newsdog Facebook

First time India received details from Switzerland under AEOI framework

AP Herald 2019-10-09 15:02:00

As per report india has received first tranche of details about financial accounts of its residents in Swiss banks under a new automatic exchange of information framework between the two countries, marking a significant milestone in the fight against black money suspected to be stashed abroad.

A FTA Spokesperson said “India figures among 75 countries with which Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI”. Furthermore this is the first time that india has received details from switzerland under the AEOI framework, which provides for exchange of information on financial accounts that currently active as well as those accounts that were closed during 2018.

Moreover the spokesperson added the next exchange would take place in September 2020 and the exchange is governed by strict confidentiality clauses and the FTA officials refused to disclose specific details on the number of accounts or about the quantum of financial assets associated with the accounts of Indian clients of Swiss banks.  Moreover switzerland agreed to AEOI with india after months-long process, including review of necessary legal framework in india on data protection and confidentiality.