Switzerland ratifies AEI with India |
Switzerland on June 16 ratified the automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details of suspected black money, even as it sought strict adherence to confidentiality and data security. Adopting the dispatch on the introduction of AEOI (Automatic Exchange of Information), the Swiss Federal Council said the implementation was planned for 2018 and the first set of data should be exchanged in 2019. The Indian government would soon be notified on the exact date from which the automatic exchange would begin. The issue of black money has been a matter of great debate in India, and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed away by Indians.The AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch. The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which is in turn based on the international standard for the exchange of information developed by the Organisation for Economic Cooperation and Development (OECD).
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