India signs up to Europe's anti-corruption plan
PTI India has joined a group of nearly 40 nations that have signed a Europe-led clampdown on tax evasion and corruption, committing to automatically exchange information on beneficial ownership, the UK government said. "The following countries have committed to the initiative to automatically exchange information on beneficial ownership. The next stage will be for the development of a global standard for this exchange," said a release Wednesday by the UK s Treasury Department with a list of all those signed up. Besides India, some of the other countries outside Europe on the list include Afghanistan, Nigeria, Mexico and the UAE. The initiative aims to develop a global standard for the automatic exchange of beneficial ownership data between law ...
HSBC's Swiss, Dubai arms under lens for tax evasion by Indians
HSBC has been under scanner ever since a leaked list of hundreds of Indian clients of its Geneva branch found its way to the Indian tax authorities Source: PTI Armed with sufficient evidence, Indian tax authorities have issued notices to global banking giant HSBC, warning of prosecution against its Swiss and Dubai arms for allegedly abetting tax evasion by four Indians and their families. The UK-based HSBC, which also disclosed Monday ongoing probes by tax authorities from various countries in connection with alleged abetment of tax evasion and money laundering through its Geneva branch, said it is cooperating with the relevant authorities and cautioned of "significant" financial impact as a result of these investigations. HSBC has been under scanner ever since a ...
