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Weve Got the Records Worst Exercise For Pope Over 40 35 be speaks 11 languages -his 11 tricks to lear any language winatyouneedto know about the Gol his wes “Tne Ubsate Cheap Fhe Finder Thattouey Foot, Kejriwal was right: HSBC tax leak shows 700 Indians parked funds in Swiss bank By MAL TODAY BUREAU 78 ‘A global leak, revealing tax evasion through banking giant HSBC's Swiss branch, corroborates ‘aims made by Arvind Kexivals Inala Against Corruption (IAG) in November 2042 that more than 700 Indians, inluding soma ofthe top businessmen, had parked funds in tha European fax haven, 0, after fresh revelations made by the International Consortium of Investigative Journalists (IC1) in ‘collaboration with more than 60 modiahouses around the world, Arvind Kejtwal — whose Aam ‘Aadmi Perty (AAP) is widely beloved to be coming o power in Delhi after the declarations of the ‘Assembly election results on Tuesday — said that he stood vindicated He said the names revealed in Swiss leaks wore frst brought ino the pubke domain by him on November 9, 2012. btpitwwudalymal.o.uksnsiahomfindanewsiartcl-2946434IKeriwal-ight- HSBC-tax-loak-shows-700-Inclans-parked-unds-Swiss-bank ml | Femait | Health | Science | Money | Video | Travel | Fashion Finder Enter your search Hate offtohert Adale cuts a sty grein ‘ide -bimmed by 35 She steps out n NYC. fang ‘deep anatr’ =] love wth boyiriend| Skit and acy eke Footbalts net for you stop tu ope avn Os ody-ahamers who Sit pote wa her we cde Fam Getoxes re are 10 fon wnsssnvanis 2 obal leak, eventing ax evasion tough baking grt HSBC's Swiss branch appears to reveal that more {an700 dane, ncuding sme of the top businessmen, had parked fund inthe European tx haven Ina series of woots, Kowal domanded that the Bharatya Janata Pary-led NOA Government should proceed against the HSBC officials fo extract more informaton aboul the Incian account holders ‘Why doesn't BJP Government act against HSBC officials? They wil pil the beans. US did precisely tna,” Kerval tweated mn 2012, Kejiwal's revelation was considered T = ‘only to bea tip ofthe iceberg, Details of HSBC's 1,195 Indan clients holding some Rs 25.420 crore nave Deen released by Washington-based ICL and the Paris-based Le Monde newspaper. ‘The frosh data has broadened the scope of investigation being carted out by the Indian Government to trace black mney in the foreign banks ‘The French authorties hag shared 628 names withthe Incian Government in 2011 “The Swiss branch of HSBC had Indian NRIs, diamond trade's and businessmen as ts clients ‘during 2008-07. Many ofthe names inthe fresh Ist are the same ‘as those revealed by IAC. “The Swiss leaks have names of around a lakh of HSBC clients from some 200 countries aroune HSBC al or Arvind Koval as demanded thal he NDA Government should proceed agaist the HSE Indians ranked 16th in terms ofthe money held by them in the HSBC account; Switzerland led the pack with $31.2 Blin, In terms ofthe number of account holders, India is placed 18th with 7,668 customers ‘Account holders from countries ike the UK, Venezuela, the US and France are ahead of Indians in terms of money held by thom, “The Swiss leaks are based on the dala provided by a former HSBC employee Harve Faia, who faced the heat for geting hold ofthe crucial information, Falciani handed over the data to the French government in 2008, Tice types of internal bank fles were accessed from diferent years. ‘A majorly ofthe accounts pertained to the period 2008-07 With the ICLs Swiss leaks hing the headlines after a global release, HSBC admitted lapses in ts screening procedures that alowed accounts o be opened with full secrecy about the customers. We acknowledge thatthe compliance culture and standards of due dilgence in HSBC's Swiss private bank, as well as the industry in general, were significanty lower than they are today,” HSBC Sai ‘The statoment added: “The bank has taken significant steps over the past several years to implement reforms and ext dlents who cd not meet sit new HSBC standards, including those where we had concerns in olavon to tax compliance, “As a rol ofthis ropostoning, HSBC's Swiss private bank has reduced its clent based by almost 70 per cent since 2007, ‘Only some names are new' says Judge btpitwwwdalymal.co.uksnsiahemfinanewsiartcl-2946434IKeriwal-ight- HSBC-tax-loak-shows-700-Inclans-parkee-unds-Swiss-bank ml Kejrwal was right HSBC tax leak shows 700 Inars parked funds in Swiss bark | Dally Mall Ortine oe way ayes tevin Posing you Kanye Wost reaks ‘ardnalmusiclan ule by wearing his own Imerchanalee ashe Mes Into LA Toowing yt ‘nether footwear suneh stents show (nd Rt Oras aftectons)-as 4h ‘ust think ofthe In timing’ Kerry Katona. ‘ue ub play sonra Spenaing tine days ater he Side by sce Chtsonin eed recorae37 rma ges ot approval ater Stepping fora poorly Eclipse 244 tot Show stopper Kym Marsh asplys her ‘eevage in planging body.con droas a she Society Awaras Simon Cowellaveaie pregnant sar swiping Talecancaly new $20,000 Hermes Bikintaginary Head to nasa Tony 28:ssnvanis By Mail Today Bureau “The Special Investigation Team (SIT) probing the black money ease on Monday sald most ‘account holders inthe so-called fresh lis” brought out by the Interational Consortium of Investigative Journalists are ald and legal ation willbe taken against whichever new names have Surfaced, after venfying acts, “Most of them are old names which we already have and some of them are new names of ‘account holders. There are not many new ames’, SIT chaiman Justice (fet) MLB. Shah sa fritely, the scope of investigation wil be widened due tothe new names. We wil Rave to identy those names and se-utnise them. We ‘can't take action not just onthe basis of news reports, he sai ‘Aftrhalding a mesting of th high-powered ganel SIT vce-charman Justice (etd) Art Pasayat sad it wil consider all new cases where {hare Is evidence of Back money. “Hf any new name comes and if we have authenti nformation, wo wil act on the said afer the over two-hourlong meeting where ‘esting cases of fis male were aso reviewed “The new names reported bythe Intemational Consortium of nvestgative Journalists (IC) sad thei records, which were apparently ‘obtained through leaks trom a Geneva-basea branch of HSBC bank, show there are 1,668 Inaians ont while te numberof atonable ‘cases stande at, 195 ar takng info account ‘duplation and some other factors. Collectively, these accounts had a balance of $4.tbillon (Rs 25,420 erore) tl 2007 “There are some new names inthe IC ist But they are not many FM says Government has sought new information on 600 cases By Mail Today Bureau “The income tax department is fllowing the leads given by a whisteblower to uncover the identities of hose who nave slashed Black money abroad as the Government nas sought Information in mare than 800 sas trom forign Jureteions based on credible information of Undisclosed foreign accounts. Some new names have been revealed whose ‘voracty would be checked by the authorities. Union Finance Minister Arun Jaley sid on Monday. He said that mere names would be of no use, unless accompanied by independent evidence. ‘Auhortios are working to identify persons holding undisclosed bank accounts in HSBC, Switzotand “The whisteblower has bean requested to share infrmation vaabo to him In regars to Undisclosed bank accounts of Inala in HSBC, Switzerland and other destinations His response is awaited, a statomont sai Jalloy said that the tax department has isunched 60 prosecutions from an earer Ist of inaian account holiors a Swiss branch of HSBC bank and most ofthe names vealed rw are known ‘othe Governmont. ut of 628 account holers named inthe previous HSBC Ist, assessment in the case of RIL “Neither RIL noe ‘nr Mesh Ambani Ihave orhadany legit Finite aecountsanywhere Hin heworld RIL bas [sins ines se (eeeeei [perenne Isnes, thse tern ‘Nona subsidiaries dea ‘with several global ‘hanks including HSRC. These accountsare {ally compriant with at regilations”| ADAG “Mr AnilD. Ambani hhadnobankaccounts Tica 4 ‘with HSBC in Geneve ‘IT chairman Justes the names havent ‘Government ind apart DABUR INDIA “Wewish estate that thse coms ere ‘pened bythe Baran Fy menbers hen they were Ns and were Iegilalled'a bose. Te comple details regain ti remfitanes Ivete Me with the fa” pratetsee rtd) MB. Shah sald many of 1SBC leak are known tothe ay about 360 has been completod and the process of imposing penalty has been inated ‘The remaining assessment would be completed by March 31, 2016, he sald, adding that legal action would be taken against violators ofthe lw. “The Government statement, issued after Jaitley’ interaction withthe media, said that out ofthe 628 bitpitwwudalymal.co.uksnsiahemfindanewsiarcl-2946434IKeriwal-igh- HSBC-tax-loak-shows-700-Inclans-parkee-unds-Swiss-bank ml Kejrwal was right HSBC tax leak shows 700 Inars parked funds in Swiss bark | Dally Mall Ortine HOW INDUSTRIALISTS, les U OLE ALLEGATIONS IN 2012 therm A Genbity et Campmates face frat ike father te son! Brooklyn Beckham ons Sportsman dad Oavison ipichat {ratfordfor UNICEF Secratyoplacedon Avery warm welcome toe ung! Union 8 George shebey greats Cara Delving, the E&miion cash ew Modelie making» fortune roning enatess ampere bean wien stmsosorry" A asappeintod Jay eGuiness aplogisos tedance para ‘Alona Viana he tips “pauring romantic Foxtrot on Stety smberassing nip lip a5 She pits onanneraie ‘An Engishnan in New Couple a they head out sSheaktntine ig seman ay feslnae ye at fiat Victor's Secret, ans.ssnvanis Indians appesring in the fist HSBC list, 200, wore ether non-residents or non-traceablo, leaving 428 cases of residents which were found actionable. “The net amount of peak balance for those 428 ‘cases was about Rs 4,500 crore, ‘The Finance Minster said ll the accounts may not be legal as some holders had disclosed thei overseas business dealings to tax aurthorties while somo othors on tho Ist wero NRIs. “The Indian names revealed on Monday are part ‘ofa global ist of account holders in HSBC's Swiss prvate banking arm and their balances for the year 2008-07. They include persons from ‘over 200 countries vith loll balance of over $100 bilion” he said, Jailloy futhor sa the Government had sent a ‘alogaton to hold talks withthe Swiss ‘authorities in October last year, asthe evidence to proceed in the suspected cases is in Switzerian However, Switzerland had maintained the ames of these accounts were based on stolen data, and the Swiss polcy i that they don't ‘cooperate regarding stolen data, On October 15, a joint agroeme was signed Hite teem ti} named by the ibctatireid Colt) Consortium of Hincerid le fel aed Atel licKeCeD) Total worth of the money deposited by these Indians in, RED la oy between India and Switzerland on sharing of information, he said Relief for ex-power secretary's wife in I-T case Former Dsihi power secrelary RK. Verma's wife, who is accused of floating a company in rsh ‘Virgin Islands and not dectaring the money in her income tax returns, was exempted from appearing ina Delh court on Monday. Ritu Verma's counsel appeared before ‘addtional chief metropottan magistrate Devendra Kumar Sharma and requested that she be excused from coming tothe court since she i in London, “The court had served her summons in January this year fllowing the income tax department's ‘complaint. “The cour, however, made it lear that no further ‘exemptions would be granted. It also fixed the mailer fr March 2for Rito appear befor i ‘The IT department’ standing counsel, advocate Briesh Garg, opposed the exemption plea, saying when summons have already bean Served fo Ru, she should have appeared before the court ass a serous mater “The I-T department has said in ts complaint ithag received Information thatthe retired IAS officer's wife had floated a proprictary company in the United Kingdom's Brits Viegin Islands, of which she was the sole diractor. at ‘Verma was the power secretary in Shella Diksht ‘government. Ith claimed thatthe frm, ‘Windsor Incorporation ine, gan is operations in July 2007 with 50.000 shares of one dollar ‘each, which inthe indian rupee equivalont was then valued at Rs 20 lakh and worth about RS 50 lakh now. British bank HSBC Holdings Plc admitted failings by its Swiss subsidiary in response to modia reports It hel ‘wealthy customers dodge taxes and ‘conceal millions of dollars of assets, “We acknowledge and are accountable for past compliance and control fallures,’ HSBC sald late on Sunday after nows, outlets across countries published allegations about its Swiss private bank, HSBC sald the Swiss private banking Industry, long known for its secrecy, ‘operated differently n the past and this, ‘may have resulted in HSBC having had ‘number of el fully compliant with their applica ]ebigetions" Its private bank, especialy its Swiss arm, hhad undergone "a radical transformation” Inrecant years, i said in a detalled four- age statement, HSBC shares fell 1.5 per cont after the leak "was announced, in ine with a drop by the broader European banking index. She didnt disclose around Rs 20 lakh inthe foreign country in her LT declaration and didnt show it in ner FT return too, the department had said SHARE THIS ARTICLE Share or comment on this article RELATED ARTICLES MAIL TODAY COMMENT: Modi must J som intoterance tag questions Mod's "dangerous 78 shares Kejrwal was right HSBC tax leak shows 700 Infars parked funds in Swiss bark | Dally Mall Ortine GrRL ABOUT TOWN: Rowena ne has fon ferDounton Asbo cross Day Lows. 30 Selena Gomes puts her Semon ate gout “tallnapponedin my sos Ihave son and then ose my meta. changes youn tt {going through Simon onallontatharood, fortune andX actor CHRIS EVANS: No one butjut cout nts bean a rocky chanel eco terme boca former ver James bitpitwwudalymal.co.uknsiahemfinanewsiartcl-2946434Keriwal-ight- HSBC-tax-loak-shows-700-Inclans-parked-unds-Swiss-bank ml ans:ssnvanis Kejrwal was right HSBC tax leak shows 700 Infars parked funds in Swiss bark |Daly Mall Orting Comments (0) Share what you tink Nocarmentshave soar been submited. 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