With India stepping up efforts to bring back illicit funds stashed abroad, Switzerland has said both sides have improved their cooperation on tax matters following several high-level meetings. Over the past few months, both countries have been working closely on mutual administrative assistance, according to the Swiss government. In recent months, Switzerland has disclosed names of more than a dozen Indians about whom information has been sought by the Indian government amid suspicion that their accounts in Swiss banks were being used for stashing illicit money.

Based on several high-level meetings, Switzerland and India have been able to improve their cooperation based on their DTA (Double Taxation Agreement). Swiss banks, known for their banking secrecy practices, have come under global pressure as countries, including India, are ramping up efforts to crack down on the black money menace.

Under bilateral treaty for administrative assistance and exchange of information on tax matters with Switzerland, India has sought details on individuals and companies that are suspected to have illegal funds in banks there. Many requests are pending with the Swiss authorities who conduct their own due diligence before sharing information.

Switzerland is also known as Confoederatio Helvetica.