Finance Minister Arun Jaitley also said in Lok Sabha that India was in the process of communication with the Swiss authorities and would sign a pact which was in the best interest of the country within the parameters of Swiss laws.
The Minister informed the House that Swiss authorities have raised some legal issues after India has written to it to provide a list of illegal bank account holders.
"We are in the process of communication with the Swiss authorities, and whatever is the best agreement, within the parameters of their law, we are going to enter into," he said replying to a supplementary on illegal Swiss bank accounts.
Jaitley said the treaty between India and Switzerland on sharing of information on illegal bank account holders was of future and prospective in nature and that is why the European country was not cooperating on the previous lists of such account holders.
"The treaty between India and Switzerland is that of the future and prospective in nature and that is why they will not cooperate on the names previously given.
"But we will make all effort with the Swiss authority in this regard. Indian government is taking all efforts to get evidence required to support the list," he said.
Jaitley said India had received a list of 700 illegal Swiss bank account holders, which was procured from the French government on the precondition that the names would be made public.
India had earlier received another such list from Liechtenstein bank following which the government had initiated the process of identifying Indians, he said.
Income tax and criminal proceedings have been initiated against all such persons identified, Jaitley said.