Switzerland Not Sharing Info On Bank Accounts Of Indians: FM
"You would appreciate that, such a situation, where there is no effective exchange of information between India and Switzerland despite a clear legal obligation of Switzerland under Article 26 of the DTAC, is a matter of grave concern for India," he said. Chidambaram said the Swiss government had proposed revision of its domestic laws for providing information under the tax treaties, which would have enabled the European nation to provide information to India in the HSBC cases even in respect of the so-called stolen data.
In 2011, the Indian government received the names of 782 Indians who had accounts with HSBC. "However, it is learnt that the proposed revision did not take place due to strong political opposition in Switzerland," he said. "It should be noted that Switzerland's refusal to provide information in serious cases of tax evasion in India is a sensitive matter in India too."
He hoped that the Swiss government would be able to persuade its Parliament to agree to the proposed changes in its domestic law to comply with internationally accepted standards and conventions. "Switzerland cannot violate its obligations under the DTAC with India on any ground, including on moralistic grounds, when the Government of India has all along acted in good faith and has requested the information in a bonafide manner," Chidambaram added.
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