You are here: Home » Economy & Policy » News
Business Standard

Black money: Switzerland ratifies account info sharing with India from 2019

Decision is not subject to referendum hence there should be no procedural delay in implementation

Press Trust of India  |  Berne/New Delhi 

Black Money

on Friday ratified automatic of financial account with and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security.

Adopting the dispatch on introduction of the AEOI, a global convention for automatic on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019.

The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic would begin.

According to, the draft notification approved by the Council in its meeting on Friday, the decision is not subject to any referendum — which means there should be no further procedural delay in its implementation.

The issue of has been a matter of great debate in and has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.

Today's decision follows hectic parleys between and for introduction of the (Automatic of Information) on tax matters under the guidance of G20, OECD and other global organisations.

The council said the proposal to introduce with and others "met with widespread approval from the interested parties who voiced their opinions in the consultations".

"In concrete terms, the will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch," it added.

The of itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic of Financial Account Information, which is in turn based on the international standard for the of developed by the Organisation for Economic Co-operation and Development (OECD).

The council said it will prepare a situation report before the first of data, which is planned for autumn 2019.

"In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security.

"It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, has introduced the with 38 states and territories, including all EU member states, and data will start to be exchanged with them in 2018," it added.

First Published: Sat, June 17 2017. 01:27 IST
RECOMMENDED FOR YOU