Swiss Bank Accounts News

The exchange took place last month and the next set of information would be shared by Switzerland in September 2022 India had received the first set of details from Switzerland under AEOI in September 2019. It was among 75 countries to get such information that year.

India had received the first set of details from Switzerland in Sept 2019 under Automatic Exchange of Information, when it involved 75 countries The information exchange this year involved nearly 3.1 million (31 lakh) financial accounts, FTA said in a statement on Friday The number of such accounts was similar in 2019

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In one tweet, Rahul Gandhi attacked a number of statements made by Modi and his government on black money.

"We will have all information. If someone is found guilty, the government will take strong action against them."

CBDT Chairman Sushil Chandra and Deputy Chief of Mission of Swiss Embassy in India Gilles Roduit on Tuesday signed the 'Joint Declaration' for the implementation of Automatic Exchange of Information (AEOI) between the two nations.

Trump has said there is nothing voters can learn from his tax filings.

As Indian tax authorities continue their probe into Swiss bank accounts of several citizens, Switzerland on Tuesday said India has sought assistance in the investigations into accounts allegedly held by former Congress minister Preneet Kaur and her son Raninder Singh.

The government has sought assistance from Switzerland in probe of Swiss bank accounts of Congress leader Preneet Kaur and her son Raninder Singh.  

The government needs to assure against any "witch-hunt" to make the compliance window under the new black money law a success and it's a "pity" that the people do not believe its credibility, HSBC's India head Naina Lal Kidwai has said.

Spooked by the new black money law, a number of Swiss and other European banks have begun asking Indian clients to disclose their accounts to the tax authorities back home as they fear being accused of 'abetting' the hoarding of untaxed assets.

The Ombudsman further said that a new banking law, which has come into force this year, has mandated that "assets over 500 Swiss franc that have been dormant for 50 years, that is 60 years after the last contact, have to be published. "If, following this publication, no justified claims are reported, the assets must be liquidated and their net proceeds will be transferred to the Swiss Confederation.

Indian nationals are not the only ones about whom India's tax authorities have sought details from Switzerland as they have also requested for information on some foreign entities, mostly based in tax havens.

With Yash Birla's name being made public by the Swiss government in relation to an information request from the Indian tax authorities, his business group Tuesday said he has "no individual bank account in his name or under his control".

'Delighted' at Switzerland making public names of some Indians with Swiss accounts, Finance Minister Arun Jaitley on Tuesday said this should provide enough indications of actions to follow for those holding unaccounted assets outside India.

The SIT, they said, has already decided to put on fast track the alleged tax evasion and laundering of funds case against the 60-year-old businessman