Switzerland has decided to transfer details of the Indian account holders in HSBC (Suisse).
Switzerland has decided to transfer details of the Indian account holders in HSBC (Suisse). Following an August 2018 order of the Federal Court of Switzerland in Lausanne, the process of transfer of these account details was set into motion.
That order came after two Indian HSBC account holders challenged any transfer of account details to India because of the leakage of information by whistleblower Herve Falciani in 2008 was based on stolen data.
It was also reported that, six weeks back, Swiss Federal Tax Administration (FTA) had sent communication to the individual Indian account holders that the Indian request for banking details met with the requirements specified in the DTA (double taxation agreement) signed by the two countries, as well as, that of the 2012 Federal Act on International Administrative Assistance. The French authorities in 2011 had submitted a list of 628 Indians to India who held accounts in HSBC Private Bank.
