The central government has got a big success in the fight against black money. Under the new arrangement for exchange of information under the treaty with Switzerland on black money, the Swiss government has provided the second list of Swiss bank accounts of Indians to the Indian government. The Swiss government has said that it has shared information of 31 lakh financial accounts with 86 countries.
India is one of the 86 countries with which the Federal Tax Administration (FTA) of Switzerland has reported financial accounts under the Global Standards Framework on the automatic exchange of information this year. Earlier in September 2019, Switzerland shared such information with 75 countries including India. According to the information, India is among the major countries with which Switzerland has shared this information.
In this regard, the FTA said in a statement on Friday that about 31 lakh financial accounts are involved in information exchange this year.
Although the statement did not separately mention India’s name among 86 countries, officials said that India is among the major countries with which Switzerland shared details about the financial accounts of Swiss bank customers and other financial institutions.
Officials said that a large number of information related to Indian citizens and institutions has been shared with 86 countries this year. He said that Swiss authorities at the request of India shared information about more than 100 Indian citizens and institutions in the last one year, against whom investigations into tax evasion and financial irregularities were going on.
These cases mostly relate to old accounts, which have closed before 2018. Some of these cases relate to the money deposited by Indians in institutions in places such as Panama, British Virgin Islands and Cayman Islands. Most of them are businessmen, while some include politicians and their families. However, the authorities refused to divulge details about the number of existing accounts of Indians or the amount deposited in them, citing confidentiality.
Information provided by Swiss authorities includes identification, account and financial information. These information will help the tax authorities to find out if the taxpayers have given correct information about their financial accounts in the tax return. The next such exchange will take place in September 2021. The first such exchange of Switzerland took place in late September 2018 involving 36 countries. Then India was not included in this list.