Indians who have black money in Swiss banks will now be exposed themselves. Their bank account details will reach the government immediately. Actually, Switzerland has ratified automatic exchange of information(AEOI) sharing with India and 40 other countries to facilitate immediate sharing of details about suspected black money. It, however, sought strict adherence to confidentiality and data security laws. The Swiss Federal Council, the country’s top governing body, in a statement said that the protocol will be implemented next year and the first set of information is planned in 2019.The Federal Council of Switzerland will soon inform India of the date of commencement of the exchange of information. According to the draft proposal approved in this regard by the Council, no referendum should be made there for that. Therefore, it is not possible to delay the implementation. The issue of black money is the issue of public discussion in India. For a long time it is believed that many Indians have deposited their black money in Swiss bank accounts. India is making a vigorous effort on bilateral and multilateral fora to arrange for exchange of information about banking deals of their nationals with foreign governments, Switzerland.Switzerland’s multilateral AEOI (Automatic Exchange of Information) system, it is the result of such efforts so that the use of black money in foreign countries and money laundering can be effectively curbed. The rules for the exchange of information have been prepared by the Organization of Economic Co-operation and Development Organization (OECD), Paris.The decision follows hectic parleys between India and Switzerland for introduction of the AEOI on tax matters under the guidance of G20, OECD and other global organisations.Last November India and Switzerland signed an agreement for the implementation of AEOI. The joint declaration was signed between the two countries amid the Indian government stepping up efforts to clamp down on the menace of black money.
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