India, Switzerland to amend tax agreement soon

August 23rd, 2011 - 9:03 pm ICT by IANS  

New Delhi, Aug 23 (IANS) India and Switzerland will soon amend their existing double taxation avoidance agreement to help curb black money, parliament was told Tuesday.

“The revised DTAA will allow India to obtain banking information from Switzerland in specific cases for a period starting from April 1, 2011,” Minister of State for Finance S.S. Palanimanickam said in written reply to a question in the Rajya Sabha.

In August 2010, India and Switzerland signed a protocol amending the Double Taxation Avoidance Agreement (DTAA).

The amended agreement will become operational on completion of internal procedure by Switzerland.

The Swiss parliament approved the agreement June 17, 2011. “Switzerland has informed that they are committed to complete the remaining procedure,” Palanimanickam said.

Referring to the Swiss National Bank data, the minister said total liabilities of Swiss banks towards Indians were 1.94 billion Swiss franc (Rs.9,295 crore).

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