Skip to main content
INDIA,SWITZERLAND sign pact to swap bank   info  :-

Now india is ready to demolish black money.India has done well to sign a pact with Switzerland for automatic exchange of information(AEOI) to access details on Indians hiddi ng their money in SWISS BANK.Both countries will adopt rules prescribed by the Organisational for economic Co-operation and development (OECD) to obtain and share financial information  ,helping established audit trails.AEOI  will be implemented based on  Multilateral Competent Authority Agreement (MCAA) which is based on the international standard for the exchange of information developed by the OEC D.
   AEOI is powerful tool to identify early  enough undesirable trends in cross-border transaction and can be helpful in identifying errant taxpayers and certain schemes to take remedial action through enforcement and policy intervention.
Switzerland  used to be known for very strong secrecy walls till a few years ago around its banking practices.A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses it’s local laws gave to the banks.Several information requests on details about Indians who had accounts in Swiss bank are pending.

All Swiss accounts are not illegitimate and holders of legitimate accounts with tax-compliant deposits should be harassed.India also has obligation to maintain confidentiality as it has made a specifi c commitment that information exchanged will only be used for tax purpose with Switzerland.
Prime minister SRI NARENDRA MODI has stared a surgical strike on black money wheather DEMONITIZATION has affected to stabilise Indian economy.  
                

Comments

Post a Comment

Popular posts from this blog

How to construct roof?

          ROOF :-- (1) A roof is the uppermost part of a building whose main function is to enclose the space and to protect the same from the effects of weather elements such as rain, wind, sun, heat and snow.    (2) A good roof affords protection for the building itself and what the building contains and prevents deterioration starting from the top. (3) A roof is part of a building envelope. It  is made by :- Asphalt Shingles are made of various materials such as wood, slate, flagstone, fibre cement, metal, plastic, and composite material such as asphalt shingles. Ceramic roof tiles, which still dominate in Europe and some parts of Asia, are still usually called tiles. TYPES CONSTRUCTION :- The construction of a roof is determined by its method of support and how the underneath space is bridged and whether or not the roof is pitched. The pitch is the angle at which the roof rises from its lowest to highes...
Post a Comment
Read more
TRAFFIC  MANAGEMENT       It is necessary to rearrange traffic pattern on existing streets & reduce accidents.    Some human activities are responsible for many disgusting accidents and rest are for animals,road construction,breakfailure etc. Advantages                        1.Accident reduces                     2.Journey time reduces                      3.Increases vehicle capacity                     4.Closed side streets are used for parking                     5.At morning time max. no of lanes are reserved taffic moving towards the city centre.                     6.At evening time,max no. of lanes are re...
Post a Comment
Read more

What is earthquake and it's effect?

Earth quake An earthquake is the result of a sudden release of energy in the earth’s crust that creates seismic waves. The seismicity, seismism or seismic activity of an area refers to the frequency, type and size of earthquakes experienced over a period of time. Earthquakes are measured using observation from seismometers. The moment magnitude is the most common scale on which earthquakes larger than approximately 5 are reported for the entire globe.                                The most recent large earthquake of magnitude 9.0 or large was a 9.0 magnitude earthquake in japan In 2011(as of march 2011),and it was the Japanese earthquake since records began. One of the most devastating earthquake in recorded history occurred on 23 January 1556 in the Shaanxi province, China,Killing more than 830,000 people. Fault or...
Post a Comment
Read more