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Home >> News >> Switzerland approved Direct Exchange of Financial Account Information with India

Switzerland approved Direct Exchange of Financial Account Information with India

Posted on: 17 Jun, 2017 Tags   Swiss Bank Black Money PM Modi Demonetisation

IndiaNewsonWeb: 17 Jun, 2017, Switzerland has approved the arrangement for direct exchange of financial account information with India and 40 other countries. With this, the details of black money will be found immediately. However, for this, these countries must adhere to strict rules of protection of privacy and information. This will be able to curb the use of black money abroad and money laundering.

The Swiss Federal Council has stamped the proposal for approval of the Global Treaty on the automatic exchange of tax related information (AoI). The Government of Switzerland has decided to start this system with information related to the year 2018. It is expected that under this system the first consignment of data will be shared till 2019. The Swiss Federal Council is the top teaching body of European countries.

Council will soon inform India of the date of commencement of exchange of information. According to the draft proposal approved in the Council meeting on Friday, this decision is not under any referendum. It clearly means that there is no possibility of any kind of delay in implementing it.

There is an equal debate in India on the issue of black money. Switzerland's banks have been seen as a black money haven. There is a perception that all Indians have kept their black money hidden in these banks. There has been considerable discussions between India and Switzerland for introducing AoI on tax matters under the guidance of the G-20, Economic Cooperation and Development Organization (OECD) and other global organizations before the latest decision. In November last year, India and Switzerland signed an agreement to implement AoI.

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