Jaitley’s remark comes a day after a Swiss government official said that names of certain persons and entities, who have come under scanner of Swiss authorities, is being shared with India.
   
Jaitley said the Finance Ministry is yet to receive an 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 while 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.

Switzerland has prepared a list of Indians suspected to have stashed un-taxed wealth in various Swiss banks.

READ MORE: India’s treasure increases in Swiss banks as it moves up to 58th rank

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

As part of its efforts to bring back black money, the Union Cabinet headed by Prime Minister Narendra Modi on its first day in office constituted a Special Investigative Team (SIT) to unearth illicit money.
   
Reacting to the development, Justice MB Shah, who is heading the SIT on black money, said that the list would be verified and action would be taken against the guilty.
   
Despite repeated requests from India, Switzerland had maintained that its local laws prohibit administrative assistance in matters where information has been sourced illegally, including through stolen lists.
   
India is one of the 36 countries with which Switzerland has signed treaties to provide administrative assistance in tax matters in accordance with international standards.

JPN/Agencies

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Blackmoney issue: India to seek expeditious sharing of bank info from Swiss government

 

New Delhi: Finance Minister Arun Jaitley on Monday said the government will write to Switzerland seeking details of Indians having unaccounted money in Swiss banks.

         

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

         

Jaitley said the Finance Ministry is yet to receive an 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 while 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.

 

Switzerland has prepared a list of Indians suspected to have stashed un-taxed wealth in various Swiss banks.

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

 

As part of its efforts to bring back black money, the Union Cabinet headed by Prime Minister Narendra Modi on its first day in office constituted a Special Investigative Team (SIT) to unearth illicit money.

         

Reacting to the development, Justice MB Shah, who is heading the SIT on black money, said that the list would be verified and action would be taken against the guilty.

         

Despite repeated requests from India, Switzerland had maintained that its local laws prohibit administrative assistance in matters where information has been sourced illegally, including through stolen lists.

         

India is one of the 36 countries with which Switzerland has signed treaties to provide administrative assistance in tax matters in accordance with international standards.