New Delhi, June 16: We all have been hearing different things about black money hidden in Swiss banks by the ministers of India. The issue of black money has been a matter of great debate in India, and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed away. Many a times, India has asked Switzerland to share the details of the black money hidden there but we had no luck coming our way on that. Well, Swiss Federal Council has broken the ice on this with India and is ready to share information on the financial accounts hidden there. On June 16, Switzerland ratified the automatic exchange of the financial accounts information in India and 40 other jurisdictions to facilitate immediate exchange of details on black money.
The Swiss Federal council said that the implementation was planned for 2018 and the first set of data should be exchanged by 2019. The Indian government will be soon notified on this automatic exchange of information.
The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which is in turn based on the international standard for the exchange of information developed by the Organisation for Economic Cooperation and Development (OECD). The Council said it would prepare a situation report before the first exchange of data, which was planned for autumn 2019.