Ending an era of mystery, India will start receiving the information of Indian investors in Swiss banks from today. In a series of tweet, Central Board of Direct Taxes (CBDT) said, this will be a significant step in the government’s fight against black money as the era of Swiss bank secrecy will finally be over.
It said, the first automatic exchange of financial account information under Common Reporting Standard will start from this month. India will receive information for 2018 in respect of all financial accounts held by Indian residents in Switzerland. The CBDT frames a policy for the Income-Tax Department.
As per reports the total amount of black money deposited in foreign banks by Indians is unknown. While some reports claim a total of US$1.06 – $1.4 trillion is held illegally in Switzerland, other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland claims the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion.