I’m not sure if the demonetisation drive is going to help our battle with black money and black money hoarders but this news sure will. In a new turn of events, India now will be able to access information relating to Swiss bank accounts. Yes, you heard it right!
India and Switzerland have just signed the ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) where both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.
For a bank that is most infamous for its secrecy policies, the step is being welcomed as a game-changing manoeuvre.
Earler in June, PM Narendra Modi had met Swiss president Johann Schneider-Ammann at Geneva, where he discussed the need for change in policies. A statement issued from the Ministry of Finance read,
“It will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis,”
Revenue secretary Hasmukh Adhia also tweeted that the signing of the joint declaration for implementation of (AEOI) between India and Switzerland is a ‘big step’.
1/2 Signing of Joint Declaration for implementation of Automatic Exchange of Information (AEOI) between India and Switzerland is a big step
— Dr Hasmukh Adhia (@adhia03) November 22, 2016
2/2 The income tax deptt will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards
— Dr Hasmukh Adhia (@adhia03) November 22, 2016
All this time that Swiss bank played the villain in all our anti-black money debates and protests, wonder who will play the part now? That or we’ll finally be able to bring the illegal money stashed in it!
News Source: NDTV