NEW DELHI :
India and Switzerland on Wednesday decided to work more closely on unearthing black money, an official statement from the finance ministry said here.
The ministry said after a meeting between Revenue Secretary Ajay Bhushan Pandey and Switzerland’s visiting State Secretary for international finance, Daniela Stoffel here, that the first sharing of financial account details between the two nations in September has enabled the Indian tax authorities to know the details of all bank accounts held by Indians in Switzerland.
This automatic exchange of financial account information will usher in a new era of financial transparency, said the statement.
India is securing deals of Indian residents having undisclosed foreign assets or income through the treaties it has with other countries. Besides sharing information, India also shares administrative assistance with its treaty partners on tax matters.