News By/Courtesy: Silvy Sheetal | 06 Dec 2018 15:43pm IST

HIGHLIGHTS

  • As Switzerland continues to shed its image as a safe haven for alleged black money, the Alpine nation has agreed to share with Indian authorities the details about two companies and three individuals.
  • India's demand for information about Pankaj Kumar Onkar Shrivastav, Prashant Sharad and Kiran Kulkarni associated with Geodesic Limited was accepted.
  • However, the Swiss government did not disclose the information and help of the Indian about the two companies and the three people. Geodesic Ltd., which provided technical solutions, was established i

As Switzerland continues to shed its image as a safe haven for alleged black money, the Alpine nation has agreed to share with Indian authorities the details about two companies and three individuals who are facing multiple probes back in India. While the Swiss government did not disclose specific details related to the information and assistance sought by the Indian authorities regarding the two companies and the three individuals, such an 'administrative assistance' follows submission of proof about financial and tax-related wrongdoings and typically involves sharing of information relating to bank account details and other financial data. The concerned companies and the individuals can file an appeal against the decision of Switzerland's Federal Tax Administration (FTA) to provide administrative assistance to India. the tax department of the Swiss government is ready to provide administrative assistance to India in the case of Geodesic Ltd and Half Enterprises Private Limited. Similarly, India's demand for information about Pankaj Kumar Onkar Shrivastav, Prashant Sharad and Kiran Kulkarni associated with Geodesic Limited was accepted. However, the Swiss government did not disclose the information and help of the Indian about the two companies and the three people. Geodesic Ltd., which provided technical solutions, was established in 1982. This company is no longer running the website nor is it a listed company. Stokes Exchange also banned the company's stock business. SEBI and ED are investigating this matter. At the same time, investigations are on in the case of money laundering on half its enterprises.

Section Editor: Priyanshu Gupta | 06 Dec 2018 15:48pm IST


Tags : #India#Demand#Swiss Bank#Accepted

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