Swiss banks will share account info of tax evaders

NEW DELHI: In a major step towards the government getting hold of details of Indian money stashed in Swiss bank accounts, a 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 accountholders in Swiss banks from January 2011 as long as they have a case, but the agreement won’t facilitate a fishing expedition, Swiss foreign minister Micheline Calmy-Rey said.

In an exclusive interaction with TOI, Calmy-Rey said starting January 1, 2011, Swiss authorities will provide information to India on cases of tax fraud and tax evasion. 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.