Swiss to publish first list of dormant assets in Dec

Swiss to publish first list of dormant assets in Dec

FPJ BureauUpdated: Friday, May 31, 2019, 10:02 PM IST
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Zurich : Having started making public the names of Indians and other foreigners with bank accounts that are under scanner, Switzerland will now publish in December a list of accounts that have remained unclaimed for 60 years, reports PTI.

This would be the first time that such a list would be made public by Switzerland, where banks have long been known for keeping top-secret all details of the account holders but the veil of secrecy has begun to come off in recent years.

Speculation is rife there may be accounts belonging to some erstwhile kings, members of ruling families of the former princely states and other wealthy individuals from India, who could have opened Swiss bank accounts but did not transfer the ownership to their children or other persons.

Without giving any specific figures or details, senior officials at some Swiss banks confirmed there are quite a few accounts belonging to Indian nationals and they could be made public along with the full list in December 2015.

Meanwhile, CBDT Chairperson Anita Kapur said that the Income Tax department does not withhold refunds of small taxpayers nor does it generally select their tax returns for scrutiny and detailed analysis.

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