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India to get Swiss bank details of all Indians from September

India to get Swiss bank details of all Indians from September

India’s fight against suspected black money stashed abroad will get a major boost this September in the form of first set of detailed financial information about all Indians having Swiss bank accounts, including those closed since last year.

The details that Switzerland would share with Indian tax authorities under the Automatic Exchange of Information (AEOI) framework would include account numbers, credit balance and all kinds of financial income for each Indian client of every Swiss financial institution.

The first set in September would be followed by further despatches on a yearly basis, according to Switzerland’s Federal Department of Finance (FDF).

This would be in addition to details already being shared by Switzerland with India for nearly 100 Indian entities, including individuals and enterprises, on submission of prima facie evidence of their financial wrongdoings, under a bilateral pact for administrative assistance on tax matters.

Minister of State for External Affairs V Muraleedhran also said in written reply to a Lok Sabha question on Wednesday that India will start receiving information on automatic basis from September about financial accounts held in Switzerland by Indian residents.