Wednesday, 23 November 2016

India to get Swiss bank a/c data from Sept 2018 onwards

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In a big step towards fighting black money stashed overseas, Switzerland today 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 today 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.

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