Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

P. Chidambaram warns Switzerland to share HSBC bank info on black money

May 02 2014, 20:40 IST
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Black money: Switzerland has rejected India's request on the pretext that the information was being sought on the basis of stolen data. Black money: Switzerland has rejected India's request on the pretext that the information was being sought on the basis of stolen data.
SummaryEvidence of 'tax evasion' have been found against certain Indians at HSBC's Swiss bank branches.
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in such cases where some criminality may be involved for getting the data.

Countering Switzerland's claims, Chidambaram said that India's request "is based on data obtained legally under a DTAC with a third country and India is not party to commission of any criminal offence in Switzerland in this regard".

Earlier this year, a Swiss delegation had come to India to discuss such cases, but not much headway could be made.

Referring to that visit, Chidambaram said he had hoped "Swiss delegation would be willing to consider options that would enable exchange of information even in the HSBC cases.

"For instance, it was demonstrated to the Swiss delegation that in several of these cases, the Indian tax authorities had gathered incriminating evidence of tax evasion through their own investigation and actions. Accordingly, it was suggested by the Indian side that the information requests should be considered independently of the stolen data issue.

"However, Swiss delegates insisted on a pre-condition that India needs to demonstrate that the investigation carried out in these cases was initiated independently of the HSBC data and was based on information already available with the Indian authorities prior to receiving the HSBC data from France."

Chidambaram said he was aware of Switzerland government's failure to modify its laws due to political opposition there.

Switzerland's envoy to India Linus von Castelmur had also said here yesterday that there was a kind of "national resistance" in his country against giving information in cases of black money which have been sourced from 'stolen data'.

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