As India steps up its crackdown on suspected black money stashed abro, Switzerland has issued public tices to former IPL commissioner Lalit Modi and his wife Minal following requests me by Indian authorities about Swiss bank details of couple. 

In its latest federal gazette tification on assistance sought by foreign jurisdictions under bilateral treaties for exchange of information on matters concerning suspected financial irregularities, Switzerland's Federal Tax ministration (FTA) has named Lalit and Minal Modi (alias Minalini Modi) among such individuals. 

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Lalit Modi facing money-laundering probe

former IPL commissioner, who is said to have left India for London in 2010, is alrey facing a money-laundering probe also, though he has been denying any wrongdoing.  two separate tifications dated October 1 did t disclose any furr details, besides giving Lalit and Minal Modi ten days' time to designate authorized persons to respond to assistance request received by FTA from India. 

Interestingly, similar tices were issued against two in 2016, but it could t be ascertained wher details were eventually shared by Swiss authorities with India in that case. That time also, two were given time for "exercise of right to be heard".

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Several Indians approached in tax-related probes

In recent months, several or Indian nationals have been named in such tifications after Swiss FTA was approached by Indian authorities for information about those people with regards to  pending tax-related probes against m. 

After a due process prescribed under Swiss law, information has been shared by Switzerland with India in several cases, pursuant to which Indian authorities including tax department and Enforcement Directorate have proceeded with ir prosecution and or actions. se included several Indians named in leaked 'HSBC List' of people with accounts in Geneva branch of global banking giant. 

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For long, Switzerland used to be kwn for strict secrecy clauses about details of foreigners having accounts in Swiss banks. Under growing global pressure, Switzerland has, however, begun sharing information in cases where or countries have been able to present some evidence of suspected illegalities. 

Under Swiss law, a prescribed procedure is followed for any ministration assistance or information exchange by FTA with India or any or country with which Alpine nation has tax treaties about ir respective nationals. 

Besides, an automatic information exchange mechanism has also come into force between India and Switzerland under which Indian tax authorities w have access to all details about Swiss bank accounts of Indians, including those closed during 2018.  Automatic Exchange of Information (AEOI) is being seen as a major boost in India's fight against suspected black money stashed abro.

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