India gets first tranche of citizens' Swiss bank account info


New Delhi/Berne, Oct 7 (IANS): In a major step towards fighting black money, India got the first tranche of Swiss Bank details of its residents under the Automatic Exchange of Information agreement.

India is among 75 countries with which the Federal Tax Administration (FTA) exchanged information on around 3.1 million financial accounts.

The took place within the framework of the global standard on the automatic exchange of information (AEOI).

Following the first exchange last year, in which no technical problems were encountered, this year, the AEOI involved a total of 75 countries.

With 63 of these countries, the exchange of information was reciprocal. In the case of 12 countries, Switzerland received information but did not provide any, either because those countries do not yet meet the international requirements on confidentiality and data security (Belize, Bulgaria, Costa Rica, Curacao, Montserrat, Romania, Saint Vincent and the Grenadines, Cyprus) or because they chose not to receive data (Bermuda, British Virgin Islands, Cayman Islands, Turks and Caicos Islands).

Currently, around 7,500 reporting financial institutions (banks, trusts, insurers, etc.) are registered with the Federal Tax Administration. These institutions collected the data and transferred it to the FTA.

The FTA sent information on around 3.1 million financial accounts to the partner states and received information on around 2.4 million from them.

The largest exchange was with Germany (in both directions), as was the case in the previous year. The FTA cannot provide any information on the amount of financial assets.

Switzerland has committed itself to adopting the global standard for the international automatic exchange of information in tax matters. The legal basis for the implementation of the AEOI in Switzerland came into force on January 1, 2017.

Identification, account and financial information is exchanged, including name, address, state of residence and tax identification number, as well information concerning the reporting financial institution, account balance and capital income.

The exchanged information allows the cantonal tax authorities to verify whether taxpayers have correctly declared their financial accounts abroad in their tax returns.

Next year, Switzerland's network of AEOI partner states will expand further, to around 90 countries. The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) reviews the implementation of the AEOI.

--IANS

rn

  

Comment on this article

  • myna, Mysuru

    Wed, Oct 9 2019

    The Swiss bank condition to deny data to few countries is that those " countries do not yet meet the international requirements on confidentiality and data security". Even if the data is transferred it will not be disclosed due to the confidentiality clause.

    DisAgree Agree Reply Report Abuse

  • abdulla, india

    Tue, Oct 8 2019

    By this time the Account must be Zero.
    If people have to Launder money...it has 2 implications:
    1/To save Money in taxes..so review the Taxation..so money remains in the nation.
    2/Non patriotic and only interested in self..why?
    work for the nation and be a proud Indian.
    3/study why people Launder money in the first place and sort out all these issues.....
    make it comfortable .let they work hard and enjoy and spur Growth and Economy..
    no politics but build up Economy...
    let all be prosperous.
    work is worship..Treat others like God.

    DisAgree [1] Agree Reply Report Abuse

  • Satya, Mangalore

    Tue, Oct 8 2019

    From this list, only the names of BJP opponents will be published and the rest hidden. It will be up to some foreign whistleblower to expose all names.

    DisAgree [5] Agree [4] Reply Report Abuse

  • k b r, Mangala Uru

    Tue, Oct 8 2019

    my hope for 15 lakhs is rekindled...

    DisAgree [1] Agree [1] Reply Report Abuse

  • Manohar, Mangalore

    Tue, Oct 8 2019

    RBI and banks lootnewala kya ghanta black money layega?

    DisAgree [2] Agree [10] Reply Report Abuse

  • Rita, Germany

    Tue, Oct 8 2019

    Simple was the proceedure to provide the names of crorepathys names in swiss bank atleast from Germany.Someone gives the CD with names of people unanonnym but not official ,only against some lacs.

    Exchange will take place only after promise and money.many CD were exchanged hands.If someone has interest in India to such ,then please contact swiss bank.(Not officially but some employees)In these CD swere names of crorepathies.

    DisAgree Agree [2] Reply Report Abuse

  • Anand, Mangalore

    Tue, Oct 8 2019

    Swiss bank mon ey, Nirav, Lalit, Mallya Mehul all will come together to India....

    DisAgree [1] Agree [2] Reply Report Abuse

  • LSM, Mangalore

    Tue, Oct 8 2019

    Just before some crucial.elections such lungi news crops like in past Vijay Mallya n Nirav Modis arrest etc. After election it becomes puss.

    DisAgree [2] Agree [3] Reply Report Abuse

  • Ozy, Surathkal

    Mon, Oct 7 2019

    List is only of opposition party and the rest all are saints.

    DisAgree [10] Agree [31] Reply Report Abuse

  • Prakash, Mangalore

    Mon, Oct 7 2019

    Nobody knows this time who will be the scapegoat of PM Modi & BJP... Its obvious that big fish will never be netted.

    DisAgree [10] Agree [27] Reply Report Abuse

  • Mahathma, Mangalore

    Mon, Oct 7 2019

    Ab aayega maza!!! Kitne accounts te? Hahaha.

    DisAgree [2] Agree [12] Reply Report Abuse

  • Deshbhakht, Mangalore

    Mon, Oct 7 2019

    Of what use is this information to us common people ?? Maximum number of rich people have left India during Modi's first five year term. They may have got the money transferred to their new country.

    What is Modi going to do about businesses closed down in India, about joblessness ? How is this data going to help ?

    DisAgree [14] Agree [29] Reply Report Abuse

  • nitin, kodagu

    Mon, Oct 7 2019

    black money ke chakkar mai RBI aur bank ka white money looot dala ye feku ne

    DisAgree [14] Agree [38] Reply Report Abuse

  • Howdy, Mangalore

    Mon, Oct 7 2019

    When BJP is disclosing full details and total amount of black money collected just before Demonitisation???.... Why no BJP members stand in bank queue to exchange the old notes with new?????... BJP leaders had sacks of new bank notes before it was put in ciculation. Swiss account disclosure was a promise within 100 days in office in 2014 but so far no names have been disclosed to protect its own.

    DisAgree [16] Agree [42] Reply Report Abuse

  • Lester Pinto, Mangalore-Chennai

    Mon, Oct 7 2019

    Does this mean I can expect the promised sum of Rs 15 lakhs to be credited to my account in the near future? If so, Jai ho!!

    DisAgree [20] Agree [42] Reply Report Abuse

  • Sanjay, Hebri

    Mon, Oct 7 2019

    You can ask your share of 15 lakhs, if you voted modi govt. Otherwise please ask your Italian madam, who is Richer than Queen Elizabeth.

    DisAgree [50] Agree [25] Reply Report Abuse

  • Deshbhakht, Mangalore

    Mon, Oct 7 2019

    Meaning ??

    All those votes Modi got, is against 15 Lakhs ? When did he make the payment? Before, or after the voting ? Before 2014 voting, or before 2019 voting ??

    DisAgree [13] Agree [35] Reply Report Abuse

  • jossy dsouza, thokkottu permannur

    Mon, Oct 7 2019

    WHERE IS BLACK MONEY... ONLY 1 PERCENT INDIANS MONEY REMAIN IN SWISS BANK...AND REMAIN AMOUNT ALREADY DRAWN FROM SWISS BANK...ONLY KANKAT.....

    DisAgree [13] Agree [28] Reply Report Abuse

  • Jaimini P.B., Manipal,Sharjah

    Mon, Oct 7 2019

    Where is black money ? Kidar hai black money ?...Slow and steady..Everything is on track..It is a fitting reply to those who always talk wrong against Mr Modi...Congress / Communists leaders and supporters can't digest Modiji's sincere and corruption free work....Demonitization has given big blow to all black money and hawala holders/dealers...Some top Leaders are in Tihar jail..I don't think they can come out so easily....Some will go inside Tihar shortly....Now Swiss bank account reveal some other names...Hope,,there will be tight security at all Airports to check and prevent Black Money holders leaving country...

    Note: Why did Rahul Gandhi leave for Bangkok now ?

    DisAgree [51] Agree [20] Reply Report Abuse

  • Rauf, Mangalore

    Mon, Oct 7 2019

    All Money withdrawn from Swiss Bank...After that, details received ...
    What about details of black money collected by Demonetization ? is it publicly announced ?

    All Joomla's...

    DisAgree [9] Agree [19] Reply Report Abuse

  • Well Wisher, Bangalore

    Mon, Oct 7 2019

    Only modi can do it.

    DisAgree [68] Agree [29] Reply Report Abuse

  • AJ, Mangaluru

    Mon, Oct 7 2019

    Chill.... Funds already transferred in to BITCOIN. Can't trace anymore.

    DisAgree [12] Agree [23] Reply Report Abuse


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