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

 

"Now we do have independent evidence and material available. So, now we have to come back to Switzerland with that material on the basis of which we can get (the information)," the finance minister said. 

According to Jaitley, Switzerland has assured that on the basis of such independent information "they will cooperate". On ways to prevent black money menace in the future, Jaitley said the global community is moving towards automatic exchange of information. 

"Switzerland has decided to become an early bird to join that grouping. There were some issues related to India due to the Supreme Court. Now I think that has been resolved and we are also moving in the direction of joining that group. 

"Once both of us join that group, then we are supposed to join in a bilateral agreement with regard to automatic exchange of tax information. Once we do such bilaterals with various countries, I think that would be the long term solution to check this menace," the minister said. 

Earlier the concept was that people will stash money in Swiss banks but nobody will be able to break into that system, Jaitley said. Switzerland has been evolving its position all these years and therefore they have started cooperating with various states, he added. 

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