The Modi government’s fight against black money stashed abroad became a significant success on Friday. Switzerland has for the second time assigned to India the details of the Swiss bank’s Indian account holders. This statement of the financial accounts of Indian citizens and institutions is found under the automatic exchange of information (AEOI) with Switzerland. India is among 86 countries with which Switzerland’s Federal Tax Administration (FTA) has shared details of financial accounts under the Global Standards Framework on AEOI this year.
The FTA said in a statement on Friday that this year information exchange involves about 31 lakh financial accounts. About the same number of accounts were also given in the year 2019. Although the statement did not separately mention India’s name among the 86 countries, officials said that India is among the major countries with which Switzerland shared details about the financial accounts of Swiss bank customers and other financial institutions. is.
Officials further said that Swiss authorities at the request of India shared information about more than 100 Indian citizens and institutions in the last one year, against whom investigations into tax evasion and financial irregularities were going on. Officials, however, refused to divulge details about the number of existing accounts of Indians or the amount deposited in them, citing confidentiality.
Information provided by Swiss authorities includes identification, account and financial information. These information will help the tax authorities to find out if the taxpayers have given correct information about their financial accounts in the tax return. Significantly, India received the first details from Switzerland under AEOI in September 2019, when Switzerland shared information with 75 countries.