Pranab: Aware of Swiss banks' reluctance in sharing details | business | Hindustan Times
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Pranab: Aware of Swiss banks' reluctance in sharing details

business Updated: Aug 24, 2009 17:36 IST

Finance Minister Pranab Mukherjee on Monday said he has noted reports about reservations Swiss banks have in sharing client details with India, but did not say what course of action the government would take.

"I have read in the newspapers", Finance Minister Pranab Mukherjee told reporters, adding that he will look into it.

He was replying to a question about the Swiss Bankers Association's stand that India was not welcome on a name-fishing expedition, although top bank UBS AG agreed to provide details of more than 4,000 accounts to the US authorities.

"Swiss law and even OECD's Model Tax Convention do not permit fishing expeditions, in other words, the indiscriminate trawling through bank accounts in the hope of finding something interesting.

"This means that India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here," SBA's Head of International Communications James Nason had said.

Mukherjee had recently informed Parliament that the government was committed to unearthing black money within and outside the country.

"Swiss authorities, I am told, have agreed for negotiations (on the issue)... We have already taken it (the issue of black money) not only with Swiss authorities but other nations as well," Mukherjee had said.