India will start receiving from Switzerland this year information relating to financial accounts held by Indians in Swiss banks, government said Wednesday.
India will start receiving from Switzerland this year information relating to financial accounts held by Indians in Swiss banks, government said Wednesday. Minister of State for External Affairs V K Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in corruption. Switzerland has been long perceived as one of the safest havens for illicit wealth allegedly stashed abroad by some Indians. Singh said the India-Switzerland tax treaty facilitates receipt of information on request basis for cases under investigation.
“In addition, from 2019, India will receive on automatic basis, information in respect of financial accounts held by Indian residents in Switzerland. The information received on request or on automatic basis may include information about persons allegedly involved in corruption,” he said.
At the same time, Singh added that the information received is governed by the confidentiality provisions of the tax treaty between the two countries. In 2016, India and Switzerland signed a joint declaration relating to automatic exchange of information relating to tax.