BJP is committed to initiate the process of tracking down and bringing back black money stashed in foreign banks and offshore accounts
Narendra Modi government finally manages to break the Swiss bank black money vault
Jun 18, 2017|The Economic Times|Full Article
India’s fight against black money got a shot in the arm with Switzerland ratifying the global convention on automatic exchange of information (AEOI) on financial transactions by the country’s residents.
The Swiss Federal Council, which adopted the dispatch on introduction of the AEOI on Friday, said implementation is planned for 2018 and the first data exchange should take place in the year after. The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which automatic information exchange will begin.
India’s efforts succeeded for the first time in October 2014 when both countries signed a protocol, with Switzerland agreeing to provide any requested banking information in a timebound manner to help in the crackdown on black money.