India gets first list of Swiss accounts

Tribune Services

India is among the 75 countries that have received the first set of 31 lakh Swiss bank accounts. The deal to provide bank account details are part of Switzerland’s endeavour to wriggle out of the list of global tax havens.Earlier, Berne would refuse to honour requests from host countries that suspected their nationals had opened Swiss bank accounts to deposit their purloined wealth.The current lot of accounts deal with those that were active as well as closed in 2018. The exchanged details include identification, account and financial information. These include name, address, state of residence and tax identification number, as well information concerning the financial institution, account balance and capital income.Indian tax authorities believe much of the information will be of academic importance since many with ill-gotten wealth would have closed their accounts after the international environment started turning sour on Switzerland’s banking laws.

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