Switzerland will send a delegation to India to discuss the “current situation” and define measures for greater cooperation on tax matters.
Switzerland has also agreed to an OECD global automatic exchange of tax information framework, which would further enhance its information exchange mechanism with India after becoming operational, a Swiss government official said…
Despite efforts by the Alpine nation to shed its banking secrecy tag, Switzerland is still perceived in some quarters to be a safe haven and to be reluctant in sharing information.
Seeking to dispel such perceptions, Switzerland’s Federal Department of Finance said that it has intensified its efforts in the field of information exchange to explain Swiss laws and practice to the Indian authorities in a transparent way.
As per the latest data available with the European nation’s central bank, the Swiss National Bank, the total funds held by Indians in Swiss banks declined to to a record low of about Rs 9,000 crore (1.42 billion Swiss francs) at the end of 2012, as compared to around Rs 14,000 crore (2.18 billion Swiss francs) a year ago.
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