Switzerland parliamentary panel approves pact, allows India to track black money

Paving the way for India to get instant access to details on Indians with Swiss accounts, a key parliamentary panel in Switzerland has approved an automatic information exchange pact between the two countries

Paving the way for India to get instant access to details on Indians with Swiss accounts, a key parliamentary panel in Switzerland has approved an automatic information exchange pact between the two countries. The Commission for Economic Affairs and Taxes of the Council of States - a key panel of the Swiss Parliament's Upper House - approved the proposed pact with India as also with 40 other countries, but suggested strengthening the provisions for individual legal claims.

The pact will provide continuous access to details about alleged black money hoarders

I-T dept slaps charges
Stepping up probe into the Panama Papers, the Income Tax Department has slapped criminal charges under the new anti-black money Act and launched fresh assessment of stashed offshore income against over half-a-dozen Indian entities in the list, official sources said.

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