The secrecy of Swiss Bank will become a history from today, because the banking details of Indians in Swiss banks will be made available on internet on today. This will certainly boost the NDA government’s fight against the vice of black money.
The details of Indians with an account in Swiss bank is given to tax authorities in India as a part of Automatic Exchange of Financial Account Information (AEOI). The Central Board of Direct Taxes (CBDT) has responded that the secrecy of Swiss Bank has ended. The CBDT claimed all the banking details of Indians from 2018 will be available.
A Swiss delegation led by Mr.Nicolas Mario Luscher,Deputy Head of Tax Division,State Sectt for International Finance called on Revenue Secretary, Chairman, CBDT & Member(L),CBDT. The first automatic exchange of financial account information(AEOI) under CRS to start in Sep,2019. pic.twitter.com/viavc0LmN4
— Income Tax India (@IncomeTaxIndia) August 31, 2019
Revenue Secretary A.B.Pandey, CBDT chairman P..C.Mody and CBDT Member Akhilesh Ranjan has held meetings with the deputy head of tax division in the state secretariat for International finance Nicolas Mario Luscher.
In the 2-day meeting at New Delhi on 29-30Aug,2019, both sides discussed bilateral exchange of information matters to expedite execution of tax information sharing requests made by India in specific cases.Enhancing collaboration in offshore tax compliance matters also discussed. pic.twitter.com/nTsYh9YKPE
— Income Tax India (@IncomeTaxIndia) August 31, 2019
The Income tax department on its social media handle informed that this new move will strengthen the fight against black money. ” India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over”, Income tax department tweeted.
India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over.
— Income Tax India (@IncomeTaxIndia) August 31, 2019
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