In a bid to fight the menace of black money stashed in offshore accounts, India on Thursday entered into an agreement with Switzerland for automatic exchange of tax-related financial information between the two countries.
According to the Central Board of Direct Taxes (CBDT), the agreement was inked at the North Block here.
"With the completion of parliamentary procedure in Switzerland and signing of a mutual agreement, India and Switzerland are set for automatic exchange of information from January 1 next," the CBDT said.
Earlier, India had signed a Joint Declaration with Switzerland for the implementation of automatic exchange of information which envisages that India will receive information on accounts held by Indian residents in Switzerland automatically.
--IANS
rv/tsb
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app