NRI used to stand for “Non-resident Indians” but now, it seems like “Nowhere to Run Indians”. If you have dodgy Indian clients then this is turning into a very “interesting” year.
The homeland quest for information is getting some traction (first discussed here: http://trustprofessioninasia.blogspot.com/2011/01/clash-of-titans.html) http://articles.economictimes.indiatimes.com/2011-04-07/news/29392727_1_fishing-expeditions-dtaa-information-without-domestic-interest
So sometime early next year, a bunch of Swiss bank accounts will be released.
On the overseas side, those Indians with HSBC-USA connections may be subject to a “John Doe” summons somewhat akin to what the US used against UBS a couple of years ago: http://www.forbes.com/feeds/ap/2011/04/07/business-financials-us-hsbc-tax-probe_8397088.html
If the court grants such a summons, then anyone who banked with HSBC-USA will have an IRS filed open for "special" scrutiny. Apparently HSBC closed down that NRI service earlier so the money is now somewhere else. Wherever the money trail leads to, that institution may very well be next on the hit list. Didn’t happen to take a transfer from HSBC-USA did you? Throw all those amounts into your “At Risk” ledger and wait for your "John Doe" summons.
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