India gets 5th set of Swiss account details
This includes information ranging from name and address to account balance. It will help in money laundering investigation.
Dr. Jitendra Shastri 
India has received the fifth set of Swiss bank account details. Under the Annual Automatic Exchange of Information (AEOI), Switzerland has shared details of about 36 lakh financial accounts with 104 countries. India received the first details from Switzerland under the AEOI in September 2019, when it shared information with 75 countries.
Data will be useful in terror funding investigation
The details shared with India relate to hundreds of financial accounts, including multiple accounts. This data will be used to investigate wrongdoings like tax evasion, money laundering and terror funding. This exchange took place last month and the next set of information will be shared by Switzerland in September 2024.
Information from name and address to account balance
Switzerland agreed to the AEOI with India after a lengthy process, including a review of the necessary legal framework in India on data protection and privacy. The details exchanged include name, address, country of residence and tax identification number as well as information related to account balance and capital income.
Useful in making case against those with unaccounted property
According to experts, the AEOI data received by India has been quite useful in building a strong case against those who have unaccounted assets. The data contains complete information about deposits and transfers as well as all earnings. Involves investments in securities and other assets.
Five new countries were included
The Federal Tax Administration (FTA) said that this year five new countries have been added to the list of information exchange. These include Albania, Brunei Darussalam, Nigeria, Peru and Turkey. The number of financial accounts has increased by about one lakh.
What is a Swiss account?
All banks in Switzerland have the right to open bank accounts under Section 47 of the Privacy Act of the Swiss Federal Banking Act. If someone has not committed any crime in Switzerland, the bank does not share any information about him. However, in 2017, after pressure from the world community, the law was relaxed and information started being shared.
