Switzerland taking refuge under stolen data excuse: FM

Tags: News
Accusing Switzerland of not following G-20 resolution on sharing banking details, Finance Minister P Chidambaram today said if they can give information to the US based on stolen data, then why not to India.

Asserting that he has done everything possible to get information on the alleged blackmoney stashed by Indians in Swiss banks, Chidambaram said the authorities there are taking refuge under the excuse that requests based on stolen data cannot be shared.

"I have pressed so hard that the Swiss Finance Minister is deeply embarrassed even to meet me in international forum because I have told her that it is a very serious issue in India and she must share information with us," Chidambaram told a press conference here.

"They take refuge under one excuse. What excuse it is? That (information sought is based) stolen data. I said what is stolen data? I did not steal any data. This is data which was there with the French government.

"Well we can't share stolen data unless our Parliament passes a law. Then I asked her how did you share information with the US? The US had greater clout than India, you share information with the US, you won't share with us?," he said.

Chidambaram said that India would raise this issue at every forum, including the meetings of G-20 leaders that is going to happen on the sidelines of World Bank IMF annual meet next month in Washington.

"... On every forum we will raise the issue that Switzerland is non-compliant with the G-20 resolution that the era of bank secrecy is over," he noted.

On March 13, Chidambaram had written to his Swiss counterpart Eveline Widmer Schlumpf raising concerns about the alpine nation not sharing information on alleged unaccounted money stashed by Indian citizens in banks there.

"I have done more than anyone else to push press the other government's to share information. Mr Mukherjee (his predecessor) did his best," Chidambaram said.

EDITORIAL OF THE DAY

  • Finance minister has been pragmatic in exempting FIIs from MAT claims

    Good sense has finally prevailed in the government, with finance minister Arun Jaitley announcing the income-tax officials will exempt overseas funds

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

If you bend, you won’t break

There’s an ancient exercise about a green, supple new branch ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture