Explained: India will get Swiss bank details of Indians from today. What does this mean?

This is not a new measure. In 2016, India and Switzerland had signed an information-sharing deal on bank accounts, which was to come into effect from September 2019.

explained news, swiss bank details, indian swiss bank accounts, it department, oecd, indian express — Switzerland’s national flag flies below a logo of Swiss bank Credit Suisse at its headquarters at the Paradeplatz square in Zurich. (REUTERS)

From September 1, India will start receiving information on all financial accounts held by Indian residents in Switzerland, for the year 2018. In a tweet on August 31, the Income Tax Department said: “India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over.”