Key Points
India has received a new set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 36 lakh financial accounts with 104 countries...
This is the fifth such annual exchange of information between Switzerland and India with the officials saying that the new details shared with Indian authorities pertain to "hundreds of financial accounts", including many cases of multiple accounts associated with some individuals, corporates and trusts...
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income...
The officials did not divulge the amount involved in the exchanged information or any other specifics, citing the confidentiality clause of the information exchange and the adverse impact it may have on further investigations, but asserted that the data would be used extensively in probes of suspected tax evasion and other wrong doings, including of money laundering and terror funding...
In a statement from Swiss capital Berne, the Federal Tax Administration (FTA) on Monday said that it has exchanged information on financial accounts with 104 countries within the framework of the global standard on the Automatic Exchange Of Information (AEOI)...
