Swiss Bank Accounts: All procedures concluded, Switzerland to release information on Indians

New Delhi: Exchange of Banking information between India and Swiss Banks with the signed Automatic Exchange of Information (AEOI) agreement between the two nations is all set for its first exchange of information before the September 30.
News source the Indian Express reports when officials in the Swiss Finance Ministry and Swiss Federal Tax Administration officials were contacted in Berne, they have stated that that “several dispatches might be necessary” in the case of India, indicating the Swiss Finance Ministry is planning on sharing details of all Indians with Swiss banks accounts as of 2018 beginning with the Indian tax authorities.
With AEOIs implemented with 36 countries last year, India is among 73 countries with whom the information regarding the bank accounts shall be shared.
The Swiss authorities have confirmed that legislative and Parliamentary procedures that need to be carried out prior to the exchange of banking information have been concluded and soon the information shall be released.
According to sources, information exchange of at least a hundred account is on the verge of being transferred to India.
A spokesperson for the Swiss Finance office has described this upcoming exchange as an “important milestone in the relationship between India and Switzerland”.