Can’t share Switzerland’s black money details, says the government

The government, citing confidentiality, has refused to share information on cases of black money received from Switzerland. In addition to the details of the action taken on the information, the Ministry of Finance was asked to provide details of the same received from Switzerland, including the names of companies and individuals.

In response to a RTI query, the Finance Ministry said that on a case-by-case basis, India and Switzerland shared black money information as per the investigations being conducted. It’s a process going on, he added. “Switzerland’s shared information on cases involving black money is governed by confidentiality provisions,” he said in response to a PTI journalist’s RTI application.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) is signed by India and Switzerland. India and Switzerland signed a joint statement for the automatic sharing of financial account information between the two countries on 22 November 2016, he said.

“The necessary legal arrangements have been put in place and from 2019 onwards, India will receive information of financial accounts held by Indian residents in Switzerland for the calendar year 2018 and subsequent years,” the ministry said.

It added that it would be useful to track unaccounted Indian residents ‘ income and assets in Switzerland and to tax the same. There is also no estimate in circulation of the amount of black money both inside and outside the country, the ministry said.