Black money: India gets direct access to Swiss bank accounts
New Delhi: In a significant step towards tracing black money stashed in Swiss bank accounts, Switzerland on Friday has ratified automatic exchange of financial account information with India.
For long, Switzerland has been regarded as the haven for black money hoarders from various countries including India. This move marks the end of Switzerland’s banking secrecy.
India should now automatically be able to access transactions made by Indians with Swiss banks after September 2019 and information of accounts held by Indians residing in Switzerland for 2018 and the subsequent years.
Switzerland’s ratification has emerged as a result of hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchange of Information) on tax matters under the guidance of G20, OECD and other global organizations.