Currently active accounts and those that were closed during 2018 were included in the set.
This is part of a framework – the automatic exchange of information (AEOI) – agreed between India and Switzerland in August 2019.
Secrecy in danger?
According to the Indian paper, the Swiss Federal Tax Administration has sent information on 3.1 million financial accounts to all the states it partnered with, and has received around 2.4 million of them.
The legislation on AEOI was passed in Switzerland in 2017.
The data encompasses account holders’ names, address, state of residence and tax identification number, as well as information on the financial institution, account balance and income.
The set of information came from around 7,500 banks, trusts and insurers.
The aim of the agreement is to combat tax evasion and enhance offshore compliance.