Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

India gets first tranche of Swiss account details of its residents under AEOI

PTI
Updated: October 7th, 2019, 17:15 IST
in Home News, National
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi/Berne: India has received first tranche of details about financial accounts of its residents in Swiss banks under a new automatic exchange of information (AEOI) framework between the two countries. This marks a significant milestone in the fight against black money suspected to be stashed abroad.

India figures among 75 countries with which Switzerland’s Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI, an FTA spokesperson told this agency.

Also Read

Indians can now get UAE’s Golden Visa without trade license, property purchase

10 hours ago
Three weeks after F-35B landing in Kerala, UK sends technicians team for repairing stranded jet

Three weeks after F-35B landing in Kerala, UK sends technicians team for repairing stranded jet

10 hours ago

This incidentally is the first time that India has received details from Switzerland under the AEOI framework, which provides for exchange of information on financial accounts that currently active as well as those accounts that were closed during 2018. The next exchange would take place in September 2020, the spokesperson added.

However, the exchange is governed by strict confidentiality clauses and the FTA officials refused to disclose specific details on the number of accounts or about the quantum of financial assets associated with the accounts of Indian clients of Swiss banks.

Overall, the FTA has sent information on around 3.1 million financial accounts to partner states and received information on around 2.4 million from them.

The exchanged information includes identification, account and financial information. These include name, address, state of residence and tax identification number, as well information concerning the financial institution, account balance and capital income.

The data was collected by the FTA from around 7,500 institutions including banks, trusts and insurers.

“The largest exchange was with Germany (in both directions), as was the case in the previous year. The FTA cannot provide any information on the amount of financial assets,” an FTA statement said.

According to experts, the data received by India can be quite useful for establishing a strong prosecution case against those who had any unaccounted wealth, as it provides entire details of deposits and transfers as well as of all earnings, including through investments in securities and other assets.

On condition of anonymity, several officials said the details relate mostly to businessmen, including non-resident Indians now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries.

Besides, there are at least 100 cases of older accounts held by Indians, which might have been closed before 2018, for which Switzerland is in the process of sharing details with India under an earlier framework of mutual administrative assistance as Indian authorities had provided prima facie evidence of tax-related wrongdoings by those account holders.

PTI

 

Tags: AccountsAssetsBLACK MONEYFinancialSwiss banksSWITZERLAND
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Aishwarya Ranjan Mohanty

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Adyasha Priyadarsani Sendha

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019
#MyPaperBagChallenge

Amritansh Mishra

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Anshuman Sahoo

December 12, 2019
#MyPaperBagChallenge

Sitakanta Mohanty

December 12, 2019
#MyPaperBagChallenge

Lopali Pattnaik

December 12, 2019
#MyPaperBagChallenge

Archana Parida

December 12, 2019

Archives

Editorial

Politics of Philosophy

AAKAR PATEL
July 6, 2025

The BJP’s constitution (Article 3) says, “Integral Humanism shall be the philosophy of the party.” The party’s membership form has...

Read more

India’s Spy Shift

July 5, 2025

India’s espionage architecture is quietly shifting. The appointment of Parag Jain as the new chief of RAW comes at a...

Read more

Hungary Lessons

Hungary
July 2, 2025

Revolting against oppression and seeking freedom is ingrained in human nature, something that a repressive regime finds out sooner or...

Read more

New Democratic Face

Zohran Mamdani
July 1, 2025

US President Donald Trump, who had comfortably defeated his Democratic rival Kamala Harris in the recent presidential election and exuded...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST