Switzerland has pledged to work with Indian authorities to tackle tax dodgers who hoard wealth in Swiss banks to dodge taxes.
Following talks in Geneva with Swiss president Johann Schneider-Ammann and discussions with Swiss businessmen, the two countries agreed to make tackling tax evasion and black money a shared priority.
Referring to a portal supported by the Organisation for Economic Co-operation and Development (OECD), India prime minister Narendra Modi said: "We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders. An early start to negotiations on the Agreement on Automatic Exchange of Information would be important in this respect."
Schneider-Amman also said that the Swiss government will send a state secretary for international financial matters to India on 14 June to explore cooperation on the issue.
Swiss banks have recently come under pressure from countries worldwide, including India, for their banking secrecy practices. Tax authorities in India are investigating various cases of tax evasion abroad, with the move gaining momentum after a list containing hundreds of Indian clients of HSBC’s Geneva branch were found by the Indian tax authorities.