India has received the first tranche of details about financial accounts of its residents in Swiss banks under a new automatic exchange of information framework between the two countries.
The new move is considered as a significant milestone in the fight against black money suspected to be stashed abroad. India figures among 75 countries with which Switzerland’s Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI, News Agency PTI quoted an FTA spokesperson as saying.
This is the first time that India has received details from Switzerland under the AEOI framework, which provides for exchange of information on financial accounts that currently active as well as those accounts that were closed during 2018. The next transfer would take place on September 2020, the FTA spokesperson added.
The data provides entire details of the entire flow of funds to and from all the accounts that were active even for a single day in the year 2018, bankers said. So deposits and transfers as well as of all earnings including through investments in securities and other asset classes can be examined.
The exchanged details include identification, account and financial information. These include name, address, state of residence and tax identification number, as well information concerning the financial institution, account balance and capital income.