The Indian government has received the third set of Swiss bank account information from Switzerland.

This was done, as part of an annual exercise, under which the European nation shared details of nearly 33 lakh financial accounts with 96 nations.

On the condition of anonymity, officials revealed that the details relate mostly to businessmen, including NRI's now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries.

Also read | <a href="https://www.wionews.com/india-news/pandora-papers-leak-anil-ambani-sachin-tendulkar-jackie-shroff-named-check-list-of-other-high-profile-indian-names-418066">Pandora papers leak: Anil Ambani, Sachin Tendulkar, Jackie Shroff named, check list of other high-profile Indian names</a>

The Indian authorities were provided with information regarding many individuals and companies with accounts in Swiss financial institutions.

According to experts, the Automatic Exchange Of Information (AEOI) data received by India has been quite useful for establishing a strong prosecution case against those who have any unaccounted wealth, as it provides entire details of deposits and transfers as well as of all earnings, including through investments in securities and other assets.

The exchanged details include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.

Also Read | <a href="https://www.wionews.com/world/pandora-papers-largest-leak-of-offshore-data-in-history-explained-417996">Pandora Papers: Largest leak of offshore data in history explained</a>

Tax authorities use the exchanged information to verify whether taxpayers have correctly reported their financial accounts on their tax returns.

While the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from the AEOI framework; for the first time this year, Switzerland has also agreed to share information about foreigners' real estate holdings there.

Also read | <a href="https://www.wionews.com/india-news/switzerland-to-share-information-on-real-estate-assets-owned-by-indian-nationals-412701">Switzerland to share information on real estate assets owned by Indian nationals</a>

This is seen as a major milestone in the Indian government's fight against black money allegedly stashed abroad, as authorities will now be able to investigate tax liabilities as well as earnings associated with flats, apartments, condos, etc. owned by Indians in Switzerland.

Swiss Federal Tax Administration (FTA) also reported on Monday that 10 more countries - Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vanuatu, were involved in the exchange of information this year.

Watch | In 2015, Swiss bank released list of dormant A/Cs, mostly A/Cs linked to the Indians

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/in-2015-swiss-bank-released-list-of-dormant-acs-mostly-acs-linked-to-the-indians-261221/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The exchange took place last month and the next set of information would be shared by Switzerland in September 2022.

With this, Switzerland is seeking to reposition itself as a key global financial centre while dispelling the long-standing perception that the Swiss banking system is a safe haven for large amounts of black money.

(With inputs from agencies)

The Indian government has received the third set of Swiss bank account information from Switzerland. This was done, as part of an annual exercise, under which the European nation shared details of nearly 33 lakh financial accounts with 96 nations.

The Indian government has received the third set of Swiss bank account information from Switzerland. This was done, as part of an annual exercise, under which the European nation shared details of nearly 33 lakh financial accounts with 96 nations. On the condition of anonymity, officials revealed that the details relate mostly to businessmen, including NRI's now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries. Also read | Pandora papers leak: Anil Ambani, Sachin Tendulkar, Jackie Shroff named, check list of other high-profile Indian names The Indian authorities were provided with information regarding many individuals and companies with accounts in Swiss financial institutions. According to experts, the Automatic Exchange Of Information (AEOI) data received by India has been quite useful for establishing a strong prosecution case against those who have any unaccounted wealth, as it provides entire details of deposits and transfers as well as of all earnings, including through investments in securities and other assets. The exchanged details include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income. Also Read | Pandora Papers: Largest leak of offshore data in history explained Tax authorities use the exchanged information to verify whether taxpayers have correctly reported their financial accounts on their tax returns. While the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from the AEOI framework; for the first time this year, Switzerland has also agreed to share information about foreigners' real estate holdings there. Also read | Switzerland to share information on real estate assets owned by Indian nationals This is seen as a major milestone in the Indian government's fight against black money allegedly stashed abroad, as authorities will now be able to investigate tax liabilities as well as earnings associated with flats, apartments, condos, etc. owned by Indians in Switzerland. Swiss Federal Tax Administration (FTA) also reported on Monday that 10 more countries - Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vanuatu, were involved in the exchange of information this year. Watch | In 2015, Swiss bank released list of dormant A/Cs, mostly A/Cs linked to the Indians The exchange took place last month and the next set of information would be shared by Switzerland in September 2022. With this, Switzerland is seeking to reposition itself as a key global financial centre while dispelling the long-standing perception that the Swiss banking system is a safe haven for large amounts of black money. (With inputs from agencies)

India gets third set of Swiss bank details; mostly businessmen, NRIs

Switzerland today ratified automatic exchange of financial account information (AEOI) with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security.

Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019.

The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin.

As per the draft notification approved by the council in its meeting today, the decision is not subject to any referendum &mdash; which means there should be no further procedural delay in its implementation.

The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.

Today&rsquo;s decision follows hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchange of Information) on tax matters under the guidance of G20, OECD and other global organisations.

The council said the proposal to introduce AEOI with India and others &ldquo;met with widespread approval from the interested parties who voiced their opinions in the consultations&ldquo;.

&ldquo;In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch,&rdquo; it added.

The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which in turn is based on the international standard for the exchange of information developed by the Organisation for Economic Co-operation and Development (OECD).

The council said it will prepare a situation report before the first exchange of data, which is planned for autumn 2019.

&ldquo;In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security.

&ldquo;It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, Switzerland has introduced the AEOI with 38 states and territories, including all EU member states, and data will start to be exchanged with them in 2018,&rdquo; it added. 
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The Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019

Switzerland today ratified automatic exchange of financial account information (AEOI) with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security. Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019. The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin. As per the draft notification approved by the council in its meeting today, the decision is not subject to any referendum — which means there should be no further procedural delay in its implementation. The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians. Today’s decision follows hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchange of Information) on tax matters under the guidance of G20, OECD and other global organisations. The council said the proposal to introduce AEOI with India and others “met with widespread approval from the interested parties who voiced their opinions in the consultations“. “In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch,” it added. The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which in turn is based on the international standard for the exchange of information developed by the Organisation for Economic Co-operation and Development (OECD). The council said it will prepare a situation report before the first exchange of data, which is planned for autumn 2019. “In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security. “It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, Switzerland has introduced the AEOI with 38 states and territories, including all EU member states, and data will start to be exchanged with them in 2018,” it added.

Black money: Switzerland ratifies automatic exchange of financial information with India

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India gets third set of Swiss bank details; mostly businessmen, NRIs

Black money: Switzerland ratifies automatic exchange of financial information with India