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Indian government gets first list of Swiss account holders 

File photo. Photograph:( Zee News Network )

WION New Delhi Oct 07, 2019, 09.46 PM (IST) Written By: Sidhant Sibal

In a major breakthrough in fight against black money, Switzerland on Monday confirmed that it had shared information regarding accounts held by Indian residents in the central European country with the Indian government. India received the first list of account holders in September 2019 for the year 2018 under the Automatic Exchange Of Information (AEOI) on tax matters, it added.

AEOI was signed between India and Switzerland in November 2016.

Swiss government gave information about the accounts including name, address and account balance to the Indian government.

India will now receive the information automatically every year.

The Swiss federal department of finance in a release said, "Federal Tax Administration (FTA) has exchanged information on financial accounts with 75 countries."

The Swiss finance department confirmed to WION that list of 75 countries include India but on the number of accounts whose details have been given to Indian government the department said, "communication of statistical data is subject to the confidentiality clauses"

Swiss government shared information of 3.1 million financial accounts to 75 countries and received information on 2.4 million of them on a reciprocal basis. The largest exchange was with Germany.