Black Money: India Gets Swiss Invite for Discussions

New Delhi/Berne: As India steps up pressure on Switzerland for details of alleged black money stashed there, Swiss authorities have invited Indian officials to Berne to discuss further cooperation in these matters.

Besides, Switzerland has already transmitted "few positive responses" to India, a spokesperson in Swiss Finance Ministry said, without divulging any further details on this.

Sources, however, said these "responses" may not be related to the Indian names figuring in the so-called 'stolen lists' of those having alleged Swiss bank accounts.

Switzerland has been refusing to share details on names obtained by Indian authorities through other countries, namely France and Germany, saying they figured in lists stolen by certain ex-employees of the concerned banks and no details can be shared on the basis of illegally-obtained information.

"As written to the Indian government, the Swiss government would like to welcome a delegation of administration officials from India to discuss the further cooperation in tax matters in Berne, after the talks in February 2014 in India," a Federal Department of Finance spokesperson told PTI from Berne.

He was replying to queries on steps being taken by Switzerland to address India's concerns over denial of information about alleged black money stashed in Swiss banks.

A high-level delegation from Switzerland had held discussions on tax matters with the Indian government officials in New Delhi in February this year. Asked about the 'few positive responses' received by India from Switzerland and whether these were cases related to 'spontaneous exchange of information', the spokesperson said, "We can't give you any details about the few positive responses that Switzerland has transmitted to India."

Typically, there are two types of information exchange frameworks followed by Swiss authorities - 'spontaneous' exchange where details are given voluntarily to a foreign country if any irregularity is found with regard to a foreign client; and exchange of information in reply to a request.

The spokesperson also refused to share specific details about the number of requests received from India for exchange of information and the number of replies given by Switzerland.

"The annual statistics of administrative assistance are not country-wise but give only total figures of all countries. It is published by the Swiss Federal Tax Administration," the Finance Ministry spokesperson said.

According to the latest data, Swiss Federal Tax Administration received a total of 1,386 requests during 2013, down from 1,499 in the previous year 2012. The number of such incoming requests stood at only 370 in 2011.

In comparison, the Swiss Federal Tax Administration made six outgoing requests to other countries in 2013, up from two in 2012 and just one in 2011.

Latest data from the Swiss National Bank showed that total money of Indians in Swiss banks increased to Rs 14,100 crore at the end of 2013, from Rs 8,547 crore a year ago.