Finance Minister Pranab Mukherjee on Monday said he has noted reports about reservations Swiss banks have in sharing client details with India, but did not say what course of action the government would take.
"I have read in the newspapers", Finance Minister Pranab Mukherjee said, adding that he will look into it.
He was replying to a question about the Swiss Bankers Association's stand that India was not welcome on a name-fishing expedition, although top bank UBS AG agreed to provide details of more than 4,000 accounts to the US authorities.
"Swiss law and even OECD's Model Tax Convention do not permit fishing expeditions, in other words, the indiscriminate trawling through bank accounts in the hope of finding something interesting.
"This means that India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here," SBA's Head of International Communications James Nason had said.
Mukherjee had recently informed Parliament that the government was committed to unearthing black money within and outside the country.
"Swiss authorities, I am told, have agreed for negotiations (on the issue)... We have already taken it (the issue of black money) not only with Swiss authorities but other nations as well," Mukherjee had said.
The secrecy shield provided by Swiss banks have always been a big issue in India, including during the campaign for this year's general elections.
Last week, the US reached an agreement with Switzerland, under which UBS would furnish details of 4,450 secret accounts to the American authorities.
As regards India, the SBA official said, "The key for the exchange of information in tax matters is the Double Taxation Agreement between Switzerland and India." Switzerland has Double Taxation Agreement with over 70 countries including India.
