War On Black Money Gets A Fillip As Switzerland Agrees To Share Data With India

The government’s war on black money has won another battle with Switzerland ratifying the automatic exchange of financial account information with India and 40 other jurisdictions. This ratification will enable immediate sharing of details of suspected black money.

The country has agreed to the same on conditions of strict adherence to confidentiality and data security.

This means, India will now be able to receive financial information of accounts held by Indian residents in Switzerland on an automatic basis from September 2019 onwards.

The Swiss Federal Council, which is the top governing body of the European nation, said the implementation is planned for 2018 and the first set of data should be exchanged in 2019, as reported by the Times of India.

The decision is not subject to any referendum, as per the draft notification approved by the council. This means the decision can be implemented without any procedural delays.