Switzerland junks Indian black money figures
Without referring to CBI Director A. P. Singh over the recent statements on Indians being the largest depositors of illegal money in Swiss banks, Switzerland stated that “Switzerland is not a tax haven. There have been several speculations about the amount of wealth held by Indians in Swiss Banks. Such estimates and statistics lack evidence and are uncorroborated”. Switzerland also pointed towards its DTAA (Double Taxation Avoidance Agreement) with India which offered a legal framework within which administrative aid could be sought in particular cases of tax evasion or tax fraud. Whilst the previous treaty didn’t include tax evasion, but only tax fraud, the revised DTAA that came into force on October 7, 2011 allowed for exchange of information on tax fraud as well as on tax evasion cases.
Mr. A.P. Singh had held earlier that an estimated $500 billion of illegal money belongs to Indians tax havens abroad, the largest depositors in Swiss banks are Indians and India has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein and British Virgin islands.
Union Govt held that CBI Director went by a report prepared and submitted by a committee appointed by the Supreme Court.