India to seek expeditious sharing of bank info from Swiss govt

Tags: Banking
Seeking to expedite information sharing from the European nation, finance minister Arun Jaitley today said the government will write to Switzerland seeking details of Indians having unaccounted money in Swiss banks.

The Minister's remark comes a day after a Swiss government official told PTI that names of certain persons and entities, who have come under scanner of Swiss authorities, is being shared with India.

Jaitley said his Ministry is yet to receive 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 here.

He was 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.

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

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