India gets information on Swiss bank accounts, will help trace black money

India has for the first time got information on bank accounts its residents hold in Switzerland, marking a significant milestone in the country’s attempt to trace suspect black money stashed abroad.

India is among the 75 countries with whom Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts under the framework of global standards on AEOI (Automatic Exchange of Information), said a spokesperson for FTA.

The AEOI framework provides for exchange of information on active financial accounts and those accounts that were closed during 2018. The next exchange will happen in September 2020, the FTA spokesperson added.