Switzerland Will Share All The Information About Indians Holding Swiss Bank Accounts Starting From September 2019
Demonetization has really led everyone to run around in order to save their money. And it is seriously an applause-worthy move by our Government to curb a lot of social issues together.
Just to deal with one of the many issues the government has taken another step towards the same by entering a contract with Switzerland which states that Switzerland has agreed to automatic sharing of information with India on account of the Indians having Swiss bank accounts as of September 2018 and on wards.
Note that The bank will not share any details of the accounts or the persons prior to September 2018, and the first exchange of information will happen in September 2019.
“It will now be possible for India to receive from September 2019 on wards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis,” said a Finance Ministry statement.
As a result of which, India and Switzerland have signed the ‘Joint Declaration’ for the implementation of Automatic Exchange of Information (AEOI).
The declaration demands both countries to collect data from the year 2018 on wards and share it in the year 2019.
According to it, Switzerland has guaranteed to automatically share all the details taking in consideration the global standards. India, on the other hand has agreed to safeguard the confidentiality of the data.
We will keep you updated on the news.
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