Details of accounts of Indian citizens found in Swiss banks
Details of accounts of Indian citizens found in Swiss banks
On an annual basis, India received information from Switzerland containing details of Swiss bank accounts of individuals and organizations. Details of about 36 lakh accounts were shared by Switzerland with 104 countries. This is the fifth annual exchange between Switzerland and India. Indian authorities have said that the new details relate to hundreds of financial accounts. This includes information related to account balance capital income including name, address, country of residence and tax identification number.
The exchange took place last month.
According to the confidential information, the rules related to exchange will be further examined. The amount involved or any other details of the exchange were not disclosed. Officials have said that this exchange took place last month.
Switzerland will share this information in September 2024. According to officials, this information will enable them to decide whether tax payers have correctly declared their financial accounts in their income returns.
news by Harneet kaur