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Black money: India gets 1st tranche of Swiss account info under automatic framework

FE Online
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In a major fight against black money abroad, India has received the first tranche of Swiss Bank account details of its residents under the automatic information exchange framework between the two nations, news agencay PTI reported citing a Switzerland’s (Federal Tax Administration) FTA spokesperson. The next exchange of information on black money would be done in September next year, the report added. It is the first time that India received such details from Switzerland under the AEOI framework. Under this framework, the information is exchanged on financial accounts that are active at present along with the bank accounts that were closed during 2018, the report added.

A Swiss delegation led by deputy head of the tax division in the state secretariat for international finance Nicolas Mario Luscher met Revenue Secretary A B Pandey, CBDT Chairman P C Mody and CBDT Member (Legislation) Akhilesh Ranjan between August 29 and 20 this year, PTI had then reported.

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India is one of the 75 countries with which Switzerland’s FTA exchanged information on bank details within the framework of global standards on AEOI, an FTA spokesperson told PTI. Information on nearly 3.1 million financial accounts was sent to the partner states and for nearly 2.4 million was received under the framework. The financial details include identification, account and financial information. These include name, address, state of residence and tax identification number, along with the information on the financial institution, account balance and capital income.

Meanwhile, Earlier this month, India authorities has sought details concerning former IPL commissioner Lalit Modi and his wife Minal from Swiss authorities, PTI reported. In its latest federal gazette notification on assistance sought by foreign jurisdictions under bilateral treaties for exchange of information on matters concerning suspected financial irregularities, Switzerland’s FTA has named Lalit and Minal Modi among such individuals.