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Black Money: End of secret Swiss bank accounts; Switzerland to share info with India

Newspatrolling: In a major success in the fight against corruption and black money, Switzerland has agreed to share information with India related to suspicious Swiss bank accounts that could be hoarding black money. With this, an era of secret Swiss bank accounts has finally come to an end. It may be recalled that Swiss banks had earlier become a safe haven for corrupt people to deposit their illegally obtained money. Businessmen, politicians, doctors, and just about anyone with black money used to use these Swiss bank accounts to safely deposit their stash. However, all this will now change as Switzerland has ratified an automatic exchange of financial account information with India. This will facilitate immediate sharing of details about suspected black money.

The NDA government has been pursuing this for a long time and now it has become a reality. This is a major achievement for the Modi government in its fight against corruption and black money. The Swiss Federal Council has stated that the new policy on information sharing will be implemented in 2018 and the first set of data would be shared in 2019. To make this possible, the Council will utilize the dispatch on the introduction of the AEOI (Automatic Exchange of Information), which is a global convention for automatic information exchange on tax matters.

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