India Will Get The Third Set Of Details Of Black Money

India will get the third set of details of black money deposited in Swiss banks, in September, real estate information will be available for the first time.

India will get its third set of Swiss bank account details of its citizens under the automatic exchange of information agreement with Switzerland this month.

This will include data on immovable property owned by Indians for the first time. This information has been confirmed by quoting officials on Sunday.

In a significant step in the Indian government’s fight against black money allegedly stashed abroad.

India will this month get full details of flats, apartments, and condominiums owned by Indians in Switzerland as well as from such properties.

Tax can also be charged on the earnings that are attached to those properties. This step is very important for Switzerland as well as European Alpine countries.

The Swiss banking system is striving to replace the long-standing notion of a safe haven for black money and restore it to a major global financial center.

This will be the third time that India will get details of bank accounts and other financial assets held by Indians in Switzerland.

Also for the first time, the information being shared with India will include information about immovable property assets.

The Swiss government has agreed to share details of real estate assets, according to officials.

Although information about non-profit organizations and other such contributions, as well as details of investments in digital currencies, is still under automatic exchange of information frameworks.

Himanshu, founder and CEO of Switzerland for the USA, the parent firm of IDDI Investments, welcomes the Government of Switzerland to share information on the ownership of assets of foreign clients with countries including India.

We do not find any valid reason for the Swiss authorities to hide such information. After all, property ownership is not something that can be kept hidden.

India had received the first set of details from Switzerland under the AEOI (Automatic Exchange of Information) in September 2019.

That year, India was among 75 countries to receive such information.

In September 2020, India along with 85 other recipient countries received the second set of Swiss bank account details of its citizens.

Also, the entities with which the Federal Tax Administration (FTA) of Switzerland last year within the framework of global standards on AEOI. Information on financial accounts was exchanged.