Liechtenstein has declined help in India’s quest for suspected black money trail to the small but rich European country bordering Switzerland, citing absence of a bilateral treaty for such information exchange.  The Indian government is facing intense pressure from the opposition parties as well as the Supreme Court to take action against those having stashed illicit wealth in foreign banks, mainly in Switzerland and other locations such as Liechtenstein and Cayman Islands.

A Liechtenstein government spokesperson confirmed to media that India has sought administrative assistance and details of some Indian clients of LGT Bank located there.

“At the moment, we cannot reply to the content of the request (from India) since there is no legal basis i.e. no bilateral agreement for this,” the spokesperson said.

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Category : Income Tax (28058)
Type : News (13864)
Tags : black money (732) DTAA (316)

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