Amid the crackdown on illicit fund flows in the global financial system, both countries have stepped up their cooperation on tax matters related to black money allegedly stashed by Indians there.
Swiss Ambassador to India Linus von Castelmur today said automatic exchange of tax information between India and Switzerland is expected to happen "rather soon".
"Switzerland and India are working very closely (on information exchange on tax matters)... We have received requests for exchange for information from Indian authorities," he told reporters here.
There should be a bilateral arrangement where both sides can commit to proceeding with automatic information exchange, he added.
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As part of global efforts to curb flow of illegal funds in the financial system, Switzerland has agreed to be part of the automatic tax information exchange framework.
In recent months, Switzerland has disclosed names of more than a dozen Indians about whom information has been sought by the Indian government amid suspicion that their accounts in Swiss banks were used for stashing illicit money.
Swiss banks, known for their banking secrecy practices, have come under global pressure as countries, including India, are ramping up efforts to crack down on the black money menace.
A leaked list of hundreds of Indian clients of HSBC's Geneva branch had found its way to the Indian tax authorities, which are probing the matter.
"There was a past and we are overcoming it through co-operation," he said and stressed that with increased cooperation, cases would become "more and more seldom".
In January, Finance Minister Arun Jaitley had met his Swiss counterpart Ueli Maurer on the sidelines of the World Economic Forum (WEF) in Davos.
Maurer had said the bilateral co-operation on tax matters in terms of sharing information on suspected black money cases would continue at "a good level".