New Delhi: Former minister in the United Progressive Alliance government Preneet Kaur might be in for some trouble after her and her family members' are facing official scrutiny by tax authorities.
According to reports, they are probing the link between her HSBC Geneva account and trusts and companies as well as properties allegedly owned by these entities in London and Dubai. Kaur allegedly is among 1195 Indians with bank accounts with HSBC Geneva.
Finance Minister Arun Jaitley had in the past claimed that the Congress will be embarrassed once the names of people holding illicit foreign accounts are made public.
"The names of black money account holders will be public. I can assure you there is no embarrassment I (BJP) will have when all the names are disclosed. There is some embarrassment the Congress party will have because of those names," he said.
French authorities had shared 628 names of Indians having their bank accounts in the country with India. The Central Board of Direct Taxes has approached Swiss authorities for details of bank accounts maintained by Kaur and members of her family.
With India and some other nations threatening criminal proceedings over suspected black money in Swiss banks, the European nation has stepped up its supervisory and enforcement efforts to keep away the illicit funds from its banking system.
The number of Swiss institutions have seen "asset outflows" and the tax status of many of their clients have been found to be "inappropriate", as per the Swiss Financial Market Supervisory Authority (FINMA), which also has the mandate to combat money laundering activities.
Switzerland has been making efforts to strengthen its bilateral cooperation with India and some other countries on tax matters, as many Swiss banks are finding themselves in regulatory crosshairs in multiple jurisdictions.
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