Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the present Government. To further this goal, Mr. Sushil Chandra, Chairman, CBDT signed the‘Joint Declaration’ on behalf of India while Mr. Gilles Roduit, Deputy Chief of Mission of Swiss Embassy in India, signed on behalf of Switzerland, for the implementation of Automatic Exchange of Information (AEOI) between India and Switzerland here today.

As a result, it will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis.

Automatic Exchange of Information expands bilateral financial transparency, enabling routine sharing of resident account financial data. A bilateral 'Joint Declaration' was signed to implement Automatic Exchange of Information (AEOI) between India and Switzerland, creating a routine mechanism for Swiss authorities to transmit financial-account information of Indian residents to India for the applicable reporting periods, thereby enhancing cross-border financial transparency and supporting tax compliance.