India to get info on 'black money' in Swiss banks

India: India's finance minister on Wednesday said New Delhi will receive information from Swiss authorities on Indian nationals who have stashed funds in secret bank accounts in the country.

Pranab Mukherjee in a debate in parliament on so-called "black money", however insisted his government would not disclose identities of those who have parked funds in various overseas banks.

"We started two years ago and ultimately it was ratified in October 2011," he said, referring to a memorandum of understanding inked the same month during a trip to Switzerland by Indian President Pratibha Patil.

The pact aims at tightening cooperation on financial issues by launching a regular dialogue between the two countries.

"It will be effective from the 1st of April (and) we will be getting information and whatever information we get we would like to act on it," the finance minister said during a lengthy discussion in the elected lower house.

AFP