India signs pact to access Swiss banks’ accounts

India signs pact to access Swiss banks’ accounts

Indian Economy News

NEW DELHI: The Indian government, fighting against black money, signed
a pact for automatic exchange of information with Switzerland, a move that
would help authorities access details of Swiss bank accounts held by Indians,
Indian media reported (Indian Economy News).

Now the Indian government would be able to receive financial information
of accounts held by the Indian residents in Switzerland from September, 2019
onward, for 2018 and subsequent years, on an automatic basis.

Sushil Chandra, chairman, CBDT (central board of direct taxes) signed the
joint declaration and Gilles Roduit, deputy chief of mission of the Swiss
embassy in India, signed the pact for implementing the automatic exchange
of information (AEOI) between the two countries. Revenue secretary
Hashmukh Adhia also said the signing of the pact was a major step.

“Signing of joint declaration for implementation of automatic exchange
of information (AEOI) between India and Switzerland is a big step,” Adhia further said.

Moreover, Tax experts believe this would act as deterrent to abuse the Swiss financial
system to hide black money.

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