Black Money List: India has won a big victory in the fight against black money. Switzerland has handed over the second list of Indian account holders in Switzerland to India. India has got these details under an agreement with Switzerland on the automatic exchange of information. This can be seen as a major achievement in the government’s fight against black money. India is one of the 86 countries with which Switzerland’s Federal Tax Administration (FTA) has shared financial accounts information on the AEOI this year within the global standards framework. Also Read – Chocolate Rain: Chocolate rain started suddenly in this city, then just …
India received the first set of details from Switzerland in September 2019 under AEOI (automatic exchange of information). At that time there were 75 countries involved. The FTA said on Friday that about 31 lakh financial accounts were involved in information exchange this year. In the year 2019 too, the number of accounts was given. Also Read – Federer with knee injury will now return to court next year
Although the statement did not separately mention India’s name among 86 countries, officials said that India is among the major countries with which Switzerland shared details about the financial accounts of Swiss bank customers and other financial institutions. Have done Officials further said that this year Switzerland has shared information about more than 3 million financial accounts with 86 countries and a ‘large’ number of them belong to Indian citizens and institutions. Also Read – Switzerland brightened the ‘great mountain’ of our country, PM Modi said- ‘We are together in battle from Corona’
He said that Swiss authorities have shared information about more than 100 Indian citizens and institutions in the last one year at the request of India, against which investigation of tax evasion and financial irregularities was going on. These cases mostly relate to old accounts, which have closed before 2018. AEOI is applicable only to those accounts which were active during 2018 or closed in the meantime.
Some of these cases are related to money deposited by Indians in institutions such as Panama, British Virgin Islands and Cayman Islands. Most of them are businessmen, while some politicians and their families are also involved. Officials, however, declined to provide details about the number of existing accounts of Indians or the amount deposited in them, citing confidentiality. Information provided by Swiss authorities includes identification, account and financial information.
These information will help the tax authorities to know whether the taxpayers have given correct information about their financial accounts in the tax return. The next such exchange will take place in September 2021. The first such exchange of Switzerland took place in late September 2018 and included 36 countries. At that time India was not included in this list. Currently about 8,500 financial institutions (banks, trusts, insurers, etc.) are registered with the FTA. These institutions submit data to the FTA.