Make requests that are 'justified': Swiss banks to India
07/07/2014 08:16
As India steps up pressure on Swiss authorities in its pursuit of alleged black money, banks in Switzerland say they follow strict rules and the requests from Indian authorities must be "properly justified", reported PTI. The Association of Foreign Banks in Switzerland, an over four-decade old grouping, is also of the view that a clear and transparent policy can help in dispelling "apprehensions" and the "conjectures" should not be allowed to dominate the public opinion, as per the media reports. To bring back illicit money stashed away overseas, India has recently made a fresh request to Switzerland to seek bank details of such entities, reported media. "India should be aware that its reputation in Switzerland as a country with a proper legal system and functioning rule of law has been seriously hampered as of late -- for reasons not related to financial matters. But the mistrust spills over in other matters," the Zurich-based association's General Secretary Martin Maurer told PTI.
07/07/2014 08:16
As India steps up pressure on Swiss authorities in its pursuit of alleged black money, banks in Switzerland say they follow strict rules and the requests from Indian authorities must be "properly justified", reported PTI. The Association of Foreign Banks in Switzerland, an over four-decade old grouping, is also of the view that a clear and transparent policy can help in dispelling "apprehensions" and the "conjectures" should not be allowed to dominate the public opinion, as per the media reports. To bring back illicit money stashed away overseas, India has recently made a fresh request to Switzerland to seek bank details of such entities, reported media. "India should be aware that its reputation in Switzerland as a country with a proper legal system and functioning rule of law has been seriously hampered as of late -- for reasons not related to financial matters. But the mistrust spills over in other matters," the Zurich-based association's General Secretary Martin Maurer told PTI.
