In a major breakthrough to bring back the black money allegedly stashed in Swiss bank, the Government of Switzerland will now examine Indian requests for banking information on a priority basis and provide all the requested banking details in a time-bound manner.
The decision was taken after a high-level meeting between the Revenue Secretary Shaktikanta Das and his Swiss counterpart State Secretary for International Financial Matters, Jacques de Watteville in Berne on Wednesday.
The Swiss authorities will also assist in obtaining confirmation on genuineness of bank documents on request by the Indian side and also swiftly provide information on requests related to non-banking information.
As per Swiss National Bank’s latest data, the total money held by Indians in Swiss banks stood at over Rs 14,000 crore as on December 2013, up by nearly 42 per cent from a year ago.
At present, the issue of black money has taken a center stage in the contemporary political and economic scenario in India.