India and Switzerland sign Joint Declaration for Exchange of Information on Bank Accounts abroad (Black Money)
CBDT has issued press release about signing of ‘Joint Declaration’ by India and Switzerland for the implementation of Automatic Exchange of Information (AEOI) on Bank Accounts and Black Money stashed abroad, as under:
Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for this Government. To further this goal, Mr. Sushil Chandra, Chairman, CBDT on behalf of India and Mr. Gilles Roduit, Deputy Chief of Mission of Swiss Embassy in India, on behalf of Switzerland, signed the ‘Joint Declaration’ for the implementation of Automatic Exchange of Information (AEOI) between India and Switzerland today.
As a result, 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.