India Switzerland Sign Information Sharing Deal

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Switzerland agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards.

They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019.

The ‘Joint Declaration’ for implementation of AEOI signed between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.

While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to safeguard the confidentiality of the data.

The automatic exchange of information with India will be implemented based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA).

Switzerland, which has always been at the centre of the debate on black money allegedly stashed by Indians abroad, used to be known for very strong secrecy walls till a few years ago around its banking practices.

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