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

India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.

<a href="https://www.wionews.com/india-news/india-to-get-information-on-account-holders-in-swiss-banks-from-this-year-government-187932">Also Read: India to get information on account holders in Swiss banks from this year, says government</a>

India is among the 86 countries with which Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI this year.

India had received the first set of details from Switzerland in September 2019 under AEOI (Automatic Exchange of Information), when it involved 75 countries.

The information exchange this year involved nearly 3.1 million (31 lakh) financial accounts, FTA said in a statement on Friday. The number of such accounts was similar in 2019.

While the statement did not explicitly name India among the 86 countries, officials told PTI that India is among the prominent countries with which Switzerland has shared details about financial accounts of clients of Swiss banks and various other financial institutions.

The officials further said a "sizeable number" relates to Indian citizens and entities in the overall exchange of information about over three million financial accounts by Switzerland this year with 86 countries.

Besides, Swiss authorities have already shared information about more than 100 Indian citizens and entities in the past one year on receipt of requests for administrative assistance in cases involving probes into financial wrongdoings including tax evasion, the officials added.

These cases mostly relate to older accounts that might have been closed before 2018, for which Switzerland has shared details with India under an earlier framework of mutual administrative assistance as Indian authorities had provided prima facie evidence of tax-related wrongdoing by those account holders. AEOI is applicable only to accounts that are active or were closed during 2018.

Some of these cases relate to entities set up by Indians in various overseas jurisdictions like Panama, British Virgin Islands and Cayman Islands, while the individuals include mostly businessmen and a few politicians and erstwhile royals as well as their family members.

The officials, however, refused to share details about the exact number of accounts or the quantum of assets held in the accounts held by Indians, for which the information has been shared with India, citing strict confidentiality clauses governing the exchange framework.

The information shared by Swiss authorities include identification, account and financial information, such as name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.

The exchanged information will allow tax authorities to verify whether taxpayers have correctly declared their financial accounts in their tax returns. The next exchange would take place in September 2021.

In its statement, FTA said the 86 countries covered under the AEOI this year include 11 new jurisdictions -- Anguilla, Aruba, Bahamas, Bahrain, Grenada, Israel, Kuwait, Marshall Islands, Nauru, Panama and the United Arab Emirates -- in addition to the existing list of 75 countries, with whom information was shared last year.

Further, FTA said the exchange of information this year has been reciprocal with 66 countries. In the case of 20 countries, Switzerland received information but did not provide any, either because those countries do not yet meet the international requirements on confidentiality and data security (9 countries) or because they chose not to receive data (11 countries).

A total of 38 countries will supply their data to Switzerland in accordance with the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) by December 31, 2020. These countries have claimed technical difficulties due to the COVID-19 crisis. 
Switzerland's first such exchange took place at the end of September 2018 and involved 36 countries, but India did not figure in the list at that time.

Currently, around 8,500 reporting financial institutions (banks, trusts, insurers, etc) are registered with FTA. These institutions collected the data and transferred it to FTA. The count has increased from about 7,500 last year.

FTA sent information on around 3.1 million financial accounts to the partner states and received information on around 8,15,000 financial accounts from them.

FTA also said it cannot provide any information on the amount of financial assets.

Switzerland has committed itself to adopt the global standard for the international automatic exchange of information in tax matters. The legal basis for the implementation of AEOI in Switzerland came into force on January 1, 2017.

This is the second time that India has received details from swiss authorities under &nbsp;AEOI framework, which provides for the exchange of information on financial accounts, currently active as well as those accounts that were closed during 2018, the year in which the framework agreement became effective.

However, AEOI only relates to accounts that are officially in the name of Indians and they might include those used for business and other genuine purposes.

The Global Forum of the Organisation for Economic Cooperation and Development reviews AEOI implementation.

According to experts, the data received by India can be 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.

On condition of anonymity, several officials said the details relate mostly to businessmen, including non-resident Indians now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries.

A Swiss delegation was in India in August last year before the first set of details could get shared and the two sides also discussed possible steps to expedite the execution of tax information-sharing requests made by India in specific cases.

It is feared many Indians might have closed their accounts after a global crackdown on black money led to Switzerland buckling under international pressure to open its banking sector for scrutiny to clear the long-held perception of Swiss banks being safe haven for undisclosed funds.

Switzerland agreed to AEOI with India after a long process, including a review of the necessary legal framework in India on data protection and confidentiality.&nbsp;

India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.

India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad. Also Read: India to get information on account holders in Swiss banks from this year, says government India is among the 86 countries with which Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI this year. India had received the first set of details from Switzerland in September 2019 under AEOI (Automatic Exchange of Information), when it involved 75 countries. The information exchange this year involved nearly 3.1 million (31 lakh) financial accounts, FTA said in a statement on Friday. The number of such accounts was similar in 2019. While the statement did not explicitly name India among the 86 countries, officials told PTI that India is among the prominent countries with which Switzerland has shared details about financial accounts of clients of Swiss banks and various other financial institutions. The officials further said a "sizeable number" relates to Indian citizens and entities in the overall exchange of information about over three million financial accounts by Switzerland this year with 86 countries. Besides, Swiss authorities have already shared information about more than 100 Indian citizens and entities in the past one year on receipt of requests for administrative assistance in cases involving probes into financial wrongdoings including tax evasion, the officials added. These cases mostly relate to older accounts that might have been closed before 2018, for which Switzerland has shared details with India under an earlier framework of mutual administrative assistance as Indian authorities had provided prima facie evidence of tax-related wrongdoing by those account holders. AEOI is applicable only to accounts that are active or were closed during 2018. Some of these cases relate to entities set up by Indians in various overseas jurisdictions like Panama, British Virgin Islands and Cayman Islands, while the individuals include mostly businessmen and a few politicians and erstwhile royals as well as their family members. The officials, however, refused to share details about the exact number of accounts or the quantum of assets held in the accounts held by Indians, for which the information has been shared with India, citing strict confidentiality clauses governing the exchange framework. The information shared by Swiss authorities include identification, account and financial information, such as name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income. The exchanged information will allow tax authorities to verify whether taxpayers have correctly declared their financial accounts in their tax returns. The next exchange would take place in September 2021. In its statement, FTA said the 86 countries covered under the AEOI this year include 11 new jurisdictions -- Anguilla, Aruba, Bahamas, Bahrain, Grenada, Israel, Kuwait, Marshall Islands, Nauru, Panama and the United Arab Emirates -- in addition to the existing list of 75 countries, with whom information was shared last year. Further, FTA said the exchange of information this year has been reciprocal with 66 countries. In the case of 20 countries, Switzerland received information but did not provide any, either because those countries do not yet meet the international requirements on confidentiality and data security (9 countries) or because they chose not to receive data (11 countries). A total of 38 countries will supply their data to Switzerland in accordance with the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) by December 31, 2020. These countries have claimed technical difficulties due to the COVID-19 crisis. Switzerland's first such exchange took place at the end of September 2018 and involved 36 countries, but India did not figure in the list at that time. Currently, around 8,500 reporting financial institutions (banks, trusts, insurers, etc) are registered with FTA. These institutions collected the data and transferred it to FTA. The count has increased from about 7,500 last year. FTA sent information on around 3.1 million financial accounts to the partner states and received information on around 8,15,000 financial accounts from them. FTA also said it cannot provide any information on the amount of financial assets. Switzerland has committed itself to adopt the global standard for the international automatic exchange of information in tax matters. The legal basis for the implementation of AEOI in Switzerland came into force on January 1, 2017. This is the second time that India has received details from swiss authorities under AEOI framework, which provides for the exchange of information on financial accounts, currently active as well as those accounts that were closed during 2018, the year in which the framework agreement became effective. However, AEOI only relates to accounts that are officially in the name of Indians and they might include those used for business and other genuine purposes. The Global Forum of the Organisation for Economic Cooperation and Development reviews AEOI implementation. According to experts, the data received by India can be 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. On condition of anonymity, several officials said the details relate mostly to businessmen, including non-resident Indians now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries. A Swiss delegation was in India in August last year before the first set of details could get shared and the two sides also discussed possible steps to expedite the execution of tax information-sharing requests made by India in specific cases. It is feared many Indians might have closed their accounts after a global crackdown on black money led to Switzerland buckling under international pressure to open its banking sector for scrutiny to clear the long-held perception of Swiss banks being safe haven for undisclosed funds. Switzerland agreed to AEOI with India after a long process, including a review of the necessary legal framework in India on data protection and confidentiality.

India gets set of Swiss bank account details under automatic information exchange framework

India has moved down one place to 74th rank in terms of <a href="https://www.wionews.com/india-news/indians-money-in-swiss-banks-falls-hits-second-lowest-level-in-two-decades-230943">money parked by its citizens and enterprises with Swiss banks</a>, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation.

India was ranked 73rd last year, after jumping 15 places from its 88th position a year ago.

An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) shows that India remains ranked very low when it comes to money parked by Indian individuals and enterprises in Swiss banks, including through their India-based branches, while accounting for just about 0.07 per cent of the aggregate funds parked by all foreign clients of Switzerland-based banks.

In comparison, the top-ranked UK accounted for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018.

Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five.

The top-five countries alone account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks, while the top-10 account for nearly two-thirds. The top-15 countries account for nearly 75 per cent of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90 per cent.

The top-10 countries also include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore.

Among the five-nation BRICS bloc of emerging economies, India is ranked the lowest while Russia is ranked the highest at 20th place, followed by China at 22nd, South Africa at 60th and Brazil at 65th place in terms of the amount of money parked by their residents and enterprises at the end of 2018.

The countries ranked higher than India also include Mauritius (71st), New Zealand (59th), the Philippines (54th), Venezuela (53rd), Seychelles (52nd), Thailand (39th), Canada (36th), Turkey (30th), Israel (28th), Saudi Arabia (21st), Panama (18th), Japan (16th), Italy (15th), Australia (13th), UAE (12th) and Guernsey (11th).

However, several of India's neighbouring nations are ranked lower, with Pakistan ranking 82nd, Bangladesh 89th, Nepal 109th, Sri Lanka 141st, Myanmar 187th and Bhutan 193rd.

This is the first time in the last four years that the funds linked to Pakistan in Swiss banks have slipped below that of Indians.

A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation. The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate the exact quantum of the much-debated alleged black money held in famed safe havens of Switzerland. The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money to Swiss banks.

Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from this year, while it has already been getting information on accounts where proof of illicit funds can be furnished.

The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system, almost same as the level seen at 2017-end after a modest increase from 0.04 per cent a year before that, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2018-end.

India was placed at 75th position in 2015 and 61st in the year before, though it used to be among the top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

The total money held in Swiss banks by foreign clients from across the world fell by about 4 per cent to CHF 1.4 trillion (about Rs. 99 lakh crore) in 2018. In terms of individual countries, the UK continues to account for the largest chunk at about CHF 372 billion (down from CHF 403 billion a year ago), which remains more than 26 per cent of the total foreign money with Swiss banks.

The US remains on the second position despite a dip to about CHF 144 billion (from CHF 166 billion a year ago), accounting for nearly 10.3 per cent of all foreign funds. The share is more than 1 per cent only for 21 jurisdictions.

India was ranked in the top-50 continuously between 1996 and 2007, but its rank started declining after that -&nbsp;55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.

&nbsp;

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation.

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation. India was ranked 73rd last year, after jumping 15 places from its 88th position a year ago. An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) shows that India remains ranked very low when it comes to money parked by Indian individuals and enterprises in Swiss banks, including through their India-based branches, while accounting for just about 0.07 per cent of the aggregate funds parked by all foreign clients of Switzerland-based banks. In comparison, the top-ranked UK accounted for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018. Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five. The top-five countries alone account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks, while the top-10 account for nearly two-thirds. The top-15 countries account for nearly 75 per cent of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90 per cent. The top-10 countries also include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore. Among the five-nation BRICS bloc of emerging economies, India is ranked the lowest while Russia is ranked the highest at 20th place, followed by China at 22nd, South Africa at 60th and Brazil at 65th place in terms of the amount of money parked by their residents and enterprises at the end of 2018. The countries ranked higher than India also include Mauritius (71st), New Zealand (59th), the Philippines (54th), Venezuela (53rd), Seychelles (52nd), Thailand (39th), Canada (36th), Turkey (30th), Israel (28th), Saudi Arabia (21st), Panama (18th), Japan (16th), Italy (15th), Australia (13th), UAE (12th) and Guernsey (11th). However, several of India's neighbouring nations are ranked lower, with Pakistan ranking 82nd, Bangladesh 89th, Nepal 109th, Sri Lanka 141st, Myanmar 187th and Bhutan 193rd. This is the first time in the last four years that the funds linked to Pakistan in Swiss banks have slipped below that of Indians. A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation. The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate the exact quantum of the much-debated alleged black money held in famed safe havens of Switzerland. The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money to Swiss banks. Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from this year, while it has already been getting information on accounts where proof of illicit funds can be furnished. The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system, almost same as the level seen at 2017-end after a modest increase from 0.04 per cent a year before that, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2018-end. India was placed at 75th position in 2015 and 61st in the year before, though it used to be among the top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004. The total money held in Swiss banks by foreign clients from across the world fell by about 4 per cent to CHF 1.4 trillion (about Rs. 99 lakh crore) in 2018. In terms of individual countries, the UK continues to account for the largest chunk at about CHF 372 billion (down from CHF 403 billion a year ago), which remains more than 26 per cent of the total foreign money with Swiss banks. The US remains on the second position despite a dip to about CHF 144 billion (from CHF 166 billion a year ago), accounting for nearly 10.3 per cent of all foreign funds. The share is more than 1 per cent only for 21 jurisdictions. India was ranked in the top-50 continuously between 1996 and 2007, but its rank started declining after that - 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.

Money in Swiss banks: India slips to 74th place, UK remains on top 

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

India gets set of Swiss bank account details under automatic information exchange framework

Money in Swiss banks: India slips to 74th place, UK remains on top