SWITZERLAND came forward to help INDIA against CORRUPTION finally

Voted into power with a remarkable majority on May 16 Narendra Damodardas Modi, has taken on the country’s long fight against corruption with great fire. The government’s first announcements was establishment of a Special Investigation Team (SIT) to locate the so called “black money,” a move that was widely celebrated.

Swiss government had finally decided to help India in its fight against corruption and has sourced a list of Indians who hold accounts in various Swiss banks in the name of trusts or other entities and is sharing the same with indian government. Government sources said the list would help in tracing out of offenders and bring back the estimated billions of dollars stocked abroad, the list is said to be delivered on August 1.

Switzerland recently promised to share the details of Indian nationals “holding black money” in Swiss bank accounts. The offer to share information came after India’s Finance Minister, Arun Jaitley, wrote to the Swiss authorities requesting their cooperation.

Switzerland has faced both criticism and pressure for not disclosing information to countries that seek it for domestic tax matters. The decision to share details with India marks a concerted attempt by Swiss authorities to change their banking practices.

The disclosures provided by the Swiss government will include information on all the “individuals and entities” that are suspected to have parked black money in Swiss banks through “structures like trusts, domiciliary companies and other legal entities based out of countries other than India,” a Swiss official said.

Not all of the funds in these accounts are un-taxed, it is said that the money funneled into Switzerland by Indian nationals last year totaled $2.3 billion, a 43 percent increase from the amount in 2012 according to stats.