Switzerland has always been the centre of debate on black money allegedly stashed by Indians abroad.
A huge global pressure has resulted in Switzerland to agree to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards. This is indeed a big step towards fighting black money stashed oversea.
The ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) signed today between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards. However, they will not share details about accounts held prior to that period.
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