Switzerland to share bank details with India: Envoy

NEW DELHI: Switzerland Ambassador Philippe Welti on Wednesday 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 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 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.