The information about Indians’ money deposited in Swiss bank will no longer be confidential. The phase of secrecy is going to end from Sunday and with this the curtain is going to be lifted from Swiss bank accounts of Indians.
|| Manoj Kumnar Ray(Cost Accountant)
Is the real fight against black money will start from Sunday?
Information of Swiss bank account holders of Indians will be with the tax department of India from Sunday.
Agreement for automatic exchange of banking information between India and Switzerland will be effective from Sunday
The phase of secrecy is approaching to an end from Sunday and with this the secrecy is going to be lifted from Swiss bank accounts of Indians. The information of Swiss bank accounts of Indians will be with the tax department of India from Sunday. With the effect of the automatic exchange of banking information between India and Switzerland coming into effect, the Swiss bank accounts of Indians will be exposed in front of public.
The Central Board of Direct Taxes (CBDT) has termed the move as very important against the fight against black money and corruption. The board urged that the ‘secrecy involving Swiss bank’s account holders phase would end from September. The CBDT makes policies for the Income Tax Department.
The CBDT has said that a Swiss delegation who came to India just before this system of information exchange began, between August 29-30, Revenue Secretary A.K. B. Pandey had a meeting with Board Chairman PC Modi and Board Member , Akhilesh Ranjan.
The Swiss delegation was led by Nicholas Mario, deputy head of the tax department at Switzerland’s state secretariat for international finance affairs. The automatic exchange of information (AEOI) of financial accounts is going to begin in September. CBDT said in a statement, “India will also get information about the accounts of Indian citizens in Swiss Bank soon after the terminationation of period of secrecy as per the agreement between Bank Account holders and Swiss Bank Authorities.”