Switzerland is “extremely keen” on greater cooperation in India’s fight against suspected black money stashed in Swiss banks, and is putting in place a new law on automatic information exchange that will take about a year to come into force, finance minister Arun Jaitley has said.
Jaitley, who held a bilateral meeting with Swiss finance minister Ueli Maurer during his visit for the WEF Annual Meeting, said they discussed various issues of mutual concern and Switzerland was very keen on greater cooperation in the fight against black money.
“Swiss are extremely keen on this. They are part of the global efforts against unaccounted money,” Jaitley said. “They are in the process of framing a new legislation on international cooperation. They say it will take one year. Till then, the arrangement entered between India and Switzerland in October 2014 will continue.”
Meanwhile, urging the private sector to give up caution and make investments, Jaitley said it has become absolutely imperative to add to the credibility of the Indian economy, with the world looking up to the country as a bright spot. “We are the only one growing at 7% plus rate. Investors are looking positively at India. We must carry on structural reforms, add to the credibility of the economy.”
With headwinds from slowdown in the Chinese economy and problems in the US and Europe, Jaitley said the world is now getting ready to deal with a new kind of situation. “So far, the concern used to be high oil prices, today the concern is low oil prices,” he said with regard to the global economy.