India to initiate black money talks in Dec 2009

Posted By: Staff
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New Delhi, Aug 25: The government has said that it will initiate talks with Switzerland in Dec 2009 for amending the relevant treaty in order to get the details of country's black money stashed in Swiss Banks.

"We are pursuing with the Swiss authorities and after our persuasion they have agreed to discuss and begin the negotiations on the amendment of the avoidance of double taxation agreement in respect of the exchange of information," the Finance Minister, Pranab Mukherjee said at a panel discussion organised by ET-Now news channel on Tuesday, Aug 25.

This comes days after the Swiss Bank said that it was against Swiss law and even OECD's Model Tax Convention do not permit 'indiscriminate trawling through bank accounts in the hope of finding something interesting'.

However, it has and over details of 4,450 secret accounts to the US's Internal Revenue Service. And experts say that Swiss bank-client confidentiality has never been 100 per cent absolute and there are provisions of flexibility made when there is a criminal investigation.

OneIndia News

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