Switzerland set to transfer details of Indian account holders in HSBC

The transfer of banking details of accounts held by Indians in HSBC (Suisse) by Swiss authorities has become imminent with account holders receiving a communication from the Swiss Federal Tax Administration (FTA) to provide their written consent and a Swiss address to receive notices. The investigation had revealed there were 276 Indian account holders with at least $1 million in their balance of whom 85 are residing in the country.
After an August 2018 order of the Federal Court of Switzerland in Lausanne, the process of transfer of these account details has been set into motion. That order came after two Indian HSBC account holders had challenged any transfer of account details to India on the grounds that the leakage of information by whistleblower Herve Falciani in 2008 was based on stolen data.

The communication reads: “In the request dated 31 October 2018, the Indian competent authority requested information related to you…we therefore requested HSBC Private Bank (Suisse)…to provide us with the information requested by the competent authority from the time period starting from April 1, 2011…if you would like to take part in the Swiss procedure for administrative assistance you are requested to designate a representative to receive service in Switzerland or provide us with your current address in Switzerland.”

The Indian HSBC account holders have also been informed that should they not provide address or name a Swiss representative, a final decree would be published in the Swiss Federal Gazette giving the initials, the birth date and nationality of the account holder and in the case of a legal entity, also its date of incorporation and registered office.

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