Era of Swiss bank secrecy over, details of Indians to come from today

In a major boost to Modi government's fight against the menace of black money, Switzerland will send details of bank accounts of Indian citizens in Swiss banks from today. The list will include those closed last year. The details to be shared by Switzerland with the Indian tax authorities under the Automatic Exchange of Information (AEOI) framework would include account numbers, credit balance and all kinds of financial income for each Indian client of every Swiss financial institution. The development which will end the era of Swiss bank secrecy, is a major success of the Modi government's fight against black money ever since it first came to power in 2014.

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