The outcome of public scrutiny of the amended Indo-Swiss tax treaty, which will allow India to seek specific details of black money stashed in Switzerland, is likely to be known tomorrow.
The revised Double Taxation Avoidance Agreement (DTAA) between the two nations was approved by Swiss Parliament on June 17.
As per the Swiss rules, bilateral tax treaties would be subject to public scrutiny for a period of 100 days. During this period, the Swiss citizens can express their views on the same. If there is any opposition, the pact would be subject to a national referendum.
"By October, it will be clear whether we will have a referendum or not... I have a strong feeling that by October 6, we will be able to say that there will be no referendum... My feelings tell me there will be no need for a referendum," Swiss Ambassador to India Philippe Welti had said in July.
The issue of black money stashed overseas has triggered an intense political debate in India.
The latest figures from Swiss National Bank show that the total deposits of Indian individuals and companies in all the Swiss banks were collectively about $2.5 billion at the end of 2010.
India can seek bank account details for cases dating from January 1, 2011, provided the treaty comes into effect this year. In Switzerland, the financial year starts from January.
India had inked an agreement with Switzerland to revise the DTAA in August 2010. Once in force, the treaty would allow India to seek information for cases related to tax evasion also.
Under the existing treaty with Switzerland, India could only seek bank information related to tax fraud cases.
