Switzerland on Friday agreed to have automatic exchange of financial account information with India from 2019.
Switzerland ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money. The decision is not subject to referendum.
Before first automatic exchange, Switzerland to check whether India and other jurisdictions meet confidentiality and data security standards.
Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019. The Council is the top governing body of the European nation.
The Indian government will be notified soon about the exact date from which the automatic exchange would begin.
(With agency inputs)