Arun Jaitley: India Has Independent Evidence On Black Money In Swiss Accounts

DAVOS: India on Thursday said it has independent evidence of Indians having black money in Swiss accounts and Switzerland has promised expeditious sharing of information in this regard. 

After meeting his Swiss counterpart Eveline Widmer-Schlumpf on the sidelines of the World Economic Forum (WEF) meet, finance minister Arun Jaitley said India has independent evidence.  Switzerland has promised it will take expeditious action on the cases. 

Jaitley said Switzerland has agreed to share information expeditiously on black money cases where independent evidence is furnished and said that automatic exchange of details would help in curbing the menace of illicit funds. 

He said both of them discussed about the parameters based on which Switzerland can provide details on unaccounted money parked in Swiss bank accounts once independent evidence is furnished.

In October last year, both countries had inked a joint statement of understanding with regard to cooperation on tax matters. However, Switzerland has a clear position that information based on stolen data would not be shared with another country but such requests would be looked into in case of independent evidence on the same being made available. 

"Now in continuation with that agreement, I had a detailed meeting with them today as to what could be the parameters of that independent evidence," Jaitley told reporters after his meeting with Swiss counterpart that lasted 40 minutes. 

"Of course, our tax officials are working round the clock. They are trying to finish all the assessments and they are trying to collect evidence. Several people in that list have already admitted to the fact that they had accounts. 

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