Black money law: Foreign property to be taxed at current price

Last Updated: Sunday, March 22, 2015, 12:15

Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value of the asset, and not at the purchase price, as per the new black money bill.

Client confidentiality will not disappear, assert Swiss banks

Last Updated: Thursday, March 19, 2015, 18:08

India is expected to start getting information under this regime from Switzerland, about bank account and other details of Indians, from 2018.

HSBC's India headcount up by 1,000; US staff size down

Last Updated: Tuesday, February 24, 2015, 14:52

At the centre of a probe into black money allegedly stashed by Indians in Swiss banks, global banking giant HSBC increased its headcount in India by 1,000 last year to 32,000 -- the second highest after the UK.

Distinguish between legitimate funds and black money: Parekh

Last Updated: Tuesday, February 10, 2015, 13:18

In the wake of a new list revealing names of nearly 1,200 Indian account holders in Swiss banks, eminent banker Deepak Parekh on Tuesday said the government should distinguish between legitimate and illicit funds before taking any action.

HSBC `SwissLeaks` leaker urges more support for whistleblowers

Last Updated: Tuesday, February 10, 2015, 04:36

The man who stole the trove of secret files that sparked a global scandal over banking giant HSBC`s alleged assistance to wealthy tax dodgers called Monday for more protections for whistleblowers.

Stars, businessmen, and suspected criminals among HSBC clientele

Last Updated: Tuesday, February 10, 2015, 01:07

The documents claim HSBC`s Swiss banking arm helped clients in more than 200 countries evade taxes on accounts totalling $119 billion (104 billion euros).

Swiss bank on safe haven label to become world's data vault

Last Updated: Wednesday, January 28, 2015, 09:54

Switzerland, facing an erosion of the banking secrecy laws that helped make it the world`s banker, is now touting its reputation as a safe and stable haven to become a global data vault.

Swiss banks lose sheen among Indians as secrecy heads for end

Last Updated: Sunday, January 25, 2015, 14:45

Nonetheless, a large number of Indians present here at Davos had scheduled meetings with bankers and top executives of various small and large Swiss banks.

Switzerland ends euro minimum exchange rate, cuts interest rate

Last Updated: Thursday, January 15, 2015, 17:47

In a shock announcement Thursday, Switzerland`s central bank said it was ending a three-year bid to artificially hold down the value of the Swiss franc against the euro, in a move that immediately sent the safe haven currency soaring.

Black money: CBDT issues directive to finish probe by March 31

Last Updated: Tuesday, January 13, 2015, 16:49

Investigations against black money holders in Swiss bank accounts have been put on a fast-track as the CBDT has asked tax sleuths to gather all evidences and render final action by March-end.

Swiss banks more upbeat despite data exchange concerns: Survey

Last Updated: Friday, January 9, 2015, 00:01

Eighty-eight percent of the 120 banks covered said their performance was "positive" against 71 percent last year, the EY audit and advisory firm said in a survey.

SIT traces Rs 4,479 cr in Swiss banks; Rs 14,958 cr in India

Last Updated: Friday, December 12, 2014, 19:11

In first major disclosure about money held in Swiss banks, government on Friday said Rs 4,479 crore is held in the accounts owned by Indians, who figured on the HSBC List, and the Income Tax Department has initiated action against 79 of such account holders.