Extending support to the Narendra Modi government's fight against black money, Switzerland has now committed to cooperate. Switzerland's Economic Affairs Minister Johann Schneider Ammann said the Swiss Parliament will consider changes in laws to facilitate the sharing of information in cases being probed on the basis of data stolen from swiss bank accounts. Ammann, who is in India for a 3-day visit, said Switzerland is sensitive to the fact that the issue of black money is very important for India and needs to be resolved. He added that the proposal to amend the law will be moved in Swiss Parliament later this year. Trade Minister Johann Schneider Ammann said the Swiss Parliament will consider changes in laws to facilitate the sharing of information in cases being probed on the basis of data stolen from swiss bank accounts. Ammann, who is in India for a 3-day visit, said Switzerland is sensitive to the fact that the issue of black money is very important for India and needs to be resolved. He added that the proposal to amend the law will be moved in Swiss Parliament later this year. Trade Minister Johann Schneider Ammann said, "Switzerland ready to adhere to international standards on black money. We will propose to Swiss Parliament to amend laws for easier tracking of black money. India and other nations will recognise Swiss efforts on black money." The remarks came after India pressed Switzerland to share information on Indians who have admitted to having accounts in Swiss banks and expressed readiness to sign a bilateral pact on automatic sharing of information with it. Finance Minister Arun Jaitley said, "We have asked Swiss government to expedite the process. We will join hands with the Swiss over fight against black money." Jaitley recalled that in October 2014 it was agreed that if India gave "additional evidence over and above the stolen information of the HSBC accounts", Switzerland will "cooperate in confirming" that "within a time period." "Since a large number of account holders have made admissions before the Government of India. As to whether admissions itself is an evidence on the basis of which they would act, they said indeed they would," Jaitley said. Jaitley said India has also asked Switzerland to sign a bilateral information sharing agreement once it joins the global pact for fighting black money menace.
