India, Switzerland ink double taxation avoidance pact

August 30th, 2010 - 11:23 pm ICT by IANS  

Pranab Mukherjee New Delhi, Aug 30 (IANS) India and Switzerland Monday signed a double taxation avoidance agreement, paving the way for Indian authorities to obtain information on money stashed away in secret bank accounts in Switzerland.
Finance Minister Pranab Mukherjee and Swiss Federal Council Foreign Minister Micheline Calmy-Rey inked the pact here.

The revised agreement is in confirmation with the international model agreement on double taxation, which governs the exchange of information, or mutual administrative assistance among tax authorities of the signatory countries.

India has been seeking information from Switzerland on illicit wealth stashed away by Indians in Swiss banks. However, Switzerland has so far refused to share details citing stringent banking laws.

Currently, India has double taxation avoidance agreement with 80 countries.

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