The Switzerland government on Monday released the first list of Indians having bank accounts in the Swiss bank under the new Automatic Exchange Of Information (AEOI) framework. The list can be seen as a result of Prime Minister Narendra Modi’s efforts for the fight against corruption and black 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 was about active bank accounts held by Indian residents. It also added details about people who closed their accounts in 2018. This bank information would be confidential including their bank account numbers, details of financial assets—shares, fixed deposits, and other investments— in the Swiss Banks by the Indian.
Reports say that the government now has details like name, address and tax identification number, account balance and other financial transactions.
Reports say the FTA collected data from over 7,500 banks, trusts and other financial institutes across Switzerland and has sent overall sent information about 3.1 million accounts to its ally countries. Notably, there were 12 countries to whom Switzerland failed to provide any information either because they did not match the international requirements on data security, but received the details from them.
These 12 countries were Costa Rica, Curacao, Montserrat, Belize, Bulgaria, Romania, Grenadines, Saint Vincent, Cyprus, Cayman Islands, Bermuda, Turks, Caicos Islands, and the British Virgin Islands.
India and Switzerland had joined hands in 2016 to share information about the Indians who have been hiding their black money in Swiss accounts. This first list was to come out in January 2018 which delayed and today finally the Indian government received the information. In 2018, a report had claimed that despite the deteriorating economy for the last 3 years, Indians have deposited 50 % more money in Swiss accounts.