Nearly five-months after Narendra Modi sworn in as India’s PM, the union government is going to act against “black money” stashed in Switzerland. A high-level team of tax and revenue officials are soon heading to Swiss to investigate cases involving unaccounted Indian currency at banks in Switzerland and “secret” accounts held by Indians in the foreign banks.
This is following SIT appointed by Supreme Court opined that “one-on-one visit” between officials of two countries is “needed” to take black money cases forward. Finance Minister Arun Jaitley has given clearance to send the delegation and the officials will be armed with all required legal documents. The visit comes against the backdrop of Switzerland refusing to share details and names of account holders.
It may be recalled that Narendra Modi government came to power at the Centre with a poll-time promise that it would probe all cases of illegal funds stashed away abroad and ensure legal action in them.