Trying to bring back black money, Modi may visit Switzerland

Newstrack
Published on: 29 May 2016 2:14 AM GMT
Trying to bring back black money, Modi may visit Switzerland
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New Delhi: To discuss with Swiss authorities the issue of illegitimate money cached in banks of Switzerland, Prime Minister Narendra Modi is expected to make a stopover in the country on his way to United States (US) visit next month.

On a rare visit to Switzerland by an Indian Prime Minister, Modi is likely to meet the Swiss President Johann Schneider-Ammann in the context of the Bhartiya Janata Party (BJP) led National Democratic Alliance (NDA) government’s declaration that it is giving its best to unearth black money.

Moreover, Switzerland has already signed an agreement for introducing the automatic exchange of information (AEOI) on cross-border tax evasion with various other countries, including Japan, Australia, Canada, South Korea as well as the European Union (EU).

Highlights:

  • Modi government has approached the Swiss authorities, seeking information on more than 600 accounts of Indians.
  • Income Tax Department, Finance ministry and the Central Board of Direct Taxes (CBDT) are in constant touch with Swiss authorities regarding the issue.
  • The Swiss government officials are also expected to visit India.

The Prime Minister’s schedule:

  • PM Modi will visit Afghanistan on June 4.
  • He will be on a visit to Qatar on June 5.
  • He will visit US and stay there on June 7 and 8.
  • He will pay a visit to Mexico on June 9.

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