India has blamed Switzerland for not sharing information on black money stashed away by Indians in banks there and even threatened to take the land-locked European country to a forum like the G20.
In a letter to his Swiss counterpart Eveline Widmer Schlumpf, Indian Finance Minister P. Chidambaram said that Switzerland is yet to honor the terms of the Double Taxation Avoidance Agreement (DTAA) between the two nations.
"Switzerland's refusal to provide information to India and other countries on the grounds that the source of the information requested is based on 'stolen data' means that, in practice, Switzerland still believes in bank secrecy and is therefore not in tune with the modern era," he wrote recently.
The finance minister added "If information continues to be denied to India under Double Taxation Avoidance Convention (DTAC), the government of India will be constrained to take a position in the global forum... may also have to raise this issue in other multilateral fora such as the G20."
India's Supreme Court had just days back wrapped the government for failing to bring back the black money stashed away in foreign banks.