Swiss Bank Accounts: Switzerland shared information of millions of financial accounts, names of many Indian people and companies included in the list

Swiss Bank Accounts: India has recently received fresh information from Switzerland regarding Swiss bank accounts of its citizens and organisations, as part of the arrangement for automatic exchange of information on an annual basis. In fact, Switzerland has shared information about about 36 lakh financial accounts with 104 countries. India is also included in these countries.

Switzerland gave information about hundreds of accounts to India

According to officials, this exchange of information between India and Switzerland is taking place for the fifth consecutive year. The new information shared with Indian authorities mentions ‘hundreds of financial accounts’, some of which contain information related to individuals, corporates and trusts. The information shared includes name, address, country of residence, tax identification number, account, financial information etc.

What will India do with the information received from Swiss Bank?

Officials have not shared any information related to the amounts and accounts with the public, citing rules governing confidentiality and the risk of further investigation. Officials say the information could be used for other wrongdoings such as tax evasion, money laundering and terrorism financing. According to officials, based on this data, officials will be able to confirm whether taxpayers have accurately disclosed their financial accounts in their income tax returns.

Financial account information shared with multiple countries

Switzerland exchanged financial account information with 104 countries as part of the global standard of Automatic Exchange of Information (AEOI), according to a statement issued by the Federal Tax Administration (FTA) in the Swiss capital Bern on Monday. Went. Is. This time Kazakhstan, Maldives and Oman have also been added to the list. In this, information of more than two lakh financial accounts has been shared.

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