BANGALORE: Once the Double Taxation Avoidance Agreement (DTAA) is ratified at the Parliaments of India and Switzerland, India will be given access to the information it wants on bank deposits and accounts of Indians.
Switzerland’s Ambassador to India H E Philippe Welti disclosed this here on Friday.
At a session on ‘Switzerland- India: A strong partnership, investment & business opportunities’, he said the Indian Parliament was ready to ratify the DTAA and Switzerland would do it soon.
Switzerland, Welti said, still had distinction between tax fraud and tax evasion.
“While tax fraud is a crime, tax evasion is not, though it is prohibited in our country.
We have strict rules for banks and have signed about 70-75 bilateral treaties and agreements with several SAARC countries,” he explained.