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HSBC Banks Swiss and Dubai branches are watched by Indian authorities for black money and tax evaders

Armed with “sufficient evidence”, Indian tax authorities have issued notices to world banking giant HSBC, warning of prosecution against its Swiss and port arms for allegedly abetting nonpayment by four Indians and their families.

The U.K.-based HSBC, that conjointly disclosed on Monday current probes by tax authorities from varied countries in reference to alleged encouragement of tax evasion and money laundering through its Geneva branch, aforesaid it's cooperating with the relevant authorities and cautioned of “significant” monetary impact as a results of these investigations.

HSBC has been underneath scanner ever since a leaked list of many Indian clients of its Geneva branch found its way to the Indian tax authorities. Similar lists created their way to tax authorities in various other countries, prompting probes.

Indian government has stepped up its fight against black cash, allegedly stashed in switzerland, in recent years and there are apprehensions that the questionable illicit wealth may need got shifted to alternative places like dubai.

Without revealing the names of the Indians who indulged within the alleged tax evasion through its Swiss or dubai units, HSBC aforesaid whereas asserting its annual results that it had 1st issued summons in February 2015 from Indian tax authorities, while recent notices were issued in August then in November.

The bank on Monday reported  revenue of $1.84 billion from INDIA in 2015, up from $1.74 billion in 2014.

Its profits from India operations stood at $606 million, for the most part from global banking and market businesses.

For India, its client accounts had balance of $11.8 billion at the top of 2015, up from $11.7 billion within the previous year.

“In India, in February 2015, the Republic of Indian tax authority issued summons and request for info to an HSBC company in India.

“In August 2015 and November 2015, HSBC entities received notices issued by 2 offices of the Indian tax authority, alleging that the Indian tax authority had sufficient proof to initiate prosecution against HSBC Swiss private Bank and its dubai entity for abetting tax evasion of 4 completely different Indian individuals and/or families and requesting that the HSBC entities show why such prosecution should not be initiated,” the bank aforesaid.
HSBC Banks Swiss and Dubai branches are watched by Indian authorities for black money and tax evaders Reviewed by Manohar Veera on 7:31:00 PM Rating: 5

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