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India gets 2nd set of Swiss bank account details under automatic info exchange framework

  • calendar 09-Oct-2020
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India gets 2nd set of Swiss bank account details under automatic info exchange framework

India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government’s fight against black money allegedly stashed abroad. 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. India had received the first set of details from Switzerland in September 2019 under AEOI (Automatic Exchange of Information), when it involved 75 countries. 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. While the statement did not explicitly name India among the 86 countries, officials told PTI that India is among the prominent countries with which Switzerland has shared details about financial accounts of clients of Swiss banks and various other financial institutions.

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