India to seek ‘black money’ details from Switzerland

India has said it is writing to the Swiss authorities, seeking details of Indians who have parked untaxed wealth in Swiss banks.
Finance Minister Arun Jaitley’s comments came after reports that Switzerland was sharing with Delhi a list of Indians holding “black money”.
The Swiss said there had been no meeting with Delhi since February, but it was committed to fight tax evasion.
Indians are estimated to hold $500bn (£297bn) in overseas tax havens.
India recently set up a special task force to find “black money”, in one of the first decisions taken by the government of the new prime minister, Narendra Modi.
“We are today writing... to the Swiss authorities with whom the ministry has been in touch so that details with regard to whatever information the authorities have can be expedited and the co-operation between the Swiss authorities and the government of India can bring fruitful results. Our communication will be sent today,” Mr Jaitley told reporters on Monday.
Earlier, the Press Trust of India quoted a senior Swiss government official as saying that Switzerland had prepared a list of Indian names and the details were being shared with India.
A member of the Special Investigation Team (SIT) formed last month by India to investigate “black money” described it as a “breakthrough development”.
In a statement on Monday, the Swiss embassy in Delhi said: “Switzerland understands and shares India’s wish to fight tax evasion and is committed to complying with the relating international standards.