Spooked by new black money law, Swiss banks ask Indians to use compliance window

31 Aug 2015 Evaluate

The new black money law by the Narendra Modi government has spooked the Swiss banks. Due to the fear of being accused of 'abetting' the hoarding of untaxed assets, Swiss and other European banks are urging their Indian clients to disclose their accounts to the tax authorities back home. The banks having headquarters in Switzerland and London have asked the Indian customers including those having turned NRIs, to avail the ongoing 'one-time compliance' window provided by the Indian tax authorities for disclosure of undeclared foreign assets. Besides, these banks are also asking their clients to give fresh undertakings to state that they are in compliance with all the laws in their home countries. In order to confirm the clean status of money, Swiss banks have also started asking for auditor certificates from high net worth individuals and corporate clients.

Under the new law, a three-month compliance window has been given for disclosure of all undeclared foreign assets till next month, for which they would need to pay 30% tax and 30% penalty. However, after this window anyone with undisclosed foreign assets would have to pay 30% tax and 90% penalty and further would also be labile for jail term of up to 10 years. The law also provides for 'punishment for abetment' where the abettor would be punishable with careful imprisonment for a term which shall not be less than 6 months but may extend to 7 years along with fine. This provision would be applicable to those who abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to tax payable under this Act which is false and which either knows to be false or to commit an offence.

In order to curb the black money menace, Supreme Court had formed special investigation team who is investigating various cases, while the government would soon be coming out with a stringent that provides for hefty penalties as well as imprisonment for stashing away unaccounted money. Meanwhile, Switzerland is also moving towards automatic exchange of tax information with various jurisdictions, including India.

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