Black money: First round of India-Swiss talks in Geneva

Jalandhar: Indian and Swiss officials will meet in Geneva in December for talks on ways to get information on flow of black money from here into that country, a senior tax authority said on Monday.

"We are going to meet the Swiss authorities at Geneva in December this year to discuss the issue of alleged black money deposited in Swiss banks and look for how the information could be provided to India through review of double taxation treaty", Central Board of Direct Taxes (CBDT) Chairman S S N Murthy told reporters here.

A review and upgrade of the Double Taxation Avoidance Treaty between the two countries could help India seek information regarding black money.

In August this year, Switzerland agreed to give details of 4,450 numbered accounts to US revenue authorities after they established that tax evaders had parked money in Swiss banks.

To a question on the possibility of Voluntary Disclosure Scheme (VDS), Moorthy said: "As far as I am concerned, I am not aware of any such scheme (VDS) in the pipeline."

Bureau Report