Swiss may be more forthcoming on Indian slush fund details
20 Oct 2009
Switzerland's ambassador to India has hinted that his country would be more willing to share information with India about the bank accounts of tax defaulters after the two sides revise the existing treaty on double taxation in December.
The representatives of both countries are expected to meet in Geneva to amend the existing treaty, which so far does not allow the details of bank account holders in Switzerland to be revealed.
''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,'' ambassador Phillippe Welti told TV channel CNN IBN.
''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,'' Welti said.
Finance minister Pranab Mukherjee had told parliament in July that the government was working on revising the secrecy clause in the ''double taxation avoidance agreement with Switzerland.''
Welti further said, "Switzerland will completely live up to the legitimate expectations out of the treaty... for release of data in the future. The (amended) treaty would be possibly adapted, revived and then we will live up to the new obligations ... of course we will release data."
