As the Supreme Court is taking tough stance on the black money stashed in banks oversees, the Finance Minister Chidambaram has also increased his pressure on the Switzerland about sharing information with regard to Direct Tax Avoidance Convention signed by the countries. Especially with regard to tax evasion issues, co operation between countries is a must to ensure legal and economic regulations in any country, wrote Chidambaram to his Swiss counterparts.
This is the third time Chidambaram is writing to Swiss finance minister in the last four months over the issue. India had asked the details particularly of the 26 account details in HSBC Swiss branch. India had obtained these details initially from France.
Early this April, Switzerland had written to India expressing inability to sharing the information, though it had recently eased its banking norms pertaining to these issues, including signing a treaty with India in 2011. Chidambaram has warned Switzerland to raise the issue in global avenues if it continues with stonewalling requests from legitimate government bodies in such grave issues.