Recalling the G20 stand that sanctions may be deployed to protect their public finances and financial systems, he said: “If information continues to be denied to India under DTAC (Double Taxation Avoidance Convention), the Government of India will be constrained to take a position in the global forum.”
He said India would not hesitate to tell global forums that Switzerland still does not comply with the standards of transparency and that the required legal and regulatory framework is still not in place in Switzerland.
“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.
