Switzerland Ratifies Automatic Exchange of Information With India | Black Money
Switzerland has agreed Automatic Exchange of Information (AEOI) sharing with India and 40 other nations to enable instant sharing of details about suspected black money.
It, on the other hand, required strict adherence to privacy and data Security regulations. The Swiss Federal Council, the nation’s top governing body, in a recent announcement stated that the procedure will be instigated next year and the initial set of information is planned in 2019.
The subject of black money has been an issue of huge debate in India and Switzerland is perceived as one of the safest havens for the illegitimate wealth allegedly hidden overseas by Indians.
Last November India and Switzerland signed an agreement for the implementation of AEOI. The joint declaration was signed between the two nations amid the Indian Government moving up determinations to lock down on the threat of black money.
