(ET)
Switzerland’s age of banking secrecy is finally coming to an end. On Friday, Switzerland ratified automatic exchange of financial account information with India, marking another step in addressing the menace of black money stashed abroad. With this move, India should be able to access transactions by Indians with Swiss banks after September 2019. This is a big boost for Modi government’s move against black money. 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.
The finance ministry, last year, had noted that that there is no official estimation regarding black money of Indians stacked in Swiss banks.
