Govt to look into Swiss banks refusal to share details

New Delhi, Aug 24 (PTI) Indian Government Monday said it
would look into the refusal by Swiss banks to share details
about money parked by Indians but faced opposition charges of
not "properly" pursuing efforts to unearth the illegal money
stashed in Switzerland.

The opposition Bharatiya Janata Party (BJP) also wanted
the government to mount diplomatic pressure on Switzerland to
get the details while the Congress party said the government
was doing all it can under its jurisdiction to get the black
money out as it was an issue of public interest and concerned
the common man.

India's Finance Minister Pranab Mukherjee said he has
taken note of media reports about reservations Swiss banks
have in sharing client details with India and that he would
look into the matter.

"I have read in the newspapers", Mukherjee told reporters,
adding he will look into it.

BJP president Rajnath Singh said the government should
build up diplomatic pressure on Switzerland so that the black
money can be "exposed."

The Communist Party of India-Marxist (CPI-M) said the
government was responsible for getting details of Indians who
have stashed away illegal money there.

"When the US government can get the list of persons (who
have illegally stashed money in Swiss banks), why can't the
Indian government...It is the responsibility of the
government. How can there be double standards," CPI(M)
Politburo member Brinda Karat said.

Janata Dal-United (JD-U) attacked United Progressive
Alliance (UPA) government accusing it of not "properly"
pursuing the matter with Swiss authorites and "not actually
wanting to do it".

"America is powerful and so it got its work done
(got information about account of clients) but India does not
actually want to do it at all... It could have been done had
we put pressure on the Swiss authorities properly," JD (U)
president Sharad Yadav said.

Congress party spokesman Abhishek Singhvi said "It is a
matter concerning the government and it is seized of the
matter. It is an issue of public interest and concerns the aam
aadmi (common man). Government is doing all it can under its
jurisdiction."

"Swiss law and even OECD's Model Tax Convention do not
permit fishing expeditions, in other words, the indiscriminate
trawling through bank accounts in the hope of finding
something interesting," Swiss Bankers Association(SBA) Head of
International Communications James Nason had said.

"This means that India cannot simply throw its telephone
book at Switzerland and ask if any of these people have a bank
account here," he said.

Rajnath Singh maintained that if the American government
could get the names so could we. Germany and Ireland have also
succeeded in getting names of account holders from their
country, he said.

Pranab Mukherjee had recently informed Indian Parliament
that the government was committed to unearthing black money
within and outside the country.

"Swiss authorities, I am told, have agreed for
negotiations (on the issue)... We have already taken it (the
issue of black money) not only with Swiss authorities but
other nations as well," Mukherjee had said. PTI