Switzerland agrees to share details of 2 Indian firms facing probes

While Switzerland has always denied being a safe haven for black money, it has traditionally been known for its strong banking secrecy laws

As Switzerland continues to shed its image as a safe haven for alleged black money, the Alpine nation has agreed to share with Indian authorities the details about two companies and three individuals who are facing multiple probes back in India.

One of the two Indian companies used to be a publicly-listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations, while the other firm is said to have political links in Tamil Nadu.

As per separate gazette notifications of the Swiss government, the country's federal tax department has agreed to provide 'administrative assistance' to India