India gets 3rd set of Swiss bank details under automatic information exchange framework

India had received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in September 2019.

India has received the third set of Swiss bank account details of its nationals under an with Switzerland, as part of an annual exercise under which the European nation has shared particulars of nearly 33 lakh financial accounts with 96 countries.

The Federal Tax Administration (FTA) in a statement on Monday said that the exchange of information this year involved 10 more countries— Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vauatu.

While the exchange of information was reciprocal with 70 countries, Switzerland received information but did not provide any in the case of 26 countries — either because those countries do not yet meet the international requirements on confidentiality and data security (14) or because they chose not to receive data (12).