New Delhi Nov 22: : India will start getting financial information of accounts held by Indians in Swiss banks on automatic basis from September 2019, a move that will help fight the menace of black money stashed abroad. Also Read - EC Rejects Commissioner Lavasa's Demand, Says 'Dissent Won't be Recorded in Final Orders'
CBDT chairman Sushil Chandra and deputy chief of mission of Swiss embassy in India Gilles Roduit on Tuesday signed the ‘joint declaration’ for the implementation of Automatic Exchange of Information (AEOI) between the two nations. Also Read - Former Indian Revenue Service Officer Sushil Chandra Takes Charge as New Election Commissioner
“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,” the finance ministry said in a statement. It further said that fighting the menace of black money stashed in offshore accounts has been a key priority area for this government. Also Read - Just 23 cr PAN cards linked with Aadhaar ahead of Mar 31 deadline