India is among the 86 countries with which Switzerland’s Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI this year.
#India is among the 86 countries with which #Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI this year. https://t.co/IY5HzTXjRV
— Economic Times (@EconomicTimes) October 10, 2020
Black money: India gets 2nd set of Swiss bank account details
India had received the first set of details from Switzerland in September 2019 under AEOI (Automatic Exchange of Information), when it involved 75 countries.#Swissbank #blackmoney pic.twitter.com/E0ZC0Z60Ch
— Viral News Factory (@the_vnf) October 9, 2020
A key milestone in the government’s fight against black money allegedly stashed abroad https://t.co/9vZx0qXeIG
— The Hindu (@the_hindu) October 9, 2020
India gets 2nd set of Swiss bank account details under automatic information exchange framework: Officials
— Press Trust of India (@PTI_News) October 9, 2020
The Switzerland authorities have shared details of bank accounts of Indians nationals and entities allegedly holding black money as part of a confidential agreement between the two countries, people familiar with the development said.
The information exchange this year involved nearly 3.1 million (31 lakh) financial accounts, FTA said in a statement on Friday. The number of such accounts was similar in 2019.
As Customer Data Is Shared, The End Of The Infamous "Secret Swiss Bank Account" @Reuters
"The Swiss Federal Tax Administration (FTA) said on Friday it had for the first time exchanged financial account data at…https://t.co/xAYf3ju36G #GoldSilver pic.twitter.com/hB5hfUggGt
— GoldSilver (@GoldSilver_com) October 9, 2018
Swiss #banking secrecy has come to an end as the Federal Tax Administration (FTA), the Swiss tax agency, has started exchanging bank account data with tax authorities in other countries for the first time in an effort to curb tax evasionhttps://t.co/Ti0Y3XTEwg
— UKCrowdfunding (@UKCrowdfunding) October 9, 2018
It is not immediately known exactly how many of these are accounts linked to Indians.
The officials further said a “sizable number” relates to Indian citizens and entities in the overall exchange of information about over three million financial accounts by Switzerland this year with 86 countries.