Swiss panel gives nod for new tax treaty with India

• A Swiss Parliamentary Committee has given the go-ahead to the revised tax treaty between India and Switzerland that would eventually allow Indian government access to secret Swiss bank accounts of Indian tax evaders.The amendments to the treaty will now be placed before the Swiss Parliament for final approval.
• Once the revised treaty gets the approval, Switzerland would provide administrative assistance to India to track cases of tax evasion and tax fraud.
• Finance Minister Pranab Mukherjee and Swiss Federal Councillor Micheline Calmy-Rey signed a "protocol" to amend the double taxation agreement (DTA) in the area of taxes on income on August 30, 2010.
• As per an agreement between the two countries, the information exchange was to have taken effect on January 1, 2011.