Noida, India (PressExposure) May 29, 2009 -- On Wednesday, the govt of India has given a statement saying that those documents which were provided to the Swiss authorities regarding the money laundering case of Hasan Ali Khan, are fake papers which were seized by the tax authorities after raiding his premises.
In the year 2007, Income Tax Department led a raid on Hasan Ali khan's premises and confiscated some papers, according to which he was having the deposit of $8 billion in the UBS AG Bank and out of that he was permitted to withdraw $6 billion.
The Finance Minister of India, Pranab Mukherjee said that the documents are expected to be fake and does not belong to the govt. of India. These are the documents seized by the income tax authorities.
The Enforcement Directorate had approached the Swiss Govt via Govt of India regarding the matter of these documents.
However, the Swiss authorities are saying that legal assistance request provided with banking information are forged documents.
The bank related information is not shared by the Swiss Federal Tax Administration as it goes as per the Bank Secrecy Laws which covers the bank deposits of Indian residents.
In order to receive the information from the Swiss authorities, Govt of India is looking forward to re-negotiating the matter with Swiss Govt about Article 26 of the OECD model tax convention.
Mr. Mukherjee is also looking at bringing the money laundering act into the force to provide strength to the anti money laundering regime of India.