India will have to wait till the end of 2011 to get information about funds stashed in banks in Switzerland. The Swiss parliament has to ratify a tax treaty signed between the two countries in August last year.
Even though the Indian government is under immense pressure to fast-track the process of bringing back black money stashed in countries abroad, especially Switzerland, the Swiss government doesn’t seem to be showing the same urgency.
India will have to wait till the end of 2011 to get information about funds stashed in banks in Switzerland. The Swiss parliament has to ratify a tax treaty signed between the two countries in August last year.
The Supreme Court had scoffed at the government’s argument that only when the treaty becomes acceptable by the Swiss government can information about the swindlers be known.
Both countries had signed an agreement on August 30, 2010, to amend the Double Taxation Avoidance Agreement (DTAA) with a view to facilitating exchange of information. This will enable India to get banking information in specific cases, beginning April 1 this year.
“The DTAA is in parliamentarian process in Switzerland. We are running through this process in the next couple of months... we will be ready to conclude the agreement before the end of this year,” Johann N Schneider-Amman, head of federal department of economic affairs in Switzerland said on Thursday.
India has already completed the formalities for implementation of the revised DTAA.
“We do want to solve issues around black money. I can tell you Switzerland is very much interested... we respect all the OECD (Organisation for Economic Cooperation and Development) prime conditions,” the visiting minister said.
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