Swiss banks open the door for India's tax evasion crackdown

As the famed secrecy walls of Swiss banks started to crumble, some Indians felt a chill down their spine. Delhi has begun receiving information on its residents' account details in Swiss banks. That tranche of data opens a pandora's box that India's tax authorities are keen to explore as they launch a renewed effort against tax evasion. The data could help establish prosecution cases against those who had any unaccounted wealth in those accounts, as it provides entire details of deposits and transfers as well as earnings, including those made through investments in securities and oth...