Black money: Swiss government reveals name of Madhya Pradesh firm

In a fresh disclosure on suspected black money cases being probed by tax authorities in India, Switzerland on Tuesday said it has received a request for information on Indore-based textiles firm Neo Corp International Ltd. 

Neo Corp, which began as a small woven sack maker in 1985 had faced income tax searches on its various premises in February  Stock Market Trading Tips
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As part of its bilateral treaty for administrative assistance and exchange of information with Switzerland, India sought details on numerous individuals and companies from the Alpine nation as part of its crackdown against suspected black money stashed in Swiss banks. 

As per notification published on Tuesday, Neo Corp will have 30 days to appeal against "administrative assistance" by Swiss Federal Tax Administration as per their local laws. 

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In Indore, income tax commissioner, Prashant Jha told TOI, "We conducted raids at Neo Corp in February this year and after that a request was sent to Switzerland government through government of India to get details on financial transaction of the company Himanshu Tiwari Astrologer Blog

"We recovered some Global Deposit Receipt (GDR) of the company in which they claimed to raise funds for investing in the company. All details of financial transaction were mentioned on their balance sheet and they shared this information with RBI as well," said Jha. 
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Speaking to TOI, chairman and managing director of Neo Corp International Ltd, Sunil Trivedi said, "An official account of our company was opened in Investec Bank of Switzerland in 2011-12 to raise capital. But incidentally this account was not used and another account of the company in a bank in Singapore was used for raising funds. No transaction was done through bank account in Switzerland and the account was closed in 2015." 

Trivedi added IT raid was conducted on his company in February 2015 during which they submitted all documents and details. "It is part of standard procedure in which requests are send to get details verified from respective governments and countries. We raised Rs 104 crore from the international market for investing in the company and we informed RBI and all agencies about it," he said Indian stock market astrology prediction