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Monthly Archives: NOVEMBER 2016


Black Money: Swiss Banks to share info on Indian A/C holders
22.11.16 - TEAM PT
Black Money: Swiss Banks to share info on Indian A/C holders



In a big step towards fighting black money stashed overseas, Switzerland today agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards.They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019.
 
CBDT chairman Sushil Chandra and deputy chief of mission of Swiss embassy in India Gilles Roduit on Tuesday signed the 'joint declaration' for the implementation of Automatic Exchange of Information (AEOI) between the two nations.

"As a result, it will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis," the finance ministry said in a statement.

It further said that fighting the menace of black money stashed in offshore accounts has been a key priority area for this government.
 
Describing the signing of declaration as a "big step", Revenue Secretary Hasmukh Adhia tweeted: "The income tax department will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards."

The Swiss Federal Department of Finance said in a statement that the signing of the joint declaration with India confirms Switzerland's international commitment to implementing the automatic exchange of Information (AEOI) standard.

"Switzerland is thus strengthening its network of AEOI partner states. India meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI," it said.

Switzerland, which has always been at the centre of the debate on black money allegedly stashed by Indians abroad, used to be known for very strong secrecy walls till a few years ago around its banking practices.

A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses its local laws gave to the banks. Several information requests on details about Indians who had accounts in Swiss banks are still pending.
 
On June 6, Prime Minister Narendra Modi had met Swiss President Johann Schneider-Ammann at Geneva and discussed the need for expeditious exchange of information for combating tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information.

As a follow up, Revenue Secretary Hasmukh Adhia and Switzerland's State Secretary for International Financial Matters Jacques de Watteville met on June 15 and agreed to move towards an early agreement for the implementation of AEOI between the two countries.




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Donald Trump Wins The Presidency In a massive upset
09.11.16 - TEAM PT
Donald Trump Wins The Presidency In a massive upset



US Republican Donald Trump beat Democrat Hillary Clinton to win the election that will make him the 45th President of the United States.
 
Trump won the race with 56,897,955 popular votes and 276 electoral votes, compared with 55,877,015 popular votes and 218 electoral votes for Clinton.

Crucial for Trump were wins in the 'swing states' Ohio, North Carolina and Florida. 'Swing states' are states that don't consistently vote for any of the two major parties.


Trump declared victory before a large crowd of enthusiastic supporters, pledging to help unite the country after his rancorous battle with Clinton.

"Now it's time for America to bind the wounds of division," Trump said at the Midtown Hilton in New York City. "I say it is time for us to come together as one united people." He congratulated Clinton on a "very, very hard-fought campaign."

He also said Hillary Clinton had called him to concede the race. "Hillary has worked very long and very hard over a long period of time, and we owe her a major debt of gratitude for her service to our country,” he said. "I mean that very sincerely.”

Prime Minister Narendra Modi  congratulated Donald Trump on being elected as US President, saying he looks forward to working with him closely to take India-US ties to a new height.
 
"Congratulations @realDonaldTrump on being elected as the 45th US President," Modi said in a tweet.
 




 
"We look forward to working with you closely to take India-US bilateral ties to a new height," the Prime Minister said.
 
 
Trump will be sworn in on January 20, 2017.
 
 
 




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