Banking and Financial News – 24 June 2014

Black money : RBI wants banks to share details with SIT (Mint)

• RBI seeks details about the Swiss bank accounts while Switzerland says it ‘shares India’s wish to fight tax evasion’

• RBI instructed domestic banks to share information with the special investigation team (SIT) to track black money.

• The government formed the SIT in May following a directive from the apex court.

• The SIT is headed by retired Supreme Court judge M.B. Shah.

• SIT will also include the revenue secretary, directors of the Central Bureau of Investigation, the Intelligence Bureau, Research and Analysis Wing and the Enforcement Directorate, chairman of the Central Board of Direct Taxes, and a deputy governor of the RBI.

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Courtesy : Mint