India to get details from Swiss bank of all Indian accounts

Published: Jul 11, 2019, 12:26 IST | mid-day online correspondent

The Swiss authorities have confirmed that legislative and Parliamentary procedures which need to be carried out before the exchange of information has concluded

India to get details from Swiss bank of all Indian accounts
Representational image

Switzerland will share banking information between India and Switzerland before the September 30 deadline. This is because of the Automatic Exchange of Information agreement signed between the two countries. The agreement had come into force into January 2018.

The federal tax office stated, "several dispatches might be necessary" hence indicating the volume of the details which will be shared with Indian tax authorities.

India is among 73 countries with whom information on bank accounts will be shared this year.

Also read: PNB fraud: Swiss authorities freeze 4 bank accounts of Nirav and sister

The Swiss authorities have confirmed that legislative and Parliamentary procedures which need to be carried out before the exchange of information has concluded.

Indian Express quoted the Federal tax administration saying, "In Switzerland, every activation of the AEOI with a new partner state needs the approval of the Swiss Parliament. This requires the implementation of the legal authorization procedures (public consultation on the proposal; governmental dispatch for the attention of the Parliament; debate on the bill in both chambers of Parliament). Concerning India, the procedure was started in November 2016 and successfully completed in December 2017 so that AEOI could enter into force on 1 January 2018."

They added, "In addition, the Swiss Parliament also adopted a controlling mechanism ensuring that the partner states implement the AEOI in a standard-compliant manner before exchanging financial account information. For this purpose, the Government established a report on the results of the assessments. The report will be submitted to the competent parliamentary committees for consultation. We do not expect any difficulties with regards to India."

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