Why are Indians on the HSBC list in a rush to prove their NRI status?
Updated : May 29, 2019 03:36 PM IST
The clincher here is that NRI earnings are not taxable in India – hence the charge of tax evasion would not hold water, and many are hence trying to prove they stayed out of India for over 182 days.
The other argument of it being 'stolen data', has been circumvented as India has not specified a source for the information and Switzerland's Federal Supreme Court noted this while allowing tax authorities to turn over bank account details of two Indian citizens who had fought the release on the grounds of it being stolen data.
As per the ruling, while account-holders will be notified for consent before information is shared, details of those who do not consent is also sent after being recorded in the country’s official gazette; and 11 such names have already been recorded.