India has received first tranche of its residents' account details in Swiss banks under a latest framework enabling automatic information exchange between the two countries.
The development marks an important breakthrough in India's efforts to track down black money stashed abroad. India is amongst 75 countries with which Switzerland's Federal Tax Administration (FTA) has swapped intelligence on the financial details of people.
The said information falls under the Account Information in Tax Matters (AEOI) framework which provides for information exchange on active bank accounts as well those that were closed during 2018, an FTA spokesperson said.
The FTA will next exchange information in September 2020.
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India has received first tranche of its residents' account details in Swiss banks under a latest framework enabling automatic information exchange between the two countries. The development marks an important breakthrough in India's efforts to track down black money stashed abroad. India is amongst 75 countries with which Switzerland's Federal Tax Administration (FTA) has swapped intelligence on the financial details of people. The said information falls under the Account Information in Tax Matters (AEOI) framework which provides for information exchange on active bank accounts as well those that were closed during 2018, an FTA spokesperson said. The FTA will next exchange information in September 2020.