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Black Money in Switzerland: Yash Birla has no individual account, says group
Highlights
With Yash Birla\'s name being made public by the Swiss government in relation to an information request from the Indian tax authorities, his business group today said he has \"no individual bank account in his name or under his control\".
With Yash Birla's name being made public by the Swiss government in relation to an information request from the Indian tax authorities, his business group today said he has "no individual bank account in his name or under his control".
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The group also said this position has already been communicated to the tax authorities in India.
"Mr Yash Birla has no individual bank account in his name or under his control. This has been explicitly confirmed earlier by the Swiss bank in writing and the same has already been communicated to the Indian tax authorities," an official spokesperson of Yash Birla Group said in an emailed statement.
This was in response to queries sent to the group with regard to Birla's name being published in the Swiss government's official gazette about information provided to the Indian tax department on a request made in this regard.
Birla is one of the seven 'Indian nationals' whose names have been made public through such gazette notifications.
Yashovardhan Birla, who is commonly known as Yash Birla, is Chairman of the group whose group firms are into steel products, electrical appliances, health, lifestyle and education, among others.
Two separate notifications, dated November 11 and December 16, 2014, have been published in the gazette about Mr Birla. The first one concerns a request received by the Swiss Federal Tax Authority and the second is about the said information having been provided to the Foreign Tax and Tax Research Division of the Department of Revenue in India's Finance Ministry.
Besides his name, the notifications also mention Yashovardhan Birla's date of birth and a Mumbai address.
However, the gazette notification has withheld the details that have been shared by the Swiss authorities with their Indian counterpart.
It also said that the information given to India should be "kept confidential" and should be made available only to people or authorities, including courts and administrative bodies concerned with the assessment or collection of taxes or with the prosecution and for such purposes only, as per the Swiss-Indian double taxation agreement.
It further said that the Swiss FTA might have blackened the information "which are not eligible for treaty assistance", in its response to the Indian tax authorities.
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