Indians in foreign banks:Switzerland is not a tax haven: Embassy

Switzerland Thursday dismissed as "uncorroborated" the estimates about the amount of wealth hidden by Indians in foreign banks, days after the Central Bureau of Investigation (CBI) chief said Indian tax evaders had stashed $500 billion in Swiss Banks.

"Switzerland is not a tax haven," a statement from the Swiss embassy said here, denying "unsubstantiated media reports about Switzerland and Swiss banks".

"There have been several speculations about the amount of wealth held by Indians in Swiss banks. Such estimates and statistics lack evidence and are uncorroborated."

The statement also dismissed allegations by Minister of State for Personnel V. Narayanasamy that foreign governments were not cooperating with India in getting vast amounts of black money hidden in overseas banks.

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