Switzerland has agreed to share information on black money: Arun Jaitley

Davos: Finance Minister Arun Jaitley said Switzerland has agreed to share information expeditiously on black money cases where independent evidence is furnished and said that automatic exchange of details would help in curbing the menace of illicit funds. He said both of them discussed about the parameters based on which Switzerland can provide details on unaccounted money parked in Swiss bank accounts once independent evidence is furnished.

In October last year, both countries had inked a joint statement of understanding with regard to cooperation on tax matters. However, Switzerland has a clear position that information based on stolen data would not be shared with another country but such requests would be looked into in case of independent evidence on the same being made available.

"Now in continuation with that agreement, I had a detailed meeting with them today as to what could be the parameters of that independent evidence," Jaitley told reporters after his meeting with Swiss counterpart that lasted 40 minutes.

"Of course, our tax officials are working round the clock. They are trying to finish all the assessments and they are trying to collect evidence. Several people in that list have already admitted to the fact that they had accounts. "Now we do have independent evidence and material available. So, now we have to come back to Switzerland with that material on the basis of which we can get (the information)," the Finance Minister said.

According to Jaitley, Switzerland has assured that on the basis of such independent information "they will cooperate". On ways to prevent black money menace in the future, Jaitley said the global community is moving towards automatic exchange of information.

"Switzerland has decided to become an early bird to join that grouping. There were some issues related to India due to the Supreme Court. Now I think that has been resolved and we are also moving in the direction of joining that group. "Once both of us join that group, then we are supposed to join in a bilateral agreement with regard to automatic exchange of tax information. Once we do such bilaterals with various countries, I think that would be the long term solution to check this menace," the Minister said.

Earlier the concept was that people will stash money in Swiss banks but nobody will be able to break into that system, Jaitley said. Switzerland has been evolving its position all these years and therefore they have started cooperating with various states, he added.