Time to shake down the Swiss banks

Abstract

India has so far been lukewarm in its pursuit of black money stashed away in tax havens abroad, and can take several specific steps immediately to show that it is serious about this. Financial experts used to exhort other countries to follow the example of these innovative financial centres and emulate them in offering imaginative products as well as privacy. But these are now the tax havens where the ill-gotten wealth of tax evaders of many countries is hoarded. A decade earlier, they were the cynosure of the financial world, but the recession in the West has changed the situation beyond imagination. From being innovative financial centres, they have become secretive hubs and every leader in the West is after them. These tax havens are now in the news because developed economies like the USA, Germany, and France feel the need to recover some of the ill-gotten wealth that their citizens have stashed away there. Read more at: https://www.dnaindia.com/analysis/comment-time-to-shake-down-the-swiss-banks-1497976