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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No more street vending on B’luru’s main roads, as govt plans to bring new policy for street hawkers
Bengaluru: Deputy Chief Minister D.K. Shivakumar on Friday said that the state government has decided to formulate a new policy for footpaths in Bengaluru, under which street vending will not be allowed on main roads and sub-main roads.
Addressing the media after a budget preparation meeting and executive meeting of GBA corporations at Vidhana Soudha, Shivakumar said discussions were held with MLAs from the GBA region regarding the corporations’ budgets and key civic issues.
Leader of Opposition R. Ashok also participated in the meeting and shared his views. Officials from multiple departments, including police, BESCOM, BMRCL, BWSSB and BDA, along with ministers and legislators, were present.
He stated that all five municipalities have prepared their individual budgets, while MLAs have submitted their demands, including calls for ward-wise grants.
“We have decided to bring a new policy for footpaths. Citizens are struggling to walk as footpaths are encroached upon by street vendors,” Shivakumar said.
Highlighting the need to balance livelihoods and public convenience, he added that “a separate space will be provided for street vendors, and specific roads will be designated for their business,” ensuring that pedestrians can use footpaths without obstruction. He noted that there was unanimous agreement among MLAs on this approach.
Issuing a warning to vendors, Shivakumar said that authorities will act against those violating the rules. “If vendors operate during the day and leave their carts on the roadside at night, authorities will clear them. People should be aware of this,” he said.
Providing data on street vendors, he said that around 60,000 vendors have registered so far, of which 30,000 have applied for vehicles, and a tender has already been floated.
“Only those with street vendor identity cards will be allowed to do business. Those without ID cards will not be permitted to operate on the streets,” he added.
