Switzerland Economic Affairs Minister Johann Schneider-Ammann on Friday called on Union Finance Minister Arun Jaitley in New Delhi.
"It was a very constructive meeting with Mr. Jaitley. Have confirmed a Memorandum of Understanding on how to proceed in delicate issue about fortunes being in Switzerland," said Schneider-Ammann.
"The Swiss government took the decision to start a parliamentary process to clarify basis for the mutual support to solve the issues. Switzerland is prepared to follow the OECD regulations," he added.
Jaitley, on his part, said the expansion of trade between the two countries was one of the key terms discussed in the meeting.
"Expansion of trade between the two countries was one of the key terms discussed. Additionally, took up subject of Swiss cooperation with India in matter of providing evidence with regard to those Indians who have unaccounted assets and accounts in banks in Switzerland," said
Jaitley.
The Swiss Parliament will consider amendment of its laws with regard to sharing information on the basis of stolen data, reflecting Switzerland's support to India's fight against black money.
If these amendments are cleared by the Swiss Parliament, they could act as a shot in the arm for Prime Minister Narendra Modi-led government which had promised to bring black money stashed in foreign banks within a year.
Schneider-Ammann is on a three-day visit to India to promote bilateral economic cooperation and push for a free trade agreement.
This is his first visit to India since the NDA government assumed office in May last year.
