India receives 4th set of Swiss bank account details under automatic info exchange framework
India has received the fourth set of Swiss bank account details of its nationals and organizations as part of the annual automatic information exchange. Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries. India started receiving bank account details from Switzerland in 2019. But the Government of India has not made it public and Income Tax had sent notices to some of the persons revealed in the Swiss data.
Reacting to the development, BJP leader Subramanian Swamy said that Government must make these data shared by the Swiss Government Public. Swamy also accused there is blackmail going on these shared names. “Publish all four sets of bank details instead of using it for blackmail,” said Swamy in a Tweet demanding the publishing of all four sets of data on the account holders. He Tweeted:
Publish all four sets of bank details instead of using it for blackmail
— Subramanian Swamy (@Swamy39) October 10, 2022
Officials said the new details shared with India pertain to “hundreds of financial accounts”, including many cases of multiple accounts associated with some individuals, corporates, and trusts. They did not divulge specifics, citing the confidentiality clause of the information exchange and the adverse impact it may have on further investigations, but asserted that the data would be used extensively in probes of suspected tax evasion and other wrongdoings including money laundering and terror funding.
In a statement, the Federal Tax Administration (FTA) on Monday said that the exchange of information this year saw five new additions to the list — Albania, Brunei Darussalam, Nigeria, Peru, and Turkey. The count of financial accounts increased by nearly one lakh. While the exchange was reciprocal with 74 countries, Switzerland received information but did not provide any in the case of 27 countries, including Russia, either because those countries do not yet meet the international requirements on confidentiality and data security or because they chose not to receive data.
While the FTA did not disclose names and further details of all 101 countries, officials said India figured prominently among those having received the information for the fourth year in a row and the details shared with Indian authorities pertained to a large number of individuals and organizations having accounts in Swiss financial institutions. The exchange took place last month and the next set of information would be shared by Switzerland in September 2023, the officials added.
India received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in September 2019. It was among the 75 countries to get such information that year. Last year, India was among 86 such partner countries.
[with PTI inputs]
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Narasimha was sleeping when Modi made a statement. May be hearing impairment
Govt treaty with Swiss bank on secrecy is respected but not Govt’s own policy of transparency & truthfulness with its own citizens !! Strange are the ways of India
Indian citizens are still waiting for the Rs15 lakhs credit to their account.
Ram has not saved Swamy from Modi!
Please let me know Who told you that 15 lakhs will be distributed ?