CPI-M asks Govt to get details of Swiss Bank accounts

The Communist Party of India-Marxist on Monday asked the government to take steps to bring back unaccounted wealth stashed away by Indians abroad to tackle the growing economic crisis.

The Communist Party of India-Marxist (CPI-M) Monday asked the government to take steps to bring back unaccounted wealth stashed away by Indians abroad to tackle the growing economic crisis.

HT Image

"Swiss banks with secret accounts are known to hold substantial sums of money deposited by Indians. These funds, amounting to billions of dollars, were illegally taken out of the country and deposited in Switzerland and other tax havens," a CPI-M statement said in New Delhi.

Referring to the recent announcement by the UBS, a large Swiss bank, which agreed to provide information to the US government of account holders suspected to have evaded taxes, the statement said: "It is imperative that the UPA (United Progressive Alliance) government demand details of accounts held by Indians in Swiss banks and other tax havens."

"British Prime Minister Gordon Brown has also called for divulging of accounts of British nationals in Switzerland," the politburo said.

"If the government is serious about stopping black money and raising resources to meet the growing economic crisis, it must take steps to bring back the unaccounted, ill-gotten wealth of Indians from abroad," the CPI-M said.