New Delhi/Bern: Amid a continuing crackdown on Swiss bank account holders with suspected illicit money, Switzerland has stepped up the process of sharing details on such individuals. Potluri Rajamohan Rao is the latest Indian national to get a notice in this regard.
At least 14 Indians with accounts in Switzerland-based banks were issued notices by the Swiss authorities last month, in which they have been given one last chance to appeal against the sharing of their details with India.
According to officials, more such notices are in the offing in the coming weeks, as India has sought details pertaining to a large number of Indian clients of Swiss banks, suspected to be involved in illicit financial activities.
The latest such notice was issued to one Potluri Rajamohan Rao on May 28, asking him to file an appeal, if any, within ten days, in connection with the “administrative assistance” sought by the Indian authorities.
In the preceding week, at least 11 such notices were issued on a single day, May 21, to various Indian clients of the Swiss banks, according to the Swiss government’s gazette notifications.
Switzerland has been striving hard to re-establish its position as a global financial centre after clamping down on the secrecy walls of its banks.
There has been a significant surge in the number of cases where it has initiated processes to share information on Indians with Swiss bank accounts.
Except for his date of birth (July 15, 1951) and his Indian residency, the notification issued by Switzerland’s Federal Tax Administration, did not disclose any further details on Mr. Rao. However, officials said Mr. Rao has been associated with various businesses, including telecom, in the southern States of India.