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Mukherjee to meet Swiss authorities over slush funds
October, 30th 2009

Finance Minister Pranab Mukherjee Friday said he would meet Swiss authorities in December about amending the double taxation avoidance treaty between the two countries.

This would help India bring back slush funds for years flowing out of the country into Swiss banks and other tax havens worldwide.

"But I think the date for the meeting has been advanced," Mukherjee said here Friday at the Hindustan Times Leadership Summit, an annual conference that organisers say seeks to push discussions on pressing issues.

The finance minister is scheduled to meet Swiss authorities to discuss the issue Dec 10-11.

Asked how much of black money has been stashed away in Swiss Banks, Mukherjee said the government had estimated it way back in 1985, but since then, no fresh details have been worked out.

While there is no official estimates till date, senior Bharatiya Janata party (BJP) leader and former deputy prime minister L.K. Advani earlier said slush money stashed away could be in the range of Rs.25,000 crore to Rs.75,000 crore.

 
 
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