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Black money law by Indian government alarmed Foreign Banks

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  • With new law on black money, foreign banks increased the vigilance while executing overseas transactions and are asking tough questions of people and entities from the country looking to open accounts with them.
  • Goal behind farming such laws is not only to punish the guilty but also aim to take some action against the people who are supporting it.
  • This law comes as countries sign global agreements and tax contract for reducing the global tolerance for avoidance.
  • Banks are insisting to produce all related information regarding foreign currency transaction above board. The new law does not provide detailed guide lines and precautions to be taken to the intermediaries to verify the transaction on board.
  • After willing to cooperate on data sharing, Switzerland has seen a fall in Indian accounts.

Source: ET

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