India has not received information on Swiss 'black money': Arun Jaitley

New Delhi: The government has not received any communication from Switzerland about ‘black money’ suspected to be stashed in Swiss banks, finance minister Arun Jaitley said on Monday.

Jaitley's comments followed media reports that Switzerland has prepared a list of names of Indian account holders who they suspect of not paying taxes. Jaitley said he was writing to the Swiss authorities for more information. "We are writing to Swiss authorities so that the details or whatever information they have can be expedited and the cooperation between Swiss authorities and the government can bring fruitful results," added Jaitley. His comments followed media reports that Switzerland is ready to share with India a list of names of Indian account holders who they suspect of not paying taxes.
Switzerland is currently trying to identify the owners of funds held in various banks, said a senior Swiss government official.

‘These individuals and entities are suspected to have held untaxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based out of countries other than India,’ as per official reports. Sources also stated that Swiss authorities were very keen to work with the new government in India and would also intends to provide all necessary support to the newly set up Special Investigation Team on black money.

After being voted to power, the Modi government set up a Special Investigating Team or SIT with 11 members to help identify Indians who have placed undeclared and untaxed income in Switzerland. Reports also state that the Supreme Court had repeatedly censured the previous UPA government for failing to take strong steps to recover black money.