February 25, 2011 2:19 PM

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Govt to get information on Swiss Bank deposits says Pranab

The government today said that India will be able to get information on bank deposits from Switzerland in specific cases from the period beginning the first of April this year, once the amending protocol between India and Switzerland on avoidance of double taxation is implemented.In a written reply to a question on the issue of black money stashed in Switzerland bank, the Finance Minister Mr. Pranab Mukherjee said that the amending protocol signed in August last year will come into force on the completion of internal procedures by Switzerland. The protocol has been amended specifically provide for exchange of banking information as well as information without domestic interest.Mr. Mukherjee said that efforts had been made from time to time earlier to seek details of bank accounts held by Indians in Swiss confederation under the existing agreement but such information was not at their disposal under Swiss laws in the normal course of tax administration. The Lok Sabha was adjourned for a short while following noisy scenes on the issue of black money during question hour.

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