India signs deal on sharing Swiss bank data

A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses its local laws gave to the banks.

The policy-making body for the Income Tax Department said the agreement was signed by CBDT chairman Sushil Chandra and Swiss Ambassador to India Andreas Baum at the North Block in New Delhi.

A joint declaration for the implementation of Automatic Exchange of Information (AEOI) was signed last month between the two sides here and it provided that both countries would start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.

Switzerland, which has always been at the center of the debate on black money allegedly stashed by Indians abroad, used to be known for very strong secrecy walls till a few years ago around its banking practices.

Switzerland has been strongly protecting the privacy of its clients. Source: Google (free to use)