THE Swiss Federal Councillor for Economic, Mr Johann N Schneider, today
called on the Indian Finance Minister, Mr Pranab Mukherjee, in his office in
North Block. On this occasion, Mr Mukherjee said that the ratification of the
Double Taxation Avoidance Agreement (DTAA) signed between the two countries in
August 2010 needs to be expedited by the Swiss Government. He said that this
would put the institutional framework in place which, in turn, would result in
sharing of the information between the two countries. Mr Mukherjee said that
this would further strength the economic relationship between the two nations.
Speaking on the occasion Mr. Ammann said that the ratification of the
DTAA by the Swiss Parliament would be expedited. He said to encourage investment
by Swiss Companies, there is a need for further opening of insurance and the
banking sectors in India.
Responding to the suggestions of Mr Ammann, Mr
Mukherjee said that opening of insurance sector is part of the Government's
agenda to bring about major reforms in the financial sector. As far as opening
of banking sector is concerned, the Finance Minister said that the Reserve Bank
of India is preparing guidelines for opening of new branches by foreign banks in
India and the same are in advance stage.
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