The Swiss government is all set to open the gates for many countries to allow the access for the money transaction. Double Taxation Avoidance Agreement (DTAA) is to be approved by the Swiss government and countries like India can access the information of their funds in Switzerland’s private banks, said HE Philippe Welti, Switzerland’s Ambassador.

This initiation is taken keeping in mind the strengthening of Switzerland- India relations, in terms of Business partnerships and investments.

Welti said that the country has strict rules regarding banking and have endorsed around 70-75 bilateral treaties and agreements with the countries of SAARC.

According to him, India and their relations are to be strengthened as around 120 Swiss companies are in India among which 20-30 are in Bangalore alone. “We are especially focused on manufacturing, science and technology, and hi-tech sectors, such as information technology and nanotechnology”, he said.

He said that around 30% of increase is seen in the visa application from India. He further stated, "The consulate will promote trade, investment and tourism".

A “protocol" was signed on 30th August by Indian Finance Minister, Pranab Mukherjee and Swiss Federal Councilor, Micheline Calmy-Rey for adjusting the double taxation agreement (DTA), concerning taxes.