Telangana News

With the intention of stopping the menace of Black Money stashed abroad, Indian government has entered into an agreement with Switzerland. 

CBDT Chairman Sushil Chandra and Swiss Embassy deputy chief in India Gilles Roduit have reached an agreement to implement Automatic Exchange of Information (AEOI) between the two countries.

Centre, from 19th of the September, will receive information of Swiss Bank accounts held by Indian residents for 2018 and subsequent years.

Prime Minister Narendra Modi, on 6th of June this year, has discussed with Swiss President Johann Schneider-Ammann about the importance of exchange of information between two nations to curb tax evasion.

One of the major promises, Modi made during the 2014 elections, was to bring the black money in the offshore accounts. The agreement between India and Switzerland is a step towards fulfilling this promise.