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India gets Swiss bank ac details for 3rd year in row

Source: PTI
October 11, 2021 15:11 IST
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India has received the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland, as part of an annual exercise under which the European nation has shared the particulars of nearly 33 lakh financial accounts with 96 countries.

IMAGE: Kindly note that this image has been posted for representational purposes only. Photograph: Reuters.

The Federal Tax Administration in a statement on Monday said that the exchange of information this year involved 10 more countries -- Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vanuatu.

 

While the exchange of information was reciprocal with 70 countries, Switzerland received information but did not provide any in the case of 26 countries -- either because those countries do not yet meet the international requirements on confidentiality and data security (14) or because they chose not to receive data (12).

While the FTA did not disclose names and further details of all 96 countries, officials said India figured among those having received the information for the third year in a row and the details shared with Indian authorities pertained to a large number of individuals and companies having accounts in Swiss financial institutions.

The exchange took place last month and the next set of information would be shared by Switzerland in September 2022.

India had received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in September 2019. It was among 75 countries to get such information that year.

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