April. Claudia, a German living in Davos for over 11 years, says the town all but shuts down in off-season. They do get an odd tourist engaged in hiking or biking. The residents therefore are delighted at this summer treat to their business.
Davos turns into fortress for WEF meet; locals look for economic boost
The rare springtime WEF Annual Meeting -- which has been otherwise taking place for 50 years in January, when this highest town of Europe is covered in snow -- however, is different in many other senses, be it a sunny weather, absence of snow boots and heavy jackets and also the missing Russian parties.
Swiss Cold War bunkers back in vogue as Ukraine conflict rages
Fierce fighting near Ukraine's nuclear power plants, including Chernobyl -- the sight of the world's worst nuclear accident in 1986 -- have also heightened fears that even traditionally neutral Switzerland could be affected by the war.
I-T draws blank as tax havens mum on shut accounts, defunct companies
Once the trust or the investment entity ceases to exist, tax haven authorities are under no obligation to give out the underlying info. Zurich banks may have archived details of accounts going back before World War II, but they shut the doors when asked for information prior to April 1, 2011 when the treaty with India came into effect.
The buzz behind Pandora Papers decoded in 7 points
They were open secrets, flourishing as custodians to hidden wealth of the super rich. All that began to change with the 2008 financial meltdown when sovereigns looked for funds as tax coffers ran dry.
India to get 3rd set of Swiss bank details this month; info on real estate assets included for 1st time
Switzerland agreed to AEOI with India after a long process, including a review of the necessary legal framework in India on data protection and confidentiality.
India engaging proactively with Switzerland to obtain info under tax treaty
"In respect of these media reports, the Swiss authorities have recently, inter alia, conveyed that the SNB's (Swiss National Bank) report provides a comprehensive picture of the Swiss banking sector and is based on the SNB's annual banking statistics," Chaudhary said in a written reply to Rajya Sabha.
Demand for London’s super prime residences stages recovery: Report
According to Knight Frank, as the UK’s economy is showing signs of recovery from the pandemic, Indian buyers have lost out on effective discounts of 2.73%, compared with the currency devaluation for the period of December 2020 (1 GBP = Rs 99.96) and May 2021 (1 GBP = Rs 102.69).
Swiss authorities asked to provide info on deposits by Indians in Swiss banks: Fin Min
The move comes following reports of deposits by Indian Swiss banks rising to Rs 20,700 crore at the end of 2020, from Rs 6,625 crore at the end of 2019.
Indians' funds in Swiss banks: Govt seeks details from Swiss authorities
Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
Indians' funds in Swiss banks rise to over Rs 20k cr on surge in securities, institutional holdings; customer deposits down for 2nd yr
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday.
Taxman chases funds missing from HSBC accounts in Geneva
The scrutiny notices to HSBC account holders were served by the I-T department in 2011-12, soon after France handed over the list that was stolen by an employee of the Swiss private banking arm of the British bank.
Swiss drugs regulator approves Moderna’s COVID-19 vaccine
Switzerland has been a second-wave coronavirus hotspot, with infections totalling some 500,000 and deaths rising by dozens daily to more than 7,500.
Suits & Sayings: Swiss tax laws fox Indians; royal treatment for Apple; another plush pad coming up in Mumbai
The Centre has earmarked close to Rs 20K crore in incentives to establish 3 Apple plants in India.
India gets 2nd set of Swiss bank account details under automatic info exchange framework
India had received the first set of details from Switzerland in September 2019 under AEOI (Automatic Exchange of Information), when it involved 75 countries. The information exchange this year involved nearly 3.1 million (31 lakh) financial accounts, FTA said in a statement on Friday. The number of such accounts was similar in 2019.
Tech glitch makes it snow chocolate in this Swiss town
It was informed that the particles were completely harmless to people or the environment.
Central Board of Direct Taxes seeks details from Income-Tax Dept on overseas probes
“Post the favourable ruling in the Swiss account holder, Renu T Tharani case, the PMO has sought an urgent report on I-T Dept’s cases based on foreign intelligence. This is namely those named in HSBC papers, ICIJ (reports), Panama and Paradise groups,” said an official privy to the matter.
Indians' money in Swiss banks down 6% in 2019; hits 3rd lowest in over three decades
According to SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.
Swiss residency, startup incubation and real estate investments: All on offer for Indians, others
The new venture, IDDI Investments, will also help people in identifying their target investments, including in distressed companies in their areas of interest and sectors like renewable energy, pharma, biotechnology and information technology.
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