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India and Switzerland have signed a joint declaration for automatic exchange of information (AEOI).
With this move, it will be possible for India to receive from September 2019, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years on an automatic basis.
The joint declaration was signed by Sushil Chandra, Chairman, Central Board of Direct Taxes, on behalf of India and Gilles Roduit, Deputy Chief of Mission of Swiss Embassy in India, an official release said.
Commenting on this development, Rakesh Nangia, Managing Partner, Nangia & Co said the government is gradually closing its grip on the black money hoarders from all the directions.
With free flow of information from all the so-called tax havens, the government will have the much needed teeth to combat black money.
The information flowing from Switzerland following the joint declaration will be legally sourced and hence no bar on usage of such information to catch hold of the tax evaders.
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