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India receives first tranche of Swiss account details

It marks a significant milestone in the fight against black money suspected to be stashed abroad.

An Federal Tax Administration (FTA) spokesperson said, India figures among 75 countries with which Switzerland’s FTA has exchanged information on financial accounts within the framework of global standards on the automatic exchange of information.

This is the first time that India has received details from Switzerland under the AEOI framework, which provides for exchange of information on financial accounts that currently active as well as those accounts that were closed during 2018.

The next exchange would take place in September 2020. Currently, around 7,500 reporting financial institutions are registered with the FTA.

These institutions collected the data and transferred it to the FTA. The FTA sent information on around 3.1 million financial accounts to the partner states. The largest exchange was with Germany  as was the case in the previous year.

The FTA cannot provide any information on the amount of financial assets. Identification, account and financial information is exchanged, including name, address, state of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
 

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