Switzerland relaxes norms on sharing data on foreign black money

In a move that could help India in its black money trail, Switzerland today relaxed norms for sharing information on secret bank accounts of overseas tax offenders by allowing varied modes of identification.
At present, only name and addresses are accepted as valid identity modes.
But the European nation would still consider as impermissible any 'fishing expeditions' or allowing the foreign countries to trawl through Swiss bank accounts in hope of finding something of their interest.
The changes were made by the Swiss government's finance ministry today through a revision of 'Requirements for Administrative Assistance in Tax Matters,' an official said from Bern, Switzerland.
The Indian government is facing intense pressure from Opposition, as also courts, to act tough against those who have amassed illicit wealth in foreign countries that have strict secrecy rules.