The country has got the first details of Swiss bank accounts of Indian citizens. This information has been obtained from the new Automatic Information Exchange System (AEOI) between India and Switzerland. This information is considered an important success in the fight against black money held in foreign accounts.
India is among the 75 countries with which the Federal Tax Administration (FTA) of Switzerland has shared bank accounts. The FTA spokesperson told news agency PTI that the move has been taken as per AEOI’s global norms.