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Illegal Swiss bank deposits to face harsh penal action: Jaitley
New Delhi, June 29 (IANS) Indians who have illegally stashed unaccounted money in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts sharing details of accounts from next year under a bilateral agreement on automatic exchange of information, Finance Minister Arun Jaitley said on Friday.
Referring to media reports based on the latest data released by the Swiss National Bank showing a rise in Indian deposits last year and casting doubt on the efficacy of the government’s anti-black money measures, Jaitley described these as “misinformed reaction”.
“A news item has appeared today (Friday) indicating an increase of money by ‘Indians’ in the Swiss banking system. This has led to misinformed reaction in certain circles, raising a query whether the government’s anti-black money steps have yielded results,” Jaitley, who is currently convalescing, said in a blog.
The data released on Thursday showed that after falling for three years in succession, money parked by Indians in Swiss banks rose 50 per cent in 2017 over the previous year, to Swiss Francs 1.02 billion.
Jaitley said that Switzerland has amended its domestic laws involving all disclosures and entered into a treaty also with India on real-time flow of account information.
The agreement for automatic exchange of information was signed between Switzerland and India last November under which both countries would start collecting data in accordance with the global standards in 2018 and exchange it from 2019.
“The flow of information is starting in January 2019. Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India,” Jaitley wrote.
In this regard, he underlined that “those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed”.
“To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption.”
Jaitley pointed out that past investigations by the Income Tax Department have shown that such deposits include funds held by persons of Indian origin who now hold foreign passports, as well as money belonging to non-resident Indians (NRIs).
These funds include “also monies belonging to resident Indians who have made legitimate investments abroad, including transfer of money under the liberalised remittance schemes,” he said.
“It is only monies kept by resident Indians outside these categories which become actionable,” he added.
Jaitley also said that the NDA government had initiated a campaign involving various steps to flush out black money.
Earlier on Friday, Railway Minister Piyush Goyal, who holds temporary charge of the Finance portfolio, said Indian deposits in Swiss banks have been decreasing in recent years due to the various measures of the Central government against black money.
Speaking to reporters on the sidelines of an Institute of Cost Accountants of India event here, Goyal said that 40 per cent increase in foreign remittances are on account of the Reserve Bank of India’s Liberalised Remittance Scheme brought during the previous UPA government under which a resident Indian can remit $250,000 per year.
Over the last three years, among the measures taken by the Indian government to combat black money include the enactment of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Income Declaration Scheme in 2016 and the Pradhan Mantri Garib Kalyan Yojana last year.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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