Talks with Swiss banks to unearth Indian black money
Union Finance Minister Pranab Mukherjee said the the Indian Government will open talks with the Swiss Government and its banks to unearth black money stashed away there by Indians.
The Swiss authorities have agreed to discuss and begin the negotiations on the amendment of the avoidance of double taxation agreement in respect of the exchange of information.
The Swiss Banks Association had said Swiss law and even OECD’s Model Tax Convention do not permit indiscriminate search through bank accounts in the hope of finding law offenders.
Switzerland had last week reached an agreement with the US to give that country’s Internal Revenue Service details of 4,450 clients who Washington suspected of evading taxes.