India and Switzerland have signed a MoU on financial dialogue that will pave the way for greater cooperation between the two countries' tax authorities, a move that will allow unearthing black money stashed in Swiss banks.
The agreement signed by Indian Ambassador to Switzerland Chitra Narayanan and Swiss Department of Finance Secretary Michael Ambuhl comes close on the heels of the signing of an amending protocol to the Double Taxation Avoidance Agreement.
The MoU was signed on Monday in the presence of President Pratibha Patil, who is on a state visit here, and her Swiss counterpart Micheline Calmi-Rey. The MoU deals with creation of a useful forum for exchange of views on financial and macro-economic issues.
Official sources said the MoU will facilitate dialogue between the tax authorities of the two countries.