Fight against black Money

Fight against black Money

1. India has won a major battle against black money by having its hand on account details of Indians in Switzerland.
2. In the first tranche of information, Switzerland has shared bank account details with the Indian government under the AEOI (Automatic Exchange of Information) framework.
3. The Federal tax administration (FDA) of Switzerland has exchanged account details information with 75 countries including India.
4. This is the first time when Switzerland has shared financial details about the active and closed accounts during 2018 under the AEOI framework.
5. The next tranche of information would take place between India and Switzerland in September next year.

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