The I-T department said this will be a significant step in the Government’s fight against black money as the "era of Swiss bank secrecy will finally be over."
In a major boost to India's fight against black money, the government will receive details of Indians holding accounts in Swiss banks.
The sharing of information is part of the Automatic Exchange of Information (AEOI) framework between India and Switzerland.
"India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland," the Income Tax Department tweeted on Saturday.
The first automatic exchange of financial account information (AEOI) under Common Reporting Standard (CRS) to start in September 2019, it said.
The I-T department added that this will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over.
Under the AEOI framework, Switzerland would share with Indian tax authorities information including bank account numbers, credit balance and all kinds of financial income for each Indian client of every Swiss financial institution.
Tax officials of India and Switzerland met in New Delhi over two days on Friday and Saturday to discuss bilateral exchange of information matters.
"A Swiss delegation led by Mr.Nicolas Mario Luscher,Deputy Head of Tax Division,State Sectt for International Finance called on Revenue Secretary, Chairman, CBDT & Member(L),CBDT," I-T Department said in another tweet.
"In the 2-day meeting at New Delhi on 29- 30Aug, 2019, both sides discussed bilateral exchange of information matters to expedite execution of tax information sharing requests made by India in specific cases.Enhancing collaboration in offshore tax compliance matters also discussed," it added.
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