Switzerland to provide India with information of black money accounts of Indians

Berne/New Delhi: Paving the way for India to get instant access to details on Indians with Swiss accounts, a key parliamentary panel in Switzerland has approved an automatic information exchange pact between the two countries.

The Commission for Economic Affairs and Taxes of the Council of States -- a key panel of the Swiss Parliament's Upper House -- approved the proposed pact with India as also with 40 other countries, but suggested strengthening the provisions for individual legal claims.

It has asked the Swiss government to submit to Parliament an amendment "to strengthen concrete individual legal protection and to ensure that no exchange of information can take place for individual cases where a violation of essential legal claims is likely", as per the minutes of its last meeting on November 2.

The proposal will now be submitted for approval from the upper chamber of Swiss Parliament, the Council of States, in the winter session beginning November 27.

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