New Delhi/Berne: Amid a continuing crackdown on Swiss bank account holders with suspected illicit money, Switzerland has stepped up its process to share details of such individuals with Potluri Rajamohan Rao being the latest Indian national to get a notice in this regard. At least 14 Indians, with accounts in Switzerland-based banks, were issued notices by the Swiss authorities last month, in which they have been given one last chance to appeal against sharing of their details with India. Also Read – Pak activated 20 terror camps & 20 launch pads along LoCAccording to officials, many more such notices are in the offing in the coming weeks as India has sought details about a large number of Indian clients of Swiss banks who are suspected to have indulged in illicit financial activities. The latest such notice was issued to one Potluri Rajamohan Rao on May 28, asking him to file an appeal, if any, within ten days in connection with the ‘administrative assistance’ sought by the Indian authorities. In the preceding week, at least 11 such notices were issued on a single day, May 21, to various Indian clients of the Swiss banks, as per the Swiss government gazette notifications. Also Read – Two squadrons which participated in Balakot airstrike awarded citationsSwitzerland has been striving hard to re-establish its global financial centre position after clamping down on secrecy walls of its banks and there has been a significant surge in the number of cases where it has initiated process to share information on Indians with Swiss bank accounts. Except for his date of birth (July 15, 1951) and his Indian residency, the notification issued by the Federal Tax Administration, Switzerland, did not disclose any further details of Rao. However, officials said Rao has been associated with various businesses in southern states of India, including in the telecom business. An analysis of the notifications issued by the FTA, the nodal department for sharing of information on foreign clients of Swiss banks, shows that the Swiss government has stepped up its efforts in sharing such details with a number of countries in the recent months, but the surge in India-related cases is noticeable in the past few weeks. However, the gazette notifications of the Swiss government has redacted full names for several of them while making public only their initials besides the nationality and the dates of birth. The Indians whose names have been mentioned in full also included Krishna Bhagwan Ramchand, Kalpesh Harshad Kinariwala, Ratan Singh Chowdhury, Kuldip Singh Dhingra and Anil Bhardwaj. However, no further details have been disclosed about them as well. In these notices, the individuals or their authorised representatives have been asked to file their appeals, if any, within 30 days (10 days in some cases) with necessary documentary proof to support their case against providing ‘administrative assistance’ to India, which broadly means sharing of `their banking and other financial details. Several of these names are said to have figured in the leaked HSBC lists and Panama papers which allegedly contained names of Indians with Swiss bank accounts and are being probed by Indian authorities in alleged black money cases. While some notices were issued in April also, Switzerland had issued such notices in March to Mumbai-based Geodesic Ltd and its three directors (Prashant Sharad Mulekar, Pankajkumar Onkar Srivastava and Kiran Kulkarni), as also to Chennai-based Aadhi Enterprises Pvt Ltd, who are being probed by the Indian authorities for alleged money laundering and other financial irregularities. Switzerland was widely known as an alleged safe haven for black money before it bowed down before the global pressure and agreed to bring down the famed secrecy walls that had historically surrounded the Swiss banks, provided the requesting country gave proof for financial irregularities done by the concerned person or the company. Along with several other countries, India has also been making use of this change in the stance of Switzerland by seeking details of suspected black money hoarders in Swiss banks and it has already got back information in a large number of cases in the last few years. While the Swiss government documents did not disclose specific details related to the information and assistance sought by the Indian authorities regarding these Indian companies and individuals, such an ‘administrative assistance’ follows submission of proof about financial and tax-related wrongdoings and typically involves sharing of information relating to bank account details and other financial data. While Switzerland has always denied being a safe haven for black money, it has begun sharing details for last few years with several countries including India after submission of evidence about financial and tax-related wrongdoings of the clients of Swiss banks.
1 On-loan Liverpool forward Mario Balotelli could be ruled out for up to three months after reports claim he will undergo hernia surgery this week.The controversial Italian is currently on loan at AC Milan but has not featured for the Rossoneri since September.And, according to Gazzetta dello Sport, Balotelli will now be out until mid-February at the earliest, putting his chances of making Italy’s Euro 2016 squad at risk.Balotelli will not return to Anfield for any rehabilitation programme, instead remaining with Milan, who will now have to weigh up whether to make the plunge and permanently sign him next summer. Mario Balotelli
Epiroc automation and digital solutions can be used to connect work sites in many surface and underground applications, and the company will continue to add to its suite. For example, the automation-ready Epiroc Pit Viper PV-231 surface blasthole drills will become available in Spring 2019.The Pit Viper series of surface blasthole drills offers Rig Control Systems (RCS) with automation capabilities as standard. The RCS is entering its fifth generation, building on the proven RCS4 platform with operational enhancements. Customers have the ability to operate their Pit Vipers manually with automated assistance or to utilise the platform for fully autonomous operation experienced today at mines around the world.Since its debut at MINExpo 2016, the PV-231 has undergone 18 months of successful field testing at a gold mine in Nevada. “The drills deliver application flexibility, fuel-efficient performance and enhanced safety with outstanding operator comfort and ease of maintenance.”“The PV-231 builds on the innovation and success of the Pit Viper PV-235, which is operating at more than 20 major mine sites, while maintaining the highest levels of productivity and reliability. One customer base looking to get as much value out of a single-pass surface drill is the gold market. Epiroc has worked with many gold mining companies to make the drilling process more productive and efficient with the PV-231.”