The UBS-US settlement through which the US tax authorities will now get the account details of 4,450 tax defaulters who have money stashed away in UBS will make it impossible for tax evaders to hide their ill-gotten gains. The government in India now needs to understand the process which the US adopted and follow the same. There is increasing pressure on various tax havens to start sharing information with various governments and it is to be hoped India will make the most of the opportunity. To start with, we need to know if any action was taken on the names of Indians who had accounts in the Liechtenstein Global Trust bank.
Naresh Singh, New Delhi
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