India gets 1st set of Swiss bank details

The Switzerland government on Monday released the first listof Indians having bank accounts in the Swiss bank under the new AutomaticExchange Of Information (AEOI) framework. The list can be seen as a result ofPrime Minister Narendra Modi's efforts for the fight against corruption andblack money.

A Federal Tax Administration (FTA) official told the media that India and 74 other countries have exchanged financial accounts information to frame global standards for the Automatic Exchange of Information. The reports say that the next exchange of information would take place in September 2020.

The information shared by the Swiss Bank authorities wasabout active bank accounts held by Indian residents. It also added detailsabout people who closed their accounts in 2018. This bank information would beconfidential including their bank account numbers, details of financialassets—shares, fixed deposits, and other investments— in the Swiss Banks by theIndian.

Reports say that the government now has details like name,address and tax identification number, account balance and other financialtransactions.