Switzerland ready to share information on Black Money: Jaitley

Finance minister Arun Jaitley

Finally Switzerlad has agreed to provide the information of Indians having black money in Swiss banks, Finance Minister Arun Jaitley said on Friday.  Switzerland will share the information related to HSBC and Lienchestein lists, provided there is independent evidence collected by Indian authorities,he said.

“The Government of India is taking all necessary steps to access tax-related information from foreign governments… Black money stashed abroad will be brought back,” he said.

Switzerland has agreed to provide the names in time-bound manner following the meeting of high level officials of both the countries earlier this week. Earlier Switzerland had refused to share the names mentioned in the lists saying that they were stolen data and their bank policy doesn’t allows sharing of names.

Jaitley said, BJP government has no problem in sharing the names of people having illicit money with public. “We have no difficulty in making the names public”.

“We only have a list of names and we wanted details of those accounts. The swiss so far has been completely refusing to give us any details on the grounds that these were stolen documents.”

“A breakthrough was reached that in cases where there is independent investigation in India and evidence is collected in India, those details in relation to those accounts will be provided even if those accounts are on the HSBC list. So that absolute prohibition which the Swiss have imposed no longer exists,” the Finance Minister said. India and Switzerland have been in talk for past several years but it is the first time that both the countries have made a bilateral agreement in sharing the information, he said.

Jaitley refused to answer when asked, “how much illicit money is expected to be in Swiss Banks?” However, according to a report at least $1500 billion is deposited in Swiss Banks as black money. It is that much amount of money that if we divide such a mammoth amount every Indian household will receive at least 3 lakhs INR.

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