Heralding an end to its banking secrecy wall, Switzerland will now share bank account and other details with foreign countries, including India, even without prior intimation to concerned persons and on the basis of queries emanating from stolen data.
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
Move will be a setback for India which wants information on black money probe based on leaked data
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
Switzerland will not share details about accounts held prior to September 2018.
Experts of both the countries will meet by mid-September 2016 to further discuss the modalities for the reciprocal bilateral implementation of AEOI between India and Switzerland with a view to reaching an agreement at the earliest, possibly by the end of the year
The Swiss Finance Ministry spokesperson recently confirmed that a meeting is expected in the coming weeks, but did not disclose any further details.
The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
Under pressure from India and other countries, Switzerland has made key changes in its local laws governing assistance to foreign nations in their pursuit of black money allegedly stashed in Swiss banks.
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