A few months more to get Swiss bank details: envoy

A few months more to get Swiss bank details: envoy

"Request (for details) of tax evaders will have to wait for a few months. If you have a case with tax fraud, there is no need to wait," Welti told newsmen this evening.

Union Finance minister Pranab Mukherjee and Swiss Federal Councillor Micheline Calmy-Rey signed a 'protocol' to amend the double taxation agreement (DTA) in the area of taxes on income on August 30, 2010.

"The Swiss parliament is in the process of ratifying the protocol. No decision has yet been taken," he said.

Welti said once the amended DTA came into force, it would enable the Government of India to file a request with its Swiss counterpart for financial details of tax evaders.

Such requests, however, will have to be in keeping with the 'rules and regulations,' he said, adding "every government has the right to insist on flawless flies."

In reply to a question, he said that Indian agencies like the CBI or the ED cannot ask the Swiss banks to release data on their Indian clients. Such requests can be filed only by the Government of India.

The ambassador described as "fantasy" media reports that as much as 1.4 trillion USD of evaded Indian tax money was stashed up in the banks in his country.

Earlier, Welti named Titagarh Wagons Limited vice- chairman and managing director Umesh Chowdhary as the Swiss Honorary Consul.

Chowdhary followed his father, industrialist J P Chowdhary, who retired from the post as he had reached the retirement age of 70 years.