NEW DELHI: India and Switzerland today discussed the activation of automatic exchange of information relating to black money stashed by Indians in secret accounts in Swiss banks.
The issue figured prominently during talks between External Affairs Minister Sushma Swaraj and her Swiss counterpart Ignazio Cassis here, officials said.
Black money has been a major issue in India and banks in Switzerland have long been perceived as one of the safest havens to park such funds due to their their famed secrecy walls for years.
“Following on Indian Government’s drive to curb black money, the ministers discussed the activation of automatic exchange of information,” the Ministry of External Affairs (MEA) said in a statement.
A key parliamentary panel in Switzerland last year had approved an automatic information exchange pact between the two countries.
The information that could be exchanged under this framework would include account number, name, address, date of birth, tax identification number, interest, dividend, receipts from insurance policies, credit balance in accounts and proceeds from sale of financial assets. (AGENCIES)
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