Black money: Swiss to soon respond to FM's letter

FM had said India could take legal action against Switzerland if continued to deny information

The government of Switzerland will soon respond to India’s threat of taking legal action against it for not sharing information on Indians who appear to have stashed away money in HSBC, Geneva.

“We confirm that we have received a letter from India’s finance minister. He will receive an answer soon,” a Swiss embassy spokesperson said.

Earlier this month, Finance Minister P Chidambaram had written to Swiss counterpart Eveline Widmer Schlumpf that India might have to consider the options available under its laws if Switzerland continued to deny information to India.

India had requested Switzerland to share information in 562 cases of accounts in HSBC Bank, Geneva. An employee of HSBC Bank, Geneva had obtained the information on tens of thousands of accounts through unauthorised means before it landed with the French government. The government then passed the information to India, the US, UK, Australia and Canada.

However, Switzerland called the data “stolen” and closed the request.

India wants Switzerland to reconsider its move.

The issue assumes importance in India, particularly when political parties are scoring points over each other on the issue of corruption. The Supreme Court had also pulled up the Centre earlier this week for its failure in bringing back black money stashed abroad.