No amnesty scheme in offing to get money stashed abroad: FM | business | Hindustan Times
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No amnesty scheme in offing to get money stashed abroad: FM

India wants a comprehensive double taxation treaty with Switzerland to check the stashing of money by Indians in banks there but ruled out any voluntary disclosure scheme for such individuals.

business Updated: Oct 25, 2009 14:53 IST

India wants a comprehensive double taxation treaty with Switzerland to check the stashing of money by Indians in banks there but ruled out any voluntary disclosure scheme for such individuals.

"I don't want to comment on individual offer, because I want to amend the double taxation agreement with Switzerland and all the relevant clause of that agreement will have to be on par with the model code of OECD, which we have accepted, Swiss authorities have also accepted.

"Therefore, keeping in conformity with that, there should be a comprehensive agreement," Finance Minister Pranab Mukherjee told PTI when asked about Swiss banks offer to deduct withholding tax on the earnings of assets held by foreign nationals in their banks and then pass it on to the government concerned or taxing the account holders on behalf of the country concerned.

Mukherjee said it would be premature to talk about these things and added that full-fledged discussions will begin in December.

"In between some comments are coming. but these are piecemeal issues and I would not like to comment on that as the regular consultation process has started," he added.

"For the time being we are not thinking any such thing," he said, when asked whether the government would consider a voluntary disclosure scheme for those having evaded taxes by depositing money in safe havens of Swiss banks.