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Lifestyles
Swiss Banks Expose Secrets to Tax Officials Print E-mail
by Tom McGregor    Mon, Jun 23, 2014, 08:08 PM

Historically, Swiss Banks took tremendous pride in holding the financial secrets of its depositors, but now they are throwing their banking customers under the bus by communicationg with global tax officials.

The BBC News reports that, "India has said it is writing to the Swiss authorities, seeking details of Indians who have parked untaxed wealth in Swiss banks. Finance Minister Arun Jaitley's comments came after reports that Switzerland was sharing with Delhi a list of Indians holding "black money".

Jaitley is quoted as saying that, "We are today writing... to the Swiss authorities with whom the ministry has been in touch so that details with regard to whatever information the authorities have can be expedited and the co-operation between the Swiss authorities and the government of India can bring fruitful results. Our communication will be sent today. News has appeared in various sections of the media quoting Swiss authorities that they are willing to actively co-operate with the government of India in giving details about Indians who hold bank accounts in the Swiss banking system."

According to the BBC, "The Swiss said there had been no meeting with Delhi since February, but it was committed to fight tax evasion. Indians are estimated to hold $500bn (£297bn) in overseas tax havens."

Swiss banks may soon lose its luster as a haven for wealthy depositors.

To read the entire article from the BBC News, link here:

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