New Delhi
30 August 2010
India and Switzerland signed a pact here Monday that will enable New Delhi to
get information from the Swiss authorities on issues such as tax evasion, a euphemism
for the stashing away of black money in secret bank accounts.
The protocol amending the existing double taxation avoidance agreement was signed by
finance minister Pranab Mukherjee and the visiting Swiss foreign minister, Ms Micheline
Calmy-Rey.
It will pave the way for India to obtain information on secret accounts although it is not
clear yet whether information on individual cases can be obtained there is evidence to
back the claims of tax evasion.
Banking in Switzerland depends on integrity of information, and it accounts for nearly 11
per cent of the country's gross domestic product (GDP).
The issue of Indians having secret Swiss bank accounts is a political hot potato and was
a poll plank during the 2009 general elections. Indians are alleged to have assets worth
billions of dollars in banks in Switzerland.
In her three-day visit here, the Swiss minister, who was earlier her country's president,
held talks with external affairs minister SM Krishna and minister of state of environment
and forests Jairam Ramesh, too.
On October 1, Switzerland will host the 12th meeting of the India-Switzerland joint
economic commission. It was established in 1959.
Ms Calmy-Rey has been a member of the Swiss federal council since 2002.
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