India to get Swiss bank accounts data from September 2018

“The income tax department will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards,” Adhia posted on Twitter.

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CBDT chairman Sushil Chandra and deputy chief of mission of Swiss Embassy in India Gilles Roduit on Tuesday signed the joint declaration for the implementation of Automatic Exchange of Information (AEOI) between the two nations, the ministry statement said.

It further said that fighting the menace of black money stashed in offshore accounts has been a key priority area for this government.

The Swiss Federal Department of Finance said in a statement that the signing of the joint declaration with India confirms Switzerland’s international commitment to implementing the AEOI standard.

“India meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI,” it said.

In June, Prime Minister Narendra Modi had met Swiss president Johann Schneider-Ammann at Geneva, where he discussed the need for expeditious exchange of information for combating tax evasion together with an early start to negotiations on the agreement for automatic exchange of information.

Subsequently, Adhia met Switzerland’s State Secretary for International Financial Matters Jacques de Watteville and agreed to move towards an early agreement for the implementation of AEOI.