Black money on mind, PM Modi may visit Switzerland en route US next month

NEW DELHI: Prime Minister Narendra Modi is likely to make a stopover in Switzerland on his way to the US next month to discuss with Swiss authorities the issue of blackmoney stashed in banks there.

While both MEA and Swiss authorities did not confirm the visit, TOI has learnt that top-level Indian and Swiss officials are in touch to facilitate the visit. If it works out, Modi will land in Swiss capital Bern on June 6 on his way to Washington DC from Doha.

Modi, on what will be a rare visit to Switzerland by an Indian PM, is likely to have a bilateral meeting with Swiss President Johann SchneiderAmmann, where he will look to push for automatic exchange of information on tax-related issues.

It is possible that the government may arrive at an understanding over the issue with Switzerland, earning itself the bragging rights of having checked the flow of unaccounted wealth.

Government officials said there is agreement on most aspects of the agreement other than data obtained through "non-official means", i.e information obtained from a whistleblower or other sources. While the tax department is engaged in final consultations, top officials from Switzerland are also due in Delhi in a few weeks to work out a cooperation arrangement on revenue and other financial matters.

Switzerland has already ned an agreement for intro signed an agreement for introduction of the automatic exchange of information on cross-border tax evasion with several other countries, including Canada, Japan, Australia, South Korea and EU.

Swiss ambassador Linus von Castelmur had said in March the two countries needed to finalize a bilateral arrangement for AEOI. In January , finance minister Arun Jaitley had said Switzerland was keen on working with India in checking the practice of stashing away black money abroad.