Switzerland to examine Black Money info requests on priority basis
A High Level meeting took place in Berne between India’s Revenue Secretary and his Swiss counterpart, State Secretary for International Financial Matters to discuss tax matters. Various multilateral and bilateral tax and financial issues were discussed. Both sides agreed to keep the dialogue between the two countries open.
Outcomes of the meeting
In a major boost to India’s efforts to track black money allegedly stashed abroad, Switzerland has agreed to examine requests from India for banking information. The information will be provided in a time bound manner and requests from India will be considered on a priority basis.
Also, Switzerland will, on request by India, assist in determining genuineness of bank documents and speedily provide information on requests regarding non-banking information also.
If for any reason, the Swiss are unable to comply with Indian requests on a timely manner, they will communicate to the Indian officials, the reasons for the delay/non-compliance as soon as possible.
Statistics on Black Money
As per Swiss National Bank, the total money held by Indians in Swiss banks stood at over Rs. 14,000 crore as on December 2013, an increase of 42% when compared to the 2012 data.
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Month: Current Affairs - October, 2014