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India seeks Swiss help to probe Congress leader Preneet Kaur, son in black money probe

Former minister in the United Progressive Alliance government Preneet Kaur might be in for some trouble after her and her family members' are facing official scrutiny by tax authorities.

Updated:November 24, 2015, 9:30 AM IST
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India seeks Swiss help to probe Congress leader Preneet Kaur, son in black money probe
Former minister in the United Progressive Alliance government Preneet Kaur might be in for some trouble after her and her family members' are facing official scrutiny by tax authorities.

New Delhi: India has sought assistance from Switzerland in probe of Swiss bank accounts of Congress leader Preneet Kaur and her son Raninder. The Swiss tax department has said that Preneet Kaur and her son can file appeal within 10 days with regard to assistance sought from India.

Former minister in the United Progressive Alliance government Preneet Kaur might be in for some trouble after her and her family members' are facing official scrutiny by tax authorities.

According to earlier reports, tax authorities have been probing the link between her HSBC Geneva account and trusts and companies as well as properties allegedly owned by these entities in London and Dubai. Kaur allegedly is among 1195 Indians with bank accounts with HSBC Geneva.

The number of Swiss institutions have seen "asset outflows" and the tax status of many of their clients have been found to be "inappropriate", as per the Swiss Financial Market Supervisory Authority (FINMA), which also has the mandate to combat money laundering activities.

Switzerland has been making efforts to strengthen its bilateral cooperation with India and some other countries on tax matters, as many Swiss banks are finding themselves in regulatory crosshairs in multiple jurisdictions.

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