New Delhi: "Not really"- Switzerland's polite but clear answer to India. The question: now that America's done it, can India get access to the Swiss banks accounts held by its citizens?
Swiss banks say that's possible only if India files specific requests. What's not allowed: "fishing expeditions", or random checks through bank accounts. So while Indians hold Rs 1500 crores in Swiss accounts, how and why will remain a mystery.
Speaking to NDTV, James Mason of the Swiss Banks Association says, "Bank clients have a certain right to a certain degree of privacy". He says that if India has specific suspicions about an account, it needs to apply for information through "existing and correct channels". As evidence of Switzerland's willingness to cooperate , Mason cites one of India's biggest political controversies. "We gave India the information it wanted in the Bofors case, so this proves the system does work".
Earlier this month, America reached an agreement with Switzerland, under which Swiss bank UBS AG agreed to hand over details of more than 4,000 secret accounts worth 18 billion dollars. This followed a lengthy investigation by the US revenue service which filed a case against UBS in an American court for helping US citizens evade taxes. UBS relented after it realized the case against it was strong.
Fighting black money was a central theme of the BJP's campaign during the general elections. Party president Rajnath Singh maintains that India should use diplomatic pressure to force Switzerland to share information.