India can now access info on money stashed by Indians in Swiss banks
merisarkar news service
New Delhi, August 30, 2010
India can now access info on Swiss accounts
India and Switzerland have signed a protocol that will enable exchange of information on tax evaders, considered a must for getting details on unaccounted funds stashed away by Indians in Swiss banks.
The protocol which amends the existing Double Taxation Avoidance Agreement between the two countries was signed by visiting Swiss Foreign Minister Micheline Calmy-Rey and Finance Minister Pranab Mukherjee.
The exchange of information would be based on Organisation for Economic Cooperation and Development, OECD, norms which sets international tax standards.
The government had promised to take every possible step to bring back this unaccounted money. Indians are alleged to have assets worth billions of dollars in banks in Switzerland.
Switzerland is entering into revised tax pacts with many countries in accordance with OECD’s Model Tax Convention to facilitate the bilateral exchange of information related to the bank accounts of tax evaders.
