CNN-IBN EXCLUSIVE
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Swiss banks ready to help India trace black money
Published on Mon, Oct 19, 2009 at 17:09, Updated on Mon, Oct 19, 2009 at 17:21 in Business section
Tags: Swiss Accounts, Black Money , New Delhi
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New Delhi: The Swiss government is willing to share information about the bank accounts of Indian tax evaders after the representatives of both countries meet in Geneva in December to revise their double taxation treaty.
Switzerland’s Ambassador to India Phillipe Welti said this to CNN-IBN in an interview. “What the Indian side can expect is that once we--Indian and Swiss government--have agreed on a possible change in the existing treaty that Switzerland will implement the treaty in spirit and letter of what is decided upon,” said Welti to CNN-IBN’s Sumon K Chakrabarti.
“More precisely then the Indian government is entitled to submit requests for the purpose (of seeking bank account details). The Swiss government will be entitled to examine those requests. If those requests fit in to the provisions agreed upon then the release of data will be possible,” he said.
The US reached an agreement with Switzerland in August 2009, under which banking major UBS would furnish details of 4,450 secret accounts to the American authorities. But Swiss officials had then expressed their inability to have a similar arrangement with India.
Swiss laws do not permit fishing expeditions, in other words, the indiscriminate trawling through bank accounts in the hope of finding something interesting, a senior official of the Swiss Bankers Association had said in August.
“This means that India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here," SBA's Head of International Communications James Nason had said.
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OK the monet stacked overseas needs to be accounted and brought in. How about the Black and grey in our
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Though Swiss banks are ready to disclose the details..our leaders are nowhere interested because it's their property and name which
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This is a good news. But our Politicians will ensure that the entire exercise is derailed till they find alternative
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OK the banks are ready for it... but is our government ready for this. We have been fooled for 60
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The problem is not the Swiss authorities but the Indian political and powerful business lobby. It will not be in
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