India will start receiving information on Indians living in Switzerland and with bank accounts in the country from September 2019.
After a two-day meeting at the end of August 2019, between Swiss deputy of tax division, Nicolas Mario Luscher, and Indian revenue secretary, Ajay Bhushan Pandey, the two countries have agreed on the first automatic exchange of financial account information (AEOI) under common reporting standards.
“Both sides discussed bilateral exchange of information matters to expedite execution of tax information sharing requests made by India in specific cases,” said the Indian department of income tax on Twitter.
“Enhancing collaboration in offshore tax compliance matters also discussed.
“India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland.
“This will be a significant step in the government’s fight against black money as the era of Swiss bank secrecy will finally be over,” the department added.