The Finance Minister Mr. Pranab Mukherjee on Thursday said the agreement signed with Switzerland for sharing banking information on demand is likely to come into force by September. He said during Question Hour in the Lok Sabha that India signed an agreement with Switzerland for sharing banking information of Indians having accounts there during his earlier tenure as Finance Minister in UPA-I government.He said the Swiss Parliament had ratified the agreement but as per rules all states of that country have to ratify it. Mr.Mukherjee said India's Tax Information Exchange Agreement (TIEA) with four sovereign entities, namely Bahamas, Bermuda, British Virgin Islands and Isle of Man was already in force.He said that India has also signed TIEA with Cayman Islands but it is yet to come into force. The Finance Minister said India's Double Taxation Avoidance Agreement (DTAA) with 80 countries was already in force. The Finance Minister claimed DTAAs help in the flow of investment and technology as it seeks to avoid double taxation.Mukherjee said every country had its own detailed and elaborate procedure of entering into and ratifying international agreements.
News On AIR | August 19, 2011 8:14 PM
Govt signs tax information exchange agreement with Swiss