Switzerland Agrees to Support India for Information on Indian Account Holders

Sharing is caring!

From September 2019, India will start getting information automatically about accounts held by Indians in Swiss banks. An Automatic Exchange of Information (AEOI) accord signed by the two countries facilitates this.

NEW DELHI: “Fighting the menace of black money stashed in offshore accounts has been a key priority for the present government,” a Finance Ministry release said here.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra and Deputy Chief of Mission in the Swiss embassy here Gilles Roduit signed the joint declaration for implementation of Automatic Exchange of Information between the two nations, the statement said.

“It will now be possible for India to receive from September 2019 onwards the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years on an automatic basis,” it added.

The government’s recent demonetisation of high-value currency notes has provoked calls from opposition parties for the government to act also against black money stashed abroad, particularly in Swiss banks.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: