The Indian Government has been making several attempts to tackle the black money menace. Demonetization is one such effort.
However, dealing with black money across foreign jurisdiction has been challenging the country.
As a step ahead in this path, the Indian Government recently held discussions with the Swiss Government to tackle black money stashed in offshore accounts.
Revenue Secretary Ajay Bhushan Pandey and Swiss State Secretary for International Finance Daniela Stoffel discussed the progress on matters of cooperation over the last two years.
In this regard, the two sides have already signed an agreement and the Swiss Government has been sharing information on Indians’ accounts there to the Indian Government.
“This automatic exchange of financial account information will usher a new era of financial transparency as Indian tax administration will now know the details of all bank accounts held by Indians in Switzerland,” reads an official release.
This information exchange between the two nations has reportedly contributed to the decline in amount held by Indians in Swiss accounts. This has reportedly come down to around 6% in 2018 to 955 million Swiss francs.
The officials also discussed on challenges that arise out of digitalizing economy and also talked on tax-related challenges and sustainable development.