Swiss banks will share account info with India

Written by: Mamatha
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New Delhi, Aug 31: The reworked double taxation agreement (DTA) signed by India and Switzerland on Monday, Aug 30, will allow Indian authorities to seek information about account-holders in Swiss banks from Jan 2011 as long as they have a case.

However, the agreement won't facilitate a fishing expedition.

Swiss foreign minister Micheline Calmy-Rey said starting Jan 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.

"Under the revised pact, we will give information to India not just in cases of tax fraud but also in tax evasion cases," Calmy-Rey said.

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