Black money: Switzerland ratifies automatic exchange of information with India

The Swiss Federal Council said that the implementation of the information exchange is planned for 2018 and that the first set of data exchange would happen in 2019

By: Express Web Desk | New Delhi | Published:June 16, 2017 5:38 pm
Black money, Swiss Bank, Switzerland India agreement, AEOI, data exchange agreement, India news, latest news, indian express The Swiss Federal Council said it would soon notify the Indian government regarding the exact date from which the “automatic exchange” would begin.

Switzerland on Friday ratified an automatic exchange of financial account information with India in order to facilitate immediate sharing of details about suspected black money, news agency PTI reported. Switzerland, who signed the agreement with 40 other jurisdictions, has however sought strict adherence to confidentiality and data security.

The Swiss Federal Council said that the implementation of the information exchange is planned for 2018 and that the first set of data exchange would happen in 2019. In this regard, the Council has reportedly adopted the dispatch on the introduction of the AEOI (Automatic Exchange of Information), a global convention for automatic information exchange on tax matters.

The Swiss Federal Council said it would soon notify the Indian government regarding the exact date from which the “automatic exchange” would begin. It added that it will prepare a situation report before the first exchange of data takes place somewhere around autumn 2019.

During a meeting on Friday, the council approved the draft notification adding that the decision was not subject to any referendum – meaning the implementation would not face any further bureaucratic delay.

For a long time, Switzerland has been considered a “safe haven” for black money stashed abroad by Indians. The decision by the Swiss Federal Council on the data exchange was reached after several rounds of negotiations between India and Switzerland. The decision was reportedly taken under the guidance of G20, OECD and other global organisations.

According to the council, the proposal to introduce AEOI was met with “widespread approval from the interested parties who voiced their opinions in the consultations”. “In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch,” the council said.

The exchange of information will reportedly be carried out in accordance with the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information.

“In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security. It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, Switzerland has introduced the AEOI with 38 states and territories, including all EU member states, and data will start to be exchanged with them in 2018,” it added.

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  1. S
    Sree Kumar
    Jun 17, 2017 at 11:03 am
    FANTASTIC !! Swiss bank is going to share the details in the Election Year 2019 ) and that too the information's from 2018 onwards...!!! Salute to those black money stalkers who after hearing this news, going to the swiss bank to deposit their black money from 2018 and those who still holding on tho their BM with these banks when they have multiple other route available already! By the by from where the they are going to have the black money now for deposit again from India ???? We have eaten up all the black money existing in the country by the so called process " DE MONETIZATION.. (Sic)
    Reply
  2. S
    Sunil Sharma
    Jun 16, 2017 at 8:08 pm
    JAI JAI BHARATmamaji: FANTASTIC NEWS FOR ALL INDYANS. FINALLY WE WOULD BE SEEING our 15 Lacs being deposited into our SWISS WHITEMONEY ACCOUNt. WE from this date open new White money account in Any Bank and in SWISS WHITE MONEY ACCOUNT . THANK YOU Mantri Saheb great news for all good clean indyan. But Bad news for those like Vijaysaheb having Black money in SWISS CAKE Bank account. Jai Hind. When will pradan Mantri Implement the deposit its ALREADY THREE YEARS BEHIND in its deposit. GREAT WORK this could also be his 75 visit to 75 different countries. WHAT NEXT Fekuji. MAKE INDYA GREAT ONCE AGAIN IN THE FOOT STEPTS OF THE US president.GOOD LUCK
    Reply
  3. A
    Arun Kottur
    Jun 16, 2017 at 8:07 pm
    can we have full particulars made public the date the accounts are opened.
    Reply
  4. S
    Sunil Sharma
    Jun 16, 2017 at 7:59 pm
    FANTASTIC NEWS FOR ALL INDYANS. FINALLY WE WOULD BE SEEING our 15 Lacs being deposited into our SWISS WHITEMONEY ACCOUNt. WE from this date open new White money account in Any Bank and in SWISS WHITE MONEY ACCOUNT . THANK YOU Mantri Saheb great news for all good clean indyan. But Bad news for those like Vijaysaheb having Black money in SWISS CAKE Bank account. Jai Hind. When will pradan Mantri Implement the deposit its ALREADY THREE YEARS BEHIND in its deposit. GREAT WORK this could also be his 75 visit to 75 different countries. WHAT NEXT Fekuji
    Reply