The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts linked to Indians.
Switzerland’s Federal Tax Administration (FTA), in a statement Monday, said it has exchanged information on financial accounts with 75 countries, out of which 63 reciprocated, under the global framework of the automatic exchange of information (AEOI).
Pointing to volume, Swiss office says several dispatches may be needed. According to the two Swiss agencies, India is among 73 countries with whom information on bank accounts will be shared this year — AEOIs were implemented with 36 countries last year.
The exchange will work like this -- If an Indian has a bank account in Switzerland, the bank concerned will disclose the financial account data to authorities there; the Swiss authority will automatically forward the information to its peer in India who can then examine the person's details.