Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

India Seeks Banking Details of Lalit Modi, Wife Minal from Switzerland in Steps to Curb Black Money

The former IPL commissioner, who is said to have left India for London in 2010, is already facing a money laundering probe also, though he has been denying any wrongdoing.

PTI

Updated:October 2, 2019, 2:18 PM IST
facebookTwitterskypewhatsapp
India Seeks Banking Details of Lalit Modi, Wife Minal from Switzerland in Steps to Curb Black Money
The former IPL commissioner, who is said to have left India for London in 2010, is already facing a money laundering probe also, though he has been denying any wrongdoing.

New Delhi/Berne: As India steps up its crackdown on suspected black money stashed abroad, Switzerland has issued public notices to former IPL commissioner Lalit Modi and his wife Minal following requests made by Indian authorities about Swiss bank details of the couple.

In its latest federal gazette notification on assistance sought by foreign jurisdictions under bilateral treaties for exchange of information on matters concerning suspected financial irregularities, Switzerland's Federal Tax Administration (FTA) has named Lalit and Minal Modi (alias Minalini Modi) among such individuals.

The former IPL commissioner, who is said to have left India for London in 2010, is already facing a money laundering probe also, though he has been denying any wrongdoing.

The two separate notifications dated October 1 did not disclose any further details, besides giving Lalit and Minal Modi ten days' time to designate authorised persons to respond to the assistance request received by the FTA from India.

Interestingly, similar notices were issued against the two in 2016, but it could not be ascertained whether the details were eventually shared by the Swiss authorities with India in that case.

That time also, the two were given time for "exercise of the right to be heard".

In recent months, several other Indian nationals have been named in such notifications after the Swiss FTA was approached by Indian authorities for information about those people with regard to the pending tax-related probes against them.

After a due process prescribed under the Swiss law, the information has been shared by Switzerland with India in several cases, pursuant to which the Indian authorities including the tax department and Enforcement Directorate have proceeded with their prosecution and other actions.

These included several Indians named in the leaked 'HSBC List' of people with accounts in the Geneva branch of the global banking giant.

For long, Switzerland used to be known for strict secrecy clauses about details of foreigners having accounts in Swiss banks. Under growing global pressure, Switzerland has, however, begun sharing information in cases where other countries have been able to present some evidence of suspected illegalities.

Under the Swiss law, a prescribed procedure is followed for any administration assistance or information exchange by the FTA with India or any other country with which the Alpine nation has tax treaties about their respective nationals.

Besides, an automatic information exchange mechanism has also come into force between India and Switzerland under which the Indian tax authorities now have access to all details about Swiss bank accounts of Indians, including those closed during 2018.

The Automatic Exchange of Information (AEOI) is being seen as a major boost in India's fight against suspected black money stashed abroad.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,088.80 -0.69
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results