Tags – Black Money India List 100 Swiss Account
Amnesty to more than 100 rich Indians who kept black money in HSBC Swiss Unit
Every year India losses more than 14 trillion rupees ($250 billion) from tax evasion as no rich Indian fears the tax department as no one goes to Jail if found with extra money, pay little minimal fine and enjoy life happily.
Suggested Punishment = Life imprisonment
In USA when such corrupt Citizens are found honest American tax department files criminal charges against such American citizens who cheat America and keep the funds in other nation , do not pay taxes in USA.
The U.S. crackdown on offshore tax evasion includes criminal tax charges filed by prosecutors against more than three dozen former U.S. clients of UBS AG and Credit Suisse Group AG, Switzerland’s two biggest banks.
This month UK Court convicted a British millionaire for hiding money in HSBC’s Swiss bank.
In March 2010, France obtained data on accounts held at HSBC in Geneva after a bank employee, Herve Falciani, stole information connected to at least 24,000 current and former clients.
After this last year, France Government gave a list of 700 citizens with HSBC accounts in Geneva to the South Asian nation’s government.
TOI reported that the amnesty offer in India is being made to some people who were on a list of 700 citizens with HSBC accounts in Geneva that was given to the South Asian nation's government by French authorities last year
Now media has reported that India has offered amnesty to more than 100 rich citizens who evaded taxes by hiding funds in accounts at HSBC Holdings Plc’s Swiss unit.
Media also reported that the income tax department has agreed not to start criminal proceedings or levy a penalty if the Indians repatriate the money from Geneva and pay the taxes
Those 100 rich Indians who created black money will not go to jail this will give encouragement to other rich Indians and they will not pay taxes they will hide the money in other nations.
why to pay taxes when there is no jail punishment?
Once again, say born in corruption died in corruption
Reality views by sm –
Tuesday, July 10, 2012