Era of tax haven over; no longer safe to keep assets abroad illegally: FM Arun Jaitley

AHMEDABAD: With Switzerland making public names of some Indians with Swiss accounts, Finance Minister Arun Jaitley on Tuesday said the era of tax haven has come to an end and it is no longer safe to keep assets abroad illegally. “I have been repeatedly saying that the era of tax haven has come to an end. It is no longer safe to keep your assets overseas illegally,” he said.

The world is increasingly moving towards automatic transmission of information with regard to illegal money held up. By 2017, the situation will arise that we will able to get information in real time, he added. “In the Black Money Bill, which we have brought, we have provided a provision of compliance window...you utilise this opportunity, declare your assets, pay tax and pay penalty. If you do not use this chance, then we will take strict action,” Jaitley warned.

The Finance Minister said persistent efforts had been made in the past one year with Swiss authorities to “break their banking secrecy”. “I have been repeatedly saying that the veil of secrecy with regard to assets and monies kept by Indian entities outside India is going to be lifted... This should give a sufficient indicator to those who hold assets outside India,” he said.

The names of at least seven “Indian nationals” have been made public in Switzerland’s Federal Gazette with regard to details sought about them by the Indian authorities. Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among the seven Indian nationals with Swiss bank accounts. The others are Gurjit Singh Kochar, sonin-law of late realty baron Ponty Chadha, a Delhi-based businesswoman Ritika Sharma, Sneh Lata Sawhney and Sangita Sawhney.

Earlier in the day, showering praises on Modi as the NDA government completed one year in office, Jaitley said, “Modi has restored the dignity of the PMO which had disappeared during the previous regime and he has convinced the countrymen that the authority of the Prime Minister is supreme in every decision-making.”