Switzerland ratified automatic exchange of financial account information with India on Friday. This move would help India get direct access to the black money stashed in Swiss Banks.
For decades, Switzerland is known to be the best destination for keeping the Black Money of foreign nationals. But, The latest decision would put an end to the banking secrecy.
From September 2019, Indian Government will have the luxury to track the transactions of it's Citizens with Swiss Banks. Even Centre could be able to receive information regarding the accounts of Indians settled in Switzerland.
NDA Government could claim credit for this historic move as the talks between India & Switzerland over AEOI (Automatic Exchange of Information) since couple of years have yielded good results.
For decades, Switzerland is known to be the best destination for keeping the Black Money of foreign nationals. But, The latest decision would put an end to the banking secrecy.
From September 2019, Indian Government will have the luxury to track the transactions of it's Citizens with Swiss Banks. Even Centre could be able to receive information regarding the accounts of Indians settled in Switzerland.
NDA Government could claim credit for this historic move as the talks between India & Switzerland over AEOI (Automatic Exchange of Information) since couple of years have yielded good results.