Nepal Rastra Bank (NRB) has formally begun a process to investigate Nepali account holders in Swiss banks.
According to a senior official at the Foreign Exchange Department of NRB, the central bank urged the Department of Revenue Investigation to investigate the case of millions in deposits of Nepali account holders at HSBC´s private banking arm.
According to recent revelations by the International Consortium of Investigative Journalists (ICIJ) under the title of Swiss Leaks, eight unnamed Nepali account holders were found to have stashed 54 million US dollars in the Switzerland-based HSBC Bank in the year 2006-2007.
“We requested the DRI today to investigate whether there has been any tax evasion while routing the money into the Swiss bank,” the NRB official told Republica. “Following the report from the DRI, we will also start our own investigation and take necessary steps to repatriate the money,” added the official. It is assumed that some Nepalis are stashing their money in banks in Switzerland, which is considered to be one of the world´s tax havens, and evading tax back in Nepal.
Apart from initiating investigations into the wealth parked by Nepalis in bank accounts in Switzerland, the central bank has also urged all Nepali companies, firms and individuals to report their status with regard to receiving foreign investment or loans.
NRB has started the investigation process following recent instructions by Parliament´s Finance Committee to probe into the amounts deposited in the Swiss bank. Earlier on February 16, the committee instructed the government and NRB to immediately investigate into the $54 million in deposits in the Swiss bank.
Meanwhile, a source at NRB also told Republica that the central bank was preparing to request its Swiss counterpart to make information available about the status of deposits by Nepalis in Swiss banks. Other officials, however, denied such preparations were being made. “Currently, we are focused on our internal investigations. Whether to seek help from Switzerland will largely be based on the findings of our internal reports,” the source added.
DRI officials could not be contacted immediately for comments.
source: republica,3 March 2015
LINK
According to a senior official at the Foreign Exchange Department of NRB, the central bank urged the Department of Revenue Investigation to investigate the case of millions in deposits of Nepali account holders at HSBC´s private banking arm.
According to recent revelations by the International Consortium of Investigative Journalists (ICIJ) under the title of Swiss Leaks, eight unnamed Nepali account holders were found to have stashed 54 million US dollars in the Switzerland-based HSBC Bank in the year 2006-2007.
“We requested the DRI today to investigate whether there has been any tax evasion while routing the money into the Swiss bank,” the NRB official told Republica. “Following the report from the DRI, we will also start our own investigation and take necessary steps to repatriate the money,” added the official. It is assumed that some Nepalis are stashing their money in banks in Switzerland, which is considered to be one of the world´s tax havens, and evading tax back in Nepal.
Apart from initiating investigations into the wealth parked by Nepalis in bank accounts in Switzerland, the central bank has also urged all Nepali companies, firms and individuals to report their status with regard to receiving foreign investment or loans.
NRB has started the investigation process following recent instructions by Parliament´s Finance Committee to probe into the amounts deposited in the Swiss bank. Earlier on February 16, the committee instructed the government and NRB to immediately investigate into the $54 million in deposits in the Swiss bank.
Meanwhile, a source at NRB also told Republica that the central bank was preparing to request its Swiss counterpart to make information available about the status of deposits by Nepalis in Swiss banks. Other officials, however, denied such preparations were being made. “Currently, we are focused on our internal investigations. Whether to seek help from Switzerland will largely be based on the findings of our internal reports,” the source added.
DRI officials could not be contacted immediately for comments.
source: republica,3 March 2015
LINK
Comments
Post a Comment