India to access Swiss bank accounts
A new deal between India and Switzerland will allow the union government to get hold of details of Indian money stashed in Swiss bank accounts. The revised agreement with Switzerland will allow investigators to access information relating to not just tax fraud but evasion as well.
The reworked double taxation agreement ( DTA), signed by India and Switzerland on Monday, will mean Indian authorities can seek information about account-holders in Swiss banks from January 2011 as long as they have a case.
Ever since reports emerged of Indians having accounts in tax havens like Liechtenstein and the success of governments like the US in accessing these accounts, New Delhi has been working to get better terms from the Swiss.