Thursday, September 16, 2010

Government has no data on Swiss bank money: RTI activist told

There is no verifiable data about the quantum of Indian money kept in Swiss banks, the government has told a Right to Information (RTI) activist. Responding to queries by RTI activist Subash Chandra Agarwal, the Department of Revenue of the Ministry of Finance said efforts had been made from time to time to seek details of Indian account holders from the Swiss government under the Double Taxation Avoidance Agreement (DTAA) between the two countries. The reply said the Swiss Federal Tax Administration has expressed its inability to exchange the information regarding bank deposits of Indian residents as the information was not necessary for the application of DTAA between the two countries but was required only for enforcement of India's internal laws.

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