Now parking money in Swiss banks will be a big trap for black money hoarders, read how?

India and Switzerland Sign 'Joint Declaration' for the implementation of Automatic Exchange of Information (AEOI) between the two countries

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.