Not only India, EU also sees secret Swiss accounts as problem

Last Updated: Friday, January 21, 2011 - 22:27

New Delhi: The secret bank accounts of
Switzerland are a problem not only for India but are an issue
of dispute between it and other European countries.

This was made known by the European Union Ambassador to
India Daniele Smadja here today when she said the issue is a
"bone of contention" between the EU and Switzerland.

In an interaction with journalists, she said there are
elements in the banking sector where there is no convergence
between Switzerland and the EU.

"We have been discussing but we have not found a
solution totally so far which could eliminate the banking
secrecy," she said.

Along with Switzerland, she bracketed Iceland and
Liecenstein as other dominions which have such secrecy
clauses.

The secrecy maintained by Switzerland and the other two
dominions is a matter of concern for India as several people
are believed to have stashed thousands of crores of rupees in
bank accounts there to evade taxes.

India has been trying to get to these people but has not
been successful so far.

The matter has also assumed a political overtone with
Opposition BJP demanding greater efforts to retrieve the money
kept in these accounts.

The Supreme Court also recently questioned the
government over the issue.

PTI



First Published: Friday, January 21, 2011 - 22:27

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