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Swiss Bank Swiss Bank

Govt to get Swiss account details this month

Sep 01, 2019

The government will start receiving details of Indians holding bank accounts in Switzerland this month as the the first automatic exchange of financial information under the common reporting standards between the two countries comes into operations, tax officials said.

This will be a major boost to the government's fight against black money and comes after several rounds of negotiations between the two countries.

"India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. The era of Swiss bank secrecy will finally be over," the I-T department said.

A Swiss delegation led by Nicolas Mario Luscher, deputy head of tax division, state secretariat for international finance called on revenue secretary Ajay Bhushan Pandey and officials of the central board of direct taxes.

In the two-day meeting between August 29 and 30, both sides discussed bilateral exchange of information issues and decided to expedite execution of tax information sharing requests by India in specific cases. Enhancing collaboration in offshore tax compliance matters were also discussed.

Switzerland and India had signed a joint declaration on the introduction of automatic exchange of information issues on November 22, 2016.

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