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Modi Sarkar's Big Win: India acquires 1st tranche of Swiss account details


SUKIRTI MISHRA 07/10/2019 16:54 PM
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HIGHLIGHTS:-

--India has received the first tranche of details about financial accounts of its residents in Swiss banks


--India will get details of financial accounts that currently active as well as those accounts that were closed during 2018


--The next exchange of information would take place in September 2020
 

New Delhi. The Switzerland government Monday revealed that India has received the first tranche of details on the financial accounts of its residents in Swiss Banks, under the automatic exchange of information (AEOI) framework. The media reports have previously mentioned that India was set to obtain the bank acccount details under automatic exchange of information, which provides for exchange of information on financial accounts that are currently active and those that were closed during 2018. 

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The next exchange would take place in September 2020. Evidently, India and Switzerland had signed an information-sharing deal on bank accounts, in 2016,  which was to come in effect from January 2018. According to the 2 Swiss agencies, India is among 75 countries with whom information on bank accounts will be shared this year— AEOIs were implemented with 36 countries last year. 

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The information exchange is being conducted under the Common Reporting Standard (CRS), the global reporting standard for such exchange of information, which takes care of aspects such as confidentiality rules and data safeguards. The CRS has been developed by the Organisation for Economic Cooperation and Development (OECD). 

 

 

 

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