On October 15, 2014, a Joint Statement signed between India and Switzerland to strengthen economic ties between both the countries, and to combat tax fraud and evasion with the applicable legal framework. The State Secretary, De Watteville indicated that Switzerland would examine requests which are independent of what the Swiss Government considers as breach of Swiss law. It was also agreed that the Swiss competent authority would assist to provide information on request by the Indian side with respect to both banking and non-banking information in a time bound manner or else indicate the reason why the cases cannot be answered within the agreed timeline. It was discussed to conclude an automatic exchange of Information (AERO) agreement between India and Switzerland to tackle tax fraud and evasion on a global scale.
-Press Information Bureau