New Delhi, August 30: India and Switzerland on Monday signed a treaty that will enable exchange of information on tax evaders, considered a must for getting details on unaccounted funds stashed away by Indians in Swiss banks.
The treaty is a revised version of the existing Double Taxation Avoidance Agreement between India and Switzerland and was signed by visiting Swiss Foreign Minister Micheline Calmy-Rey and Finance Minister Pranab Mukherjee.
Though the two leaders did not take queries from media persons, the Switzerland government and banks have been insisting that the exchange of information as per OECD norms could only take place after signing a revised treaty.
Black money has become a major political issue in India, with the the government promising to take every possible step to bring back this unaccounted or criminal money. Mukherjee is expected to make a statement on the agreement in Parliament tomorrow.
—Agencies