Succumbs to the pressure from across the world, Switzerland has signed OECD's Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Total 58 countries including India signed convention which provides for sharing of information and mutual cooperation among all its signatories.
Black money held by Indians in Swiss bank fell to a record low level of Rs 9K cr
Paris-based Organisation for Economic Cooperation and Development (OECD) is an international policy-advisory body that has formulates global tax standards to fight tax evasion and concealment of illicit funds.
Swiss National Bank recently has released a figure which says total funds held by Indians in Swiss banks fell to a record low level of about Rs. 9,000 crore (1.42 billion Swiss francs) at the end of 2012, from about Rs. 14,000 crore (2.18 billion Swiss francs) a year ago.
The overall funds held in Swiss banks by entities from across the world also fell from $1.65 trillion to $1.5 trillion during 2012.
(With PTI inputs)