Internal Revenue Service(USA) nets Offshore Data from 77,000 banks.
77,000 banks & Financial Institutions-even some in Russia have
registered under FACTA ( The Foreign Account Tax Compliance Act).
America's Global tax law requires foreign banks to reveal American
accounts holding over $50,000. Non Compliant institutions could be
frozen out of US markets,so every one is complying.As 77,000 banks have registered and about 70 countries are providing
government help to the IRS means almost no foreign account is secret.
FACTA is making banking transparent virtually worldwide.Infact,
with the help of the US Congress and the US Department of Justice, arguably the IRS should have a new slogan
"TODAY SWITZERLAND,TOMORROW THE WORLD'.
The government has set up the SIT under Supreme Court monitoring.
Hence, the Indian tax authorities should be in touch with their
counterparts in US to know their approach to make the foreign banks comply with their request.
It is reported that as per GFI research that India lost $343.9 billion to
iilicit outflows from 2002 to 2011.It is laudable that India was the first
G20 country to call for automatic exchange of financial information,
a position that has pledged to adopt by the end of 2015.
Source: Global Financial Integrity & Forbes.