Watch: Jaitley applauds Swiss move to name Indian bank account holders

Finance Minister Arun Jaitley lauded the move by Switzerland government to reveal the details of five Indian nationals with unaccounted money in Swiss banks. The details were made public in Switzerland's official gazette following ongoing tax probe against them in India. Jaitley appreciated the continuing effort by Swiss authorities in revealing the identities of the illegal account holders. The central government wants to bring back illicit funds deposited by Indians in banks outside the country. Such funds, often hidden abroad to avoid local tax, are widely referred to India as 'black money'. Jaitley proposed 30 percent tax and 30 percent penalty to those wishing to declare their assets. So far, the names of seven 'Indian nationals' have been published, while the gazette has also made public the names of five entities based in foreign locations for which the tax authorities from India have sought information.