New Delhi: Today big action is going to be taken against black money. The names of those who have black money in Swiss bank will be revealed. Swiss bank officials have reached India in this regard. An important meeting was held between the tax authorities of India and Switzerland on August 29-30. In this meeting, the officials of both the countries disclosed the names, who had hidden black money in each other's countries.
The Central Board of Direct Taxes (CBDT) has termed this move as very important against the fight against black money. The board has said that from September, a period of 'secrecy involving Swiss bank' will end. CBDT makes policies for the Income Tax Department. Concerning the move, the Central Board of Direct Taxes (CBDT) said, "The government's fight against black money is an important step and the era of privacy of Swiss banks will finally be over by September". At the same time, CBDT informed that India will also be informed about the accounts of Indian citizens in Switzerland closed in the year 2018.
"India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. 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," the Income Tax department said in a tweet.
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