Background:
- In 2011, French authorities had given India a list of 628 Indians who held accounts in HSBC Private Bank (Suisse).
- Later in 2015, Swiss Leaks had expanded the list to 1195 Indian accounts holding balances totalling Rs 25,420 crore for the year 2006-07.
- After an August 2018 order of the Federal Court of Switzerland in Lausanne, the process of transfer of these account details has been set into motion.
Unearth More Secret Income
- Indian tax authorities were trying to get this information for years. However, there efforts were being stonewalled by account holders.
- So far, prosecution was filed against 84 Indian HSBC account holders by the government.
- Once, more account details flow in from the Swiss, that number will sharply rise as will the quantum of undisclosed income.
