Tax authorities of India and Switzerland are expected to meet this month to break the log jam on sharing of information on citizens whose names have figured in the controversial HSBC list, The Economic Times has reported.
"There will be a meeting. Details and dates are being worked out," an Indian finance ministry official told the publication.
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India is expected to exert pressure on Switzerland following an accord between the world’s key economies, G20, for sharing information on bank accounts and tax offenders.
Though Indians are allowed to legally have bank accounts in foreign lands, they are supposed to pay tax on the money parked there and also disclose the details to local tax authorities.
Switzerland, which recently agreed to ease its banking secrecy laws and signed a revised tax treaty with India in 2011, refused to share information on the accounts mentioned in the so-called ‘HSBC list’ which India had received from France through a bilateral treaty.
France had actually received the list after data was stolen by a disgruntled HSBC Geneva employee in 2011.
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