“Further, the Government of India may also have to raise this issue in other multilateral fora such as the G20,” he added.
Chidambaram said India was “seriously concerned” that some Indian taxpayers may have parked substantial unaccounted income and assets in offshore jurisdictions, and “it expects cooperation from those jurisdictions to deal with them effectively.”
“In the event of continued denial of access to vital information, which Switzerland is obliged to provide under the DTAC, India may be constrained to actively consider the options available under our domestic laws,” Chidambaram said.
Though he did not spell out the options, these may include making unavailable to investors from Switzerland the benefits under the double-taxation avoidance agreement between the two countries. (PTI)