RBI has directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
“All the banks and financial institutions (FIs) are advised to ensure that information/documents required by the SIT are made available as and when required,” the Reserve Bank said in a notification.
The SIT under the chairmanship of former Justice M B Shah was constituted by the Narendra Modi-led government on its first day in office, in pursuance of a July 2011 Supreme Court judgement.
According to the latest data published by Swiss National Bank, the country’s central bank, Indian money in various Swiss banks rose 43 per cent during 2013 to almost Rs 14,000 crore, including money held directly by Indian clients and those through fiduciaries or wealth managers.
Switzerland on Monday said it is looking forward to working together with the new government of India in its fight against tax evasion, according to a statement issued through the Swiss Embassy here.
“All the banks and financial institutions (FIs) are advised to ensure that information/documents required by the SIT are made available as and when required,” the Reserve Bank said in a notification.
Proper action can be taken if Swiss Govt shares list of a/c holders, inquiry will be easy: Justice MB Shah pic.twitter.com/1KFotm5Gp2
— ANI (@ANI_news) June 22, 2014
The SIT under the chairmanship of former Justice M B Shah was constituted by the Narendra Modi-led government on its first day in office, in pursuance of a July 2011 Supreme Court judgement.
According to the latest data published by Swiss National Bank, the country’s central bank, Indian money in various Swiss banks rose 43 per cent during 2013 to almost Rs 14,000 crore, including money held directly by Indian clients and those through fiduciaries or wealth managers.
Switzerland on Monday said it is looking forward to working together with the new government of India in its fight against tax evasion, according to a statement issued through the Swiss Embassy here.
