Black money chase: Noose tightens on Swiss accounts; 50 Indians get notices

These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decor

Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.

These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery. Officials involved in the process of mutual administrative assistance between the two countries said. Switzerland has been striving hard for the past few years to shed a long-standing perception of it being a safe haven for black money, while the issue has been a politically sensitive one in India as well.

When the Modi government first came to power in 2014, it had termed the crackdown on the black money, including those allegedly parked in Swiss banks, as a key focus area. Since then, the two countries have strengthened their framework for the exchange of information in cases of financial wrongdoings, including by signing the global automatic exchange of information framework.

The two countries have also strengthened their bilateral pact on this front and the economic considerations for boosting the bilateral economic ties have further helped increase the cooperation when it comes to bringing to book the people with dubious records, especially in amassing illicit wealth. Citing the federal gazette notifications issued by the Swiss government to the concerned individuals, the officials said at least 50 Indian nationals have been issued notices in the past few weeks giving them one final opportunity to appeal against proposed sharing of their details with the Indian authorities.

Some of these notices have followed after the preliminary appeals by the concerned clients of Swiss banks have already been rejected due to inadequate supporting facts and documents, leaving a limited chance of their further pleas getting heard, officials said.

‘Alcohol causes 2.8m deaths each year worldwide’

In a shocking revelation, a recent study has found that alcohol is associated with nearly one in 10 deaths in people aged 15-49 years old.

Overall, according to the research that estimates levels of alcohol use and health effects in 195 countries between 1990 to 2016, 2.8 million deaths occur each year worldwide.

Based on their analysis, the authors suggest that there is no safe level of alcohol as any health benefits of alcohol are outweighed by its adverse effects on other aspects of health, particularly cancers.

Health

According to lead author, Dr Max Griswold of the Institute for Health Metrics and Evaluation, University of Washington, USA, “Previous studies have found a protective effect of alcohol on some conditions, but we found that the combined health risks associated with alcohol increase with any amount of alcohol. In particular, the strong association between alcohol consumption and the risk of cancer, injuries, and infectious diseases offset the protective effects for ischemic heart disease in women in our study.”

“Although the health risks associated with alcohol starts off being small with one drink a day, they then rise rapidly as people drink more. Policies focusing on reducing alcohol consumption to the lowest levels will be important to improve health. The widely held view of the health benefits of alcohol needs revising, particularly as improved methods and analyses continue to shed light on how much alcohol contributes to global death and disability,” added Dr Max Griswold.

Globally, one in three people (32.5 percent) drink alcohol – equivalent to 2.4 billion people – including 25 percent of women (0.9 billion women) and 39 percent of men (1.5 billion men). On average, each day women consumed 0.73 alcoholic drinks, and men drank 1.7 drinks.

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