Switzerland to release black money details

June 19, 2017 Hot from the Oven Valli Sarvani No comments

As of late, Switzerland has come to share the ideal of India to completely rid the economy of corruption and black market money. Thus, the two nations have come to an agreement together to automatically exchange financial account information.

By the September of 2019, India will have access to the financial transactions between the banks of India and Switzerland.

Before this move is done, there will be several conferences held between the two countries, who will have to keep in mind the tax matters of many global organizations, but they will also be keeping in mind the hope that this will be a great help in the efforts which the government of India is currently making to crush corruption in the nation’s economy.

Back in 2015, the “Black Money and Imposition of Tax Act” (Black Money referring to Undisclosed Foreign Income and Assets) was created and enacted by the government of India, for the sole purpose of catering to the issue of black money and economic corruption.

When the government made a one-time compliance window, which had lasted for three months, 648 declarations that involved undisclosed foreign assets were made, altogether with ₹4,164 crore, according to the Deccan Chronicle.

Through taxes and penalties, the government managed to collect about ₹2.476 crore in total.

Far before the primary exchanges of data, a report will be made and sent out on the situation at hand, according to the Federal Council.

By the means of a specific federal decree within its framework, the Automatic Exchange of Information (or AEOI) will be activated within each individual state or territory.

The states and territories concerned will also be checked over in this process to see if they effectively meet the requirements under this standard, especially the requirements which concern confidentiality and the security of data.

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