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.

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.

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.

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