According to media reports, government of France has already handed over the list of the Indian names to the central government. The finance ministry reportedly received over 600 names of Indians who have accounts in HSBC Bank's Switzerland branch.
However, finance minister, Pranab Mukherjee during the Parliament session on Friday, Aug 19 claimed that the agreement signed with Switzerland for sharing banking information on demand is likely to be effective by Sep 2011.
Mukherjee, speaking during Question Hour in the Lok Sabha said that he had signed the agreement with Switzerland for sharing banking information of Indians having accounts there during his earlier tenure as Finance Minister in UPA-I government.
He said the Swiss Parliament had ratified the agreement but as per rules of direct democracy prevalent in that country, all cantons (states) have to ratify it.
He said, "This process will be completed by September. Information will be shared from April 1, 2012, prospectively not retrospectively. No country has agreed to share information retrospectively," and added that once it comes into force, banking information will be exchanged between the two countries on demand.