Black money: Swiss government agrees to share details of two Indian firms
NEW DELHI/BERNE, Dec 02: As Switzerland continues to shed its image as a safe haven for alleged black money, the Alpine nation has agreed to share with Indian authorities the details of two companies and three individuals who are facing multiple probes in India.
One of the two Indian companies used to be a publicly-listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations, while the other firm is said to have political links in Tamil Nadu.
As per separate gazette notifications of the Swiss government, the country's federal tax department has agreed to provide 'administrative assistance' to India on requests made about Geodesic Ltd and Aadhi Enterprises Private Ltd.
Similar requests have also been accepted for three individuals associated with Geodesic Ltd — Pankajkumar Onkar Srivastava, Prashant Sharad Mulekar and Kiran Kulkarni.
While the Swiss government did not disclose specific details related to the information and assistance sought by the Indian authorities regarding the two companies and the three individuals, such an 'administrative assistance' follows submission of proof about financial and tax-related wrongdoings and typically involves sharing of information relating to bank account details and other financial data.
The companies and the individuals concerned can file an appeal against the decision of Switzerland's Federal Tax Administration (FTA) to provide administrative assistance to India.
Repeated attempts to contact the two companies and the three individuals for their comments failed to yield any result. In the past, they have denied any wrongdoing. The
1982-incorporated Geodesic, once known as a fast-growing company with cutting-edge technology solutions, does not have a functional website anymore and is also no longer a listed entity as trading in its shares has been suspended by the stock exchanges for "procedural reasons".
The company and its directors have faced regulatory action by Sebi as well as other authorities like the Enforcement Directorate and the Economic Offence Wing of the Mumbai Police.
As per latest details available about the company on the stock exchanges, Pankajkumar was listed as Geodesic's chairman, Kiran Kulkarni as managing director and Prashant Mulekar as executive director.
In case of Aadhi Enterprises Pvt Ltd, which was incorporated in Chennai in November 2014, the company is said to have seen a rapid growth in real estate and other businesses, but soon landed in trouble due to alleged links to tainted politicians and for allegedly indulging in money laundering.
According to reports, the Income Tax Department has conducted multiple raids on properties of the company's promoters.
While Switzerland has always denied being a safe haven for black money, it has traditionally been known for its strong banking secrecy laws that had to be eased following a strong global crackdown on illicit funds being stashed in such jurisdictions.
The Alpine nation has been sharing details for many years with several countries including India after submission of evidence about financial and tax-related wrongdoings of the clients of Swiss banks.
Besides, a new framework of automatic information exchange has been now put in place and the details can be accessed under the new system from next year.
Courtesy: timesofindia
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Sound effect: Farmers play music on solar-powered speakers to keep tigers at bay in Pilibhit
Pilibhit (UP) (PTI): Farmers living in villages adjoining the Mala range of Pilibhit Tiger Reserve have devised an unusual method to keep tigers away from their fields during sugarcane harvesting – playing loud music on solar-powered sound systems.
According to the farmers, the continuous noise helps deter wild animals from entering their fields.
As sugarcane fields are dense and the visibility is low, the risk of sudden encounters with tigers remains high during the harvesting season.
Forest officials described the initiative as a “desi jugaad” that not only enhances safety but also adds an element of entertainment, with loud music echoing across the fields during work hours.
The method has emerged as a unique way to check human-animal conflict.
Ramnagaria, Ajitpur, Jamunia, Mahua, Mala Ghera, Richhola and Basantapur are among the villages located close to the Mala range that frequently witness tiger movement, keeping the residents on edge. Recently, fresh tiger pugmarks were found in a field in Mahua.
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According to forest officials, Krishna Kumar and his associates in Jamunia village pioneered the “musical” method to deal with the threat.
“Working in the dense sugarcane fields is risky business. We believe wild animals move away due to noise, so playing songs loudly helps keep them at a distance,” Kumar said.
The method is proving effective, enabling farmers to carry out agricultural activities in groups without fear, the villagers said.
Several farmers, including Gaurishankar, Tinku, Ram Bahadur, Rakesh Kumar, Prabhu Dayal and Lalaram, have joined Kumar in implementing this innovative approach.
Deputy Ranger Sher Singh said the forest department is also making continuous efforts to spread awareness among the villagers.
“The department is organising meetings to educate farmers about safe and scientific methods to protect themselves from wildlife,” he told reporters.
