National Affairs

Information Exchange Framework: India Gets 5th Set Of Swiss Bank

Swiss Bank has shared the fifth set of account details with India under the Annual Automatic Exchange of Information (AEOI). 

Switzerland has shared details of about 36 lakh financial accounts with 104 countries, which also includes India. 

Under this, Swiss Bank shared the details of which Indians have kept their money in Swiss Bank and from where this money has come. 

Swiss officials said that this exchange took place last month i.e. in September. Earlier on October 11, 2022, the Swiss bank had shared financial information about the accounts of its citizens with India, which was the fourth set shared between the two countries.

Now such information will be shared again through Switzerland in September 2024. 

Swiss Bank officials said that this is the fifth annual exchange of information between Switzerland and India. 

The new details shared with Indian authorities relate to hundreds of financial accounts, including some related to individuals, corporates and trusts. The details shared include identity, bank account and financial information. 

This includes name, address, country of residence and tax identification number as well as information related to reporting financial institutions, account balances and capital income.

Official did not disclose the amount involved or any other details of the information exchanged. Swiss official have refused to do so, citing the confidentiality of information exchange and the rules related to it and its negative impact on further investigation. 

He said that this detail will be used to investigate other illegal and wrongful activities including tax evasion, money laundering and terrorism funding. 

On the basis of this information, Swiss authorities will be able to verify whether taxpayers have given correct declaration of their financial accounts in their income tax returns.

According to a statement issued on Monday by the Federal Tax Administration (FTA) in Bern, the capital of Switzerland, details of financial accounts have been shared with 104 countries. 

This year, Kazakhstan, Maldives and Oman were added to the previous list of 101 countries. The number of financial accounts has increased by about two lakhs. 

This information has been shared within the framework of the Global Criteria on Annual Automatic Exchange of Information.

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