India, Switzerland ink accord to start information exchange on swiss accounts held by Indians
After India and Switzerland signing the accord, India will start getting information automatically about accounts held by Indians in Swiss banks from September 2019.
New Delhi: 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 on Tuesday facilitates this.
"Fighting the menace of black money stashed in offshore accounts has been a key priority for the present government," a Finance Ministry release said in New Delhi.
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.
The illegal wealth stashed abroad by Indians is not just about tax evasion. It is a form of treason. So why is the government prevaricating on naming them?
A dearth of fee-spinning alternate investment vehicles such as hedge funds and private equity, and an underdeveloped corporate bond market means most investments are channeled into run of the mill equity products, bank deposits, and government bonds.
The case pertains to a list of 600 Indians whose details were stolen by an employee of HSBC in 2008 and handed over to the French government, which decided to share them with India. The Indian authorities are, however, hesitating make public the names in the list.<br /><br />