Swiss Federal Tax Administration (FTA) has initiated action in the case of black money deposited in the country. The names have been made public by Switzerland in its official gazette for being probed in their respective countries. Two Indian women have figured among the scores of foreign nationals who have accounts with Swiss banks, whose names have been made public by Switzerland. Swiss Federal Tax Administration (FTA) has asked the two Indians whose names have been made public, to file an appeal within 30 days before the Federal Administrative Court, if they do not want their details to be shared with the Indian authorities under their 'mutual assistance' treaty on tax matters.

No further details, other than their dates of birth were made public for the two "Indian nationals" named Sneh Lata Sawhney and Sangita Sawhney. 40 such 'final notices' have been published in the Swiss Federal Gazette so far this month, while more such names are expected to be published in the coming days.

There are no immediate reply to the queries from the FTA spokesperson in this regard, but these names are being published in the Swiss Federal Gazette in the backdrop of the Swiss government being pressurised with requests on suspected black money hoarders in Swiss banks from various countries including India.

The Indian government has been back of the Swiss authorities for a long time to get the information on the suspected tax evaders, Switzerland has shared some of the details related to the cases where India has been able to provide independent evidence of suspected tax evasion by Indian clients of Swiss banks.
 
Switzerland's Economic Affairs Minister Johann Schneider Ammann during his India visit said that the Swiss government is sensitive to the fact that the issue of black money is very important for India and is needed to be resolved. "Switzerland has decided to follow international standards, including those framed by OECD, in sharing information and providing assistance to foreign countries probing such cases, but we have to ask our Parliament to make changes in our laws," he said.

Indian Parliament has recently passed a new black money law under which those found to be stashing illicit funds in foreign locations, including Swiss banks, would face strict penal action, including up to ten years in jail and a penalty of 90 per cent of funds in addition to 30 per cent tax levy.

By Premji