In a massive step towards fighting black money stashed overseas, Switzerland today agreed to automatic sharing of information with India on Swiss bank accounts detail of Indians as of sep 2018 and onwards.
They will not share details about accounts held prior to that period, whereas the primary such exchange will happen in September 2019.
The ‘Joint Declaration’ for implementation of Automated Exchange of Information (AEOI) signed today between India and Switzerland provides that both countries will start collecting data in accordance with the worldwide standards in 2018 and exchange it from 2019 ahead.
The Swiss Federal Department of Finance said in an exceedingly statement that the signing of the joint declaration with India confirms Switzerland’s international commitment to implementing the automated exchange of Information (AEOI) standard.
“Switzerland is so strengthening its network of AEOI partner states. India meets above all the high demands in terms of adherence to the principle of specialty and therefore the safeguarding of confidentiality for the info delivered, which are prerequisites for the introduction of the AEOI,” it said.
Swiss Bank, which has always been at the centre of the talk on black money. allegedly stashed by Indians abroad, wont to be noted for terribly sturdy secrecy walls until some years past around its banking practices.
A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses its local laws gave to the banks. Several information requests on details about Indians who had accounts in Swiss banks are still pending.
A huge world pressure has resulted in Switzerland relenting on the powerful secrecy clauses its native laws gave to the banks. Many information requests on details about Indians who had accounts in Swiss banks are still pending.
Tuesday’s declaration, however, doesn’t talk about exchange of information based on stolen data or pending requests from India.
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