New Delhi, Sep 21 (PTI) Switzerland Ambassador Philippe Welti today said his country would share details of the secret bank accounts held by Indians, provided everything is within the framework of the revised double taxation treaty between the two nations. To a question in an interview to a private news channel that whether Switzerland would share details of Swiss bank accounts held by Indians, the Ambassador said, Yes, provided it is in the framework of the treaty.
Switzerland's Parliament on June 17 approved the revised Double Taxation Avoidance Agreement (DTAA) with India that would allow access to details of its citizens having unaccounted money in Swiss banks. After ratification by Parliament, the treaty is open to scrutiny by Swiss people for 100 days. That period ends on October 6. India had inked an agreement with Switzerland to revise the DTAA in August 2010. Once in force, the treaty would allow India to seek information for cases related to tax evasion also. Going by statistics from the Swiss National Bank, the total deposits of Indian individuals and companies with all the Swiss banks was collectively about USD 2.5 billion at the end of 2010. Amid raging debate over the issue of black money, the government is looking at various ways, including renegotiation of existing bilateral treaties to bring back unaccounted money stashed by its citizens in overseas accounts.
When asked whether the Indian government has submitted any request regarding accounts held by its citizens in Swiss banks, Welti said, I have not seen the request going through me but I am not the only channel.
This can also go straight through ... between the ministries. In response to a question whether all the assets held by Indians in Swiss banks were legal, Welti said, We assume that every thing is legal. It is for the Indian Government to make a case if they think that something out of this is illegal, he added.
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