Oct 09, 2019
India Gets First Tranche of Swiss Account Details, Will Help Govt Uncover Black Money
India has received the first tranche of details about financial accounts of its citizens in Swiss banks under a new automatic exchange of information framework between the two countries. The sharing of the data that was prepared by all Switzerland-based banks under a direction from the Swiss government marks a significant milestone in the fight against black money suspected to be stashed abroad. India figures among 75 countries with which Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI, an FTA spokesperson told news agency PTI.