NEW DELHI/BERNE, March 22 � Keen to help in India�s fight against the black money menace, Switzerland has said that talks on automatic exchange of tax information between the two countries will begin at the �earliest� once the domestic procedures are in place, reports PTI.
The assertion from Switzerland, which has been long perceived as a safe haven for stashing illicit wealth, comes close on the heels of the Alpine nation inking an initial pact for automatic exchange of tax information with the European Union.
Apart from aggressively making efforts to procure details of its citizens having unaccounted money in Swiss banks, India has proposed a stringent law to tackle the issue of black money allegedly stashed abroad, including in Swiss banks.
Facing international pressure on the issue of black money, Switzerland has expressed readiness to embrace a global framework for Automatic Exchange of Information (AEOI) on tax matters.
Citing discussions between officials of both sides last October, a Swiss Federal Department of Finance spokesperson told PTI from Berne that talks on automatic exchange of tax information would start at the earliest once the domestic procedures are completed in Switzerland.
Last year, Indian and Swiss officials held high-level deliberations on boosting cooperation with regard to the black money problem.