In a bid to fighting against the menace of Black Money, Modi government has move another step in this regard. With this, government has made it clear that it is not in mood to left any stone unturned for its fight against black money and its menace.
Needless to say, fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the present Government.
To further this goal, Mr. Sushil Chandra, Chairman, CBDT signed the‘Joint Declaration’ on behalf of India while Mr. Gilles Roduit, Deputy Chief of Mission of Swiss Embassy in India, signed on behalf of Switzerland, for the implementation of Automatic Exchange of Information (AEOI) between India and Switzerland here today.
As a result, it will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis.