New Delhi: 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.The Joint Declaration for implementation of Automatic Exchange of Information (AEOI) signed today between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration India on its part has promised to safeguard the confidentiality of the data. 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 said a Finance Ministry statement.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 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.Today s declaration however does not talk about exchange of information based on stolen data or pending requests from India.Following the government s demonetisation of high value currency notes earlier this month as a crackdown on domestic black money some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad particularly in Swiss banks.The Switzerland Department of Finance said the automatic exchange of information with India will be implemented based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA).The MCAA is based on the international standard for the exchange of information developed by the OECD.The Swiss Federal Council has authorised the Federal Department of Finance to conduct a consultation for the introduction of the AEOI with India and other countries. It will be initiated soon. Thereafter the corresponding federal decrees will be submitted to Parliament for approval it added.In a significant step in the continuing global efforts to crackdown on illicit fund flows in the system and do away with banking secrecy practices Switzerland had in September ratified the multilateral convention on administrative assistance in taxation matters.The Finance Ministry s statement said fighting the menace of black money stashed in offshore accounts has been a key priority area for the present government.The Joint Declaration for implementing AEOI was signed today by CBDT Chairman Sushil Chandra and Deputy Chief of Mission of Swiss Embassy Gilles Roduit here in India.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 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.
NEW DELHI: India and Switzerland signed on Tuesday a pact for automatic exchange of information which would help authorities access details of Swiss bank accounts held by Indians a move which is seen as crucial for the government s fight against black money. It will now be possible for India to receive from September 2019 onwards financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years on an automatic basis a finance ministry statement said. Fighting the menace of black money stashed in offshore accounts has been a key priority area for the Narendra Modi government and authorities had held several rounds of discussions with their Swiss counterparts to ensure that there is exchange of information. Sushil Chandra chairman CBDT (central board of direct taxes) signed the joint declaration and Gilles Roduit deputy chief of mission of the Swiss embassy in India signed the pact for implementing the automatic exchange of information (AEOI) between the two countries. Revenue secretary Hashmukh Adhia said the signing of the pact was a major step. Signing of joint declaration for implementation of automatic exchange of information (AEOI) between India and Switzerland is a big step Adhia said on micro-blogging site twitter. The income tax department will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards he said. Tax experts said this would act as deterrent to abuse the Swiss financial system to hide black money. The declaration in respect of automatic exchange of information with Switzerland is in line with global trend on enhancing information exchange to combat tax practices that are considered unacceptable by governments Rahul Garg leader direct tax at consultancy firm PwC. Automatic exchange of information is a powerful tool to identify early enough undesirable trends in cross border transactions and when used appropriately can be helpful in identifying errant taxpayers and certain schemes to take remedial action through enforcement and policy interventions. Both countries intend to start collecting data in accordance with the global AEOI standard in 2018 and to exchange it from 2019 onwards the Swiss
https://www.sparkfun.com/users/867396 federal department of finance said in a statement. The signing of the joint declaration with India confirms Switzerland s international commitment to implementing the 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.
Talks between rival leaders on ending Cyprus s 42-year-old division have once again ended without agreement the United Nations has announced. The Greek Cypriot leader Nicos Anastasiades and his Turkish Cypriot counterpart Mustafa Akinci met on the shores of Lake Geneva since Sunday in the second round of talks this month. The UN announced on Tuesday that the talks had broken up. Despite their best efforts they have not been able to achieve the necessary further convergences on criteria for territorial adjustment that would have paved the way for the last phase of the talks said UN spokesman Aleem Siddique. The two sides have decided to return to Cyprus and reflect on the way forward. The talks are aimed at reunifying Cyprus a Mediterranean island whose division remains one of the world s longest-running political disputes. Hopes high about once in a lifetime chance to reunify Cyprus Read more The island has been divided since 1974 when Turkish troops occupied its northern third in response to an Athens-inspired coup seeking union with Greece. Anastasiades and Akinci also met between 7-11 November to discuss potential territorial readjustments seen as the trickiest issue to resolve. That round finished short of a deal but hopes had been high that the second round could produce a map of internal boundaries for a future federation of Greek-speaking and Turkish-speaking states on the island. The Turkish invasion saw thousands of Greek and Turkish Cypriots displaced. Territory is an intractable problem for the talks since any agreement would inevitably involve a redrawing of existing boundaries and see members of both communities ousted from their current homes. The leaders had been thought to be close on the percentage of territory to be governed under Turkish Cypriot jurisdiction with Akinci suggesting 29.2% and the Greek Cypriots proposing 28%. The sticking point is which towns and villages come within those boundaries. The UN and its outgoing secretary general Ban Ki-moon have staked much on solving the conundrum.
A seven-year-old boy from Switzerland must attend a specialist school after his over-protective parents left him unable to do things for himself the country s highest court has ruled. The child who is known as Marko by the Swiss press has been spoiled so much that child psychologists determined that he now has developmental problems and is academically and socially behind his peers.School psychologists said his parents remove all obstacles from his path and kept him from mixing with other children his own age reported newspaper Sonntags Zeitung on
https://wrapbootstrap.com/user/framarootdesc Sunday. The boy named as Marko will not be able to attend a normal school and will instead have to go to a specialist place for children with developmental problems The child s pampered life and seclusion meant he was unable to cope in a regular school environment they said.The parents who hail from the German speaking canton of St Gallen rejected the psychologists conclusion and took the decision to the Federal Civil Court in Lausanne saying their son had a normal childhood . RELATED ARTICLES Previous 1 Next Kanye s psychiatric emergency : Radio call reveals how West... Billionaire princess daughter of former Uzbek president... Share this article Share Despite arguing that their son s development will be hindered by being placed in a special a school the decision was upheld by the court.Now the parents intend to pursue their case in the European Court of Human Rights said the paper. Marko has been spoiled so much that child psychologists determined that he now has developmental problems and is academically and socially behind his peers The case comes as a report commissioned by Swiss children s foundation Pro Juventute published on Monday found that German-speaking Swiss children spend just 32 minutes a day outside unsupervised.While children in the French speaking part of Switzerland get a mere 20 minutes outdoors a day. While children in the 1970s spent a great deal of their free time outside and were active for three to four hours a day the situation today is a lot more gloomy said the organization in a statement.
A Russian presidential plane carrying journalists was chased across Swiss skies by fighter planes amid mounting tensions between Vladimir Putin and the rest of Europe.One of the passengers on board the Russian plane which was headed to Peru took a video showing the military jet flying by their side clearly carrying Swiss markings.Andrey Kolesnikov editor-in-chief of the magazine Russian Pioneer wrote on Facebook: We re flying above Switzerland. At some point the plane with the delegation and the journalists is being blocked from three sides by three fighter jets. Scroll down for video A Russian presidential plane carrying journalists was chased across Swiss skies by fighter planes amid mounting tensions between the country and the rest of Europe One of the passengers on board the Russian plane which was headed to Peru took a video showing the military jet flying by their side clearly carrying Swiss markings RELATED ARTICLES Previous 1 Next Putin s new hypersonic missile could reach Britain in 13... National Security Adviser pick Michael Flynn sat in on... Trump offers retired Lt. Gen. Michael Flynn job as National... Obama says he is cautiously optimistic about Trump s... Share this article Share 7.9k shares Kolesnikov said the aircraft were so close he could see the faces of the Swiss pilots and there could have potentially been a crash if they had come much closer.Despite fears the Russian plane would be forced to make an impromptu landing the Swiss jets pulled away once it reached the border.A growing military presence in Eastern Europe its alliance with Syria s President Bashar Al-Assad and boasts about nuclear capabilities has put much of the continent on high-alert over Russia.Just today it was announced Putin launched a supersonic missile that could reach the UK in 13 minutes. Kolesnikov said the aircrafts got so close he could see the faces of the Swiss pilots and there could have potentially been a crash if they had come much closer Just today Vladimir Putin launched a supersonic missile that could reach the UK in 13 minutes The Object 4202 rocket was fired thousands of miles from the Yasny Launch Base in Russia to the far-east peninsula of Kamchatka with Kremlin officials calling the test a success . It is all but invisible to US anti-missile systems and moves at such high speeds it is virtually impossible to intercept.Boasting about their new weapon Russia s Tactical Missiles Corporation claimed it would make the Hiroshima nuclear bombs look like popguns .
No comments:
Post a Comment