Swiss Bank will give information on black money to India from New Year
Swiss Bank will give information on black money to India from New Year

India has signed a deal with Switzerland to explore the black money of Indians deposited abroad. The Central Board of Direct Taxes ( CBDT ) said that this agreement will facilitate the exchange of tax information between the two countries from January 1.   

The CBDT said, "India and Switzerland will be able to automatically exchange tax information from January 1, 2018, after the signing of the agreement with the parliamentary process in Switzerland and the mutual consent agreement."

The head of policymakers of the Income Tax Department The body said that on this agreement, CBDT Chairman Sushil Chandra and Switzerland's Ambassador in India Andreas Boom signed the North Block here. 

The joint declaration last month was signed for the implementation of the automatic exchange of information between the two parties. There was a system in which both the countries would start collecting data according to global norms from 2018 and they would be exchanged from 2019.   

With the signing of the declaration, Switzerland has met the global standards of automatic exchange of information. At the same time, India has promised the confidentiality of data on its behalf.  The money held by Indians in Swiss banks stood at a record high of 6.5 billion francs (Rs 23,000 crore) by 2006-end. However, it has been falling since then, except for in 2011 and in 2013 when it had risen by over 12 percent and 42 percent, respectively. 

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