Government will receive Swiss account details this month

NEW DELHI: This month, the government will begin to receive details of Indians who have bank accounts in Switzerland when the first automatic exchange of financial information enters into operation under common information standards between the two countries, tax officials said.

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

India will receive information from the 2018 calendar year regarding all financial accounts maintained by Indian residents in Switzerland. The era of Swiss bank The secret will finally end, the I-T department said. A Swiss delegation headed by Nicolas Mario Luscher, deputy director of the tax division, secretary of state for international finance, asked the secretary of income, Ajay Bhushan Pandey, and officials of the central board of direct taxes.

At the two-day meeting between August 29 and 30, both sides discussed issues of bilateral information exchange and decided to accelerate the execution of requests for information exchange by India in specific cases. The improvement of collaboration in offshore tax compliance matters was also discussed.

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