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Regular-article-logo Friday, 02 May 2025

Names of two Indians on Swiss list

Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.

Our Bureau & PTI Published 26.05.15, 12:00 AM
Arun Jaitley in New Delhi on Monday. (PTI)

Berne/New Delhi, May 25: Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.

Making public these names, the Swiss Federal Tax Administration (FTA) has asked the two Indians to file an appeal within 30 days before the Federal Administrative Court if they do not want their details to be shared with the Indian authorities under their "mutual assistance" treaty on tax matters.

However, no further details other than the dates of birth were made public for the two Indian nationals - Sneh Lata Sawhney and Sangita Sawhney. Similar is the case for other foreign nationals, including the British, Spanish and Russians. However, in the case of American and Israeli citizens, their full names have been withheld and they have been identified by their initials and dates of birth.

At least 40 such final notices have been published in the Swiss Federal Gazette so far this month, while more such names are expected to be published going forward.

The alleged stashing of wealth by Indians in Swiss banks has been a matter of great debate in India. The Indian government has been pushing the Swiss authorities for a long time to share information on the suspected tax evaders, while Switzerland has shared some details in cases where India has been able to provide some independent evidence of suspected tax evasion by Indian clients of Swiss banks.

While there was no immediate reply to queries mailed to the FTA spokesperson in this regard, these names are being published in the backdrop of the Swiss government being flooded with requests on suspected black money hoarders in Swiss banks from various countries, including India.

Earlier in the day, finance minister Arun Jaitley said the government planned to come out with more steps to squeeze black money in a fair manner without being harsh, but assured that honest taxpayers need not fear the new law to unearth illegal wealth stashed abroad.

"The parallel economy has to be squeezed... and (it) has to be done in a very fair manner, not in a harsh manner. In doing so, as senior officers you have to maintain the highest standards of integrity," Jaitley told top officials of the Central Board of Direct Taxes.

"No honest taxpayer has anything to fear. It (black money law) is targeted only against those who have stashed assets abroad," the finance minister said.

Only those who have defied the system in the past and intend to ignore the compliance window to come clean need to worry, Jaitley added.

He also said if the tax base and collections rise, the government's ability to give concessions to honest taxpayers would also go up.

The government has taken a series of measures to curb black money, including passage of the black money law in Parliament and introduction of the Benami Transactions (Prohibition) Bill to deal with domestic illegal wealth.

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