New Delhi: A remarkable moment for Prime Minister Narendra Modi government has come as the era of Swiss bank accounts secrecy comes to an end. India will start getting details of bank accounts held by its citizens in Switzerland from September. This development is a major success of Prime Minister Narendra Modi-led NDA government who has been fighting against black money ever since it first came to power in 2014.
“India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the government`s fight against black money as the era of Swiss bank secrecy will finally be over,” the Income Tax department said in a tweet.
India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over.
— Income Tax India (@IncomeTaxIndia) August 31, 2019
The announcement was made after a meeting of a Swiss delegation led by Nicolas Mario Luscher, Deputy Head of Tax Division, State Sectt for International Finance, with Revenue Secretary Ajay Bhushan Pandey and senior tax officials of Central Board of Direct Taxes (CBDT).
The first automatic exchange of financial account information (AEOI) under the provisions common reporting standard will start from September.
“India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland,” the CBDT said in a statement.
During the 2-day meeting in the Capital on August 29-30, both sides discussed the bilateral exchange of information matters to expedite execution of tax information-sharing requests made by India in specific cases.
