New Delhi, India: August 25, 2009 – IR Summary/Agencies/TOI -  The issue of black money deposited by Indians in Swiss Banks has become a very big issue these days. These deposits are so huge that if released, India can immensely be benefited and its economy shall be much easier to develop all urgent projects particularly of defence and  also of uplifting the people from the poverty line.

The Govt. is planning to initiate talks with the banks in Switzerland from December to get the deposits of people, who deposited the huge amount violating the Indian laws. The Govt. of India would get the relevant treaty amended so as to have an access to the Banks for recovery of black money deposited with them. 

As per PTI input and TPI, the govt is pursuing with the Swiss authorities and after our persuasion the Swiss authorities  have agreed to discuss and begin the negotiations on the amendment of the avoidance of double taxation agreement in respect of the exchange of information as per Finance Minister Pranab Mukherjee, who said at a panel discussion organized by ET=Now news channel.

"That first round of talks will take place sometime in December," finance minister Pranab Mukherjee said at a panel discussion organised by ET-Now news channel.

The Swiss Banks Association had said Swiss law and even OECD's Model Tax Convention do not permit fishing expeditions, in other words, the indiscriminate trawling through bank accounts in the hope of finding something interesting.

"This means that India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here," SBA Head of International Communications James Nason had said.

"We are fully aware of and we have no intention of having any roving enquiry," Mukherjee said, adding that it would pursue the matter on the basis of specific information to help the tax authorities nail the defaulters.

Switzerland had last week reached an agreement with the US to give that country's Internal Revenue Service details of 4,450 clients who Washington suspected of evading taxes.