Switzerland has offered its consent to examine requests of Indian authorities for banking information on a priority basis and provide the required details in a time-bound manner.
The breakthrough was achieved at a meeting conducted in Berne between Shaktikanta Das, India’s revenue secretary, and Jacques de Watteville who is Switzerland’s state secretary for international financial matters.
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Swiss authorities said that they would: "assist in obtaining confirmation on genuineness of bank documents on request by the Indian side and also swiftly provide information on requests related to non-banking information."
The move is expected to strengthen India’s fight against black money.
Swiss authorities also said that in case of being unable to offer the required information, they would indicate the reasons why the cases cannot be answered within the agreed timeline.
At the same time, Switzerland also gave its nod to consider India among the nations for automatic exchange of information.
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