Swiss Says No Info on HSBC Accounts

With Switzerland refusing to share information based on stolen data, India will provide independent evidence on black money account holders, its alternate but not preferred position, Finance Minister Arun Jaitley has said.

The finance minister said the Swiss authorities have made it clear to India that they will not cooperate or exchange any information based on stolen data. If, however, India can provide credible, independent evidence of investigations back home, then Switzerland will cooperate.

Mr Jaitley said “good progress” was being made between the two countries and that India has understood better the parameters of the “independent evidence” Switzerland is looking for after his meeting with the Swiss finance minister.

Mr Jaitley was speaking to NDTV on the sidelines of the world economic forum in Davos, Switzerland, after a 40-minute meeting with his Swiss counterpart, where they discussed how Switzerland can provide details on unaccounted money parked in bank accounts in that country by Indians.

“Tax officials are working around the clock to finish assessments and collect evidence. Several people have admitted to having accounts. Now we have to come back to the Swiss with this material based on which their attitude has been positive towards extending cooperation,” Mr Jaitley said.

In October last year, India and Switzerland had signed a joint statement of understanding with regard to cooperation on tax matters.

(In the meanwhile, the “Black” money of Indians in the numbered Swiss account has gone up by 20% plus following the rise in SFR. A windfall gain! It pays to bank in Switzerland. – Ed.)