India will have to wait till the end of this year to get information about funds stashed in banks in Switzerland where Parliament will take time to ratify the tax treaty signed between the two in August last year. India and Switzerland had signed an agreement on August 30, 2010 to amend the Double Taxation Avoidance Agreement (DTAA) with a view to facilitating exchange of information between the two countries.
“The status is that that DTAA is in Parliamentarian process in Switzerland. We are running through this process in the next couple of months… we will be ready by Swiss side to conclude the agreement before the end of this year”, Johann N Schneider-Ammann, Head of Federal Department of Economic Affairs in Switzerland told reporters here today.
India has already completed the formalities for implementation of the revised DTAA.