India will write to Swiss govt, ask for expeditious sharing of bank info

According to the latest data published by Switzerland's central bank SNB, Indian money in various Swiss banks rose by 43 per cent during 2013 to close to Rs 14,000 crore.

By: Press Trust of India | New Delhi | Updated: June 23, 2014 6:31 pm
jaitely_main Jaitley’s remark comes a day after a Swiss government official told PTI that names of certain persons and entities, who have come under scanner of Swiss authorities. (Source: Express photo)

Seeking to expedite information sharing from the European nation, Finance Minister Arun Jaitley on Monday said the government will write to Switzerland seeking details of Indians having unaccounted money in Swiss banks.

The Minister’s remark comes a day after a Swiss government official told PTI that names of certain persons and entities, who have come under scanner of Swiss authorities, is being shared with India.

Jaitley said his Ministry is yet to receive official communication in this regard.

“We are today writing ourselves to the Swiss authorities with whom the Ministry has been in touch so that details with regard to whatever information the authorities have can be expedited and the cooperation between the Swiss authorities and the government of India can bring fruitful results. Our communication will be sent today itself,” Jaitley said here.

He was referring to the issue of Indians allegedly stashing unaccounted money in Swiss banks.

“News has appeared in various sections of the media quoting Swiss authorities that they are willing to actively cooperate with the government of India in giving details about Indians who hold bank accounts in the Swiss banking system,” he said.

According to the latest data published by Switzerland’s central bank SNB, Indian money in various Swiss banks rose by 43 per cent during 2013 to close to Rs 14,000 crore, including the money held directly by Indian clients and those through fiduciaries or wealth managers.

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  1. P
    Patriot Indian
    Jun 24, 2014 at 7:38 am
    One should not forget that the Swiss are extremely chalu. They promptly say that they are willing to share info to avoid bad press but in actuality do not give the required info. They involve the affected parties in legal battles and procrastinate decision making. They did in the case of Bofors despite huge expenditure in fighting a legal battle. Here again, they may say that are prepared and entangle us on technical grounds such as dual criminality and non-harmonization of laws of both countries.
    Reply
    1. S
      Sachin Jagade
      Jun 23, 2014 at 4:03 pm
      It's not rocket science to determine why the money flowing into Switzerland increased by 43 % in 2013. Change of guard was expected in New Delhi and the enies that shipped the money to Switzerland probably thought that the Swiss Authorities will stonewall all inquiries from the new Indian government. Abki baar Modi Sarkar. ..changed all those old perceptions...get all the black and unaccounted money back
      Reply
      1. L
        Lucas B
        Jun 23, 2014 at 11:42 am
        These all are official accounts. All money in the bank is accounted, so where is the question of unaccounted money. This is just eyewash by Jaitley. Lets see how much he can sieze and bring back.
        Reply