This information is shared under the Automatic Exchange of Information Pact.
The Government of India has received a detailed report about the accounts of those who have deposited money in Switzerland. This information has been shared by Swiss Bank. Two other such reports have been shared in the past as well. The Swiss bank has shared this information under the Automatic Exchange of Information Pact.
Such a report is shared by the Swiss bank on an annual basis, because this agreement has been signed between the two countries. This year, Swiss Bank has shared the information of 33 lakh bank accounts in 96 countries. In a statement issued by the Federal Tax Administration (FTA) there, it was said that this year the Swiss bank has also shared the information of citizens of 10 new countries.
Information shared to 10 new countries
These countries are Antigua, Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samao and Vauatu. There are 70 countries out of 96 with which mutual information has been shared. Meaning, Switzerland shared the information of the citizens of that country who opened the account in their country, in return, if a citizen of Switzerland would have opened an account in that country, then he would also have to share the information.
Information not shared to 26 countries
26 countries shared this information with Switzerland, but in return, Switzerland did not share any information with them. It is believed that Switzerland refused to share information to 14 countries due to data security reasons, while 12 countries deliberately agreed not to receive information.
Name and other details are not shared
The Federal Tax Administration (FTA) does not share the name or other information of any account holder. It is believed that in September 2022, the information will be shared for the fourth time by the Swiss administration. The FTA had first obtained such information from a Swiss bank in September 2019. That year, the Swiss bank shared such information from 75 countries.
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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.