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India receives info on Swiss bank account owners

India has received the first tranche of its residents’ account details in Swiss banks under the latest framework allowing automatic data exchange among the two countries.

The growth indicates a significant discovery in India’s attempts to track down black money stashed overseas. India is amongst 75 countries with which Switzerland’s Federal Tax Administration (FTA) has exchanged data on the financial details of people.

The said data comes under the Account Information in Tax Matters (AEOI) framework which gives for data exchange on existing bank records as well those that were settled during 2018, an FTA spokesperson said.

The FTA will next change data in September 2020. the Switzerland government stated in a comment the number of nations with which the AEOI (Automatic Exchange of Information) took accommodation has grown to 75 this year, out of which it was mutual with 63 countries.

In the case of 12 countries, Switzerland collected information but did not present any, either because those nations do not yet meet the international calls on confidentiality and data protection (Belize, Bulgaria, Costa Rica, Curacao, Montserrat, Romania, Saint Vincent and the Grenadines, Cyprus) or because they chose not to collect data (Bermuda, British Virgin Islands, Cayman Islands, Turks and Caicos Islands). The data was obtained by the FTA from approximately 7,500 institutions including banks, trusts and insurers.

It said the exchange will take place with around 90 countries next year. The OECD Global Forum reviews the AEOI implementation.

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