Switzerland may clear tax treaty with India without referendum

New Delhi, Jul 26 (PTI) The revised Indo-Swiss tax
treaty, which will allow India to seek secret bank account
details from January 1 this year, is expected to be approved
without a national referendum in Switzerland, a top Swiss
official said.
"By October, it will be clear whether we will have a
referendum or not... I have a strong feeling that by October
6, we will be able to say that there will be no referendum.
"... My feelings tell me that there will be no need for a
referendum," Swiss Ambassador to India Philippe Welti told PTI
in an interview.
The revised Double Taxation Avoidance Agreement (DTAA)
between the two nations, that would allow India to seek
details about its citizens having unaccounted money in Swiss
banks, was approved by Switzerland's Parliament on June 17.
After ratification by Parliament, the treaty is open
to scrutiny by Swiss people for 100 days, which ends on
October 6. If there is an opposition to the agreement, then
the same would be subject to a national referendum.
"If I am proven right, it means that after October 7, we
will inform the Indian government that we (Swiss government)
are ready for exchange of information," Welti said.
Amid raging debate over the issue of black money stashed
overseas, latest figures from Swiss National Bank show
that total deposits of Indian individuals and companies with
all the Swiss banks was collectively about USD 2.5 billion at
the end of 2010.