02 September, 2019
Banking details of Indians with accounts in Switzerland will be available to tax authorities as the automatic exchange of information regime kicks off between the two countries. In 2016, India and Switzerland had signed an information-sharing deal on bank accounts, which was to come in effect from September 2019.
About Automatic Exchange of Information (AEOI)
Benefits of the regime
In 2018, data from Zurich-based Swiss National Bank (SNB) had shown that after declining for three years, money parked by Indians in Swiss Banks rose 50 per cent to CHF (Swiss Franc) 1.02 billion in 2017 over the previous year. The step is likely to shed more light on the wealth Indians have stashed away in Swiss bank accounts, for so long governed by strict local rules of secrecy.
Source: The Hindu
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