Govt will look into Swiss Bank's rejection: FM

Published: Monday, August 24, 2009, 13:56 [IST]
 
Govt wil look into Swiss Bank matter: FM

New Delhi, Aug 24: Responding to the Swiss Bank's rejection to disclose account details, the Union Finance Minister Pranab Mukherjee has said that Indian government will look into the matter and discuss the bank's rejection to disclose the details with authorities in banking sector.

Earlier, Swiss Bank told India not to coming 'fishing' for account details citing that Swiss law and even OECD's Model Tax Convention do not permit '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," a top official at Swiss Bankers Association was quoted as saying in a news agency report.

This comes only a week after the Swiss bank UBS AG agreed to hand over details of 4,450 secret accounts to the US's Internal Revenue Service.

And also it is to be noted that Swiss bank-client confidentiality has never been 100 per cent absolute. Sources suggest that Swiss legislators made provisions for flexibility during criminal investigations and also in civil cases.

OneIndia News

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