Narendra Modi claims that bringing back black money stashed abroad is an “article of faith” for him, but it remains to be seen whether the NDA government will go beyond its rhetoric and take concrete actions for financial transparency.
Elmer was not too optimistic about the outcome of this agreement. “Switzerland has recently stated that automatic information exchange has to be reciprocal. I am not sure if Indian banks have the
infrastructure in place to supply a reciprocal amount of information to Switzerland. This demand is merely a delaying tactic to shield people holding offshore accounts. As of now, it is pretty
simple to open ........
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