The agency recently has begun obtaining from various court registries the details of Income Tax department's prosecution charge sheets filed against over 140 entities till now.

Swiss Banking Ombudsman said the new banking law has mandated that assets over 500 Swiss franc that have been dormant for 50 years have to be published.

Here's why the new Black Money Act is bound to fail in bringing back the illicit cash stashed abroad.

The Alpine nation, known for banking secrecy practices, has come under international pressure amid various countries including India stepping up their fight against the black money menace.

These banks, which include those headquartered in Switzerland and London, are asking their customers from India to avail the ongoing 'one-time compliance' window provided by the Indian tax authorities for disclosure of undeclared foreign assets.

The jewellery trade says the Narendra Modi government's plans to trace gold deals is unworkable and won't deter holders of black money, or hundreds of millions of Indians outside the tax net, from buying gold to keep their wealth away from the prying eyes of the authorities.

Washington has signed pacts covering more than 80 tax jurisdictions to implement the Foreign Account Tax Compliance Act, or FATCA, requiring financial institutions to share information about Americans' accounts worth more than $50,000.

Sources said the window period could be notified by the end of this month or by early July and the time given could be as short as two months.

India now accounts for a meagre 0.123 per cent of the total global wealth worth $1.6 trillion in Switzerland's banking system.

Swiss banks saw their profits rise during 2014 to close to 19.5 billion Swiss francs.

The Finance Ministry dropped the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts in the ITR forms.

With Switzerland making public names of some Indians with Swiss accounts, Finance Minister of India, Arun Jaitely on Tuesday said the era of tax haven has come to an end and it is no longer safe to keep assets abroad illegally.

Finance Minister Arun Jaitley says India is ready to sign a bilateral pact on automatic sharing of bank information.

The cases have been filed in courts in Delhi, Mumbai, Bangalore, Ahmedabad and Goa before the closure of the just concluded financial year 2014-15 on March 31.

Finance Minister Arun Jaitley on Saturday presented his maiden full-year Budget for the 2015-16 financial year in the Lok Sabha. Read the full text of his speech here:

The bank said it is being probed by tax authorities in many other countries as well with regard to alleged irregularities by its Swiss banking unit.

\"The total amount of tax collection after the new cases related to the HSBC list will work out to around Rs 6,350 crore\", an official said.

It is alleged that representatives of HSBC India, which has employees based in the United States, assured customers that details of their accounts would not be reported to tax officials.

The Swiss subsidiary's profits have fallen steeply annually since 2008, when they peaked at US $553 million and represented 6 per cent of HSBC's total earnings.

British lawmakers said they plan to open an inquiry into the bank after it came under fire for its past practices in Switzerland.