"India and Switzerland are in renegotiations to adapt the existing double taxation treaty. Once this revised double taxation treaty comes into force, it will be possible to exchange account details," Swiss Federal Tax Administration spokesman Beat Furrer said.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
In the past, several other Indian nationals have been named in such notifications after the Swiss FTA was approached by Indian authorities for information about those people with regard to the pending tax-related probes against them.
Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
India has received the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland, as part of an annual exercise under which the European nation has shared the particulars of nearly 33 lakh financial accounts with 96 countries.
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
Under pressure from India and other countries, Switzerland has made key changes in its local laws governing assistance to foreign nations in their pursuit of black money allegedly stashed in Swiss banks.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Many requests are pending with the Swiss authorities.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
Switzerland will be able to provide banking and other details sought by other countries, including India, from next month about a 'group of persons' even without their individual identification, provided the information has not been requested as part of some 'fishing expedition'.
Switzerland will not share details about accounts held prior to September 2018.
The Swiss Finance Ministry spokesperson recently confirmed that a meeting is expected in the coming weeks, but did not disclose any further details.
Continuing to shed its famed banking secrecy veil, Switzerland today made public more names about which it has been approached from abroad for information, even as it published fresh gazette notifications about two Indians -- Sayed Mohammed Masood and Chand Kauser Mohammed Masood.
Move will be a setback for India which wants information on black money probe based on leaked data
The Swiss Finance Ministry spokesperson further said the treaty states that "such persons or authorities shall use the information 'only' for such purposes.
The government has stated that it will make all efforts to bring back illicit wealth parked by its citizens in foreign jurisdictions.
Both countries have been working on administrative assistance.
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
Indore-based textiles firm Neo Corp is the latest in a series of Indian names that have been published in the official gazette of the Swiss govt.
Experts of both the countries will meet by mid-September 2016 to further discuss the modalities for the reciprocal bilateral implementation of AEOI between India and Switzerland with a view to reaching an agreement at the earliest, possibly by the end of the year
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
India and a large number of other countries, including Switzerland, have adopted a global declaration for automatic exchange of tax information under auspices of OECD.
These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.
India has been probing hundreds of black money cases.
Money permits patronage. Money means power. No wonder details of the crores locked up in NPAs and never repaid loans are top secret, Sunanda K Datta-Ray.
FIFA president Sepp Blatter and its secretary general Jerome Valcke have both hired high-powered US lawyers to represent them as a corruption probe roils soccer's global governing body.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances