With India stepping up efforts to bring back illicit funds stashed abroad, Switzerland has said both sides have improved their cooperation on tax matters following several high-level meetings.
Over the past few months, both countries have been working closely on mutual administrative assistance, according to the Swiss government.
In recent months, Switzerland has disclosed names of more than a dozen Indians about whom information has been sought by the Indian government amid suspicion that their accounts in Swiss banks were being used for stashing illicit money.
“Switzerland and India have been working closely together in the field of mutual administrative assistance over the past few months,” a Swiss Federal Department of Finance spokesperson said from Berne.
“Based on several high-level meetings, Switzerland and India have been able to improve their cooperation based on their DTA (Double Taxation Agreement).”
Swiss banks, known for their banking secrecy practices, have come under global pressure as countries, including India, are ramping up efforts to crack down on the black money menace.