Black money stashed in Singapore banks since 2008 now under govt scanner

Switzerland has started collecting information of Indian accounts and will start sharing it with Indian authorities from next year

Those hiding unaccounted income in banks in Singapore will come under the scanner of Indian authorities, with New Delhi soon getting information of all accounts opened in the country since 2008. 

The Singapore revenue authority has asked all banks to share details of Indian account holders to pass it on to New Delhi under a double taxation-avoidance agreement (DTAA). As part of the information-exchange drive to curb back money stashed overseas, many Indians with bank accounts in Singapore have received letters about this. 

“This is just the beginning. We will have an entire database of information of all current and