Swiss Bank is ready to share information of Indian account holders!

Swiss Bank ready to share Indian account holders information

India and Switzerland have signed an agreement for automatic exchange of information, marking another step in addressing the threat of black money stashed abroad. India should be able to access transactions by Indians with Swiss banks after September 2019.

In a statement the finance ministry noted that it will now be possible for India to receive from September, 2019; the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years.

Earlier this year; the finance ministry in a statement had noted that that there is no official estimation regarding black money of Indians stacked in Swiss banks.

“Recent media reports have quoted Zurich based Swiss National Bank as saying that money held by Indians in Swiss banks has fallen by nearly one-third”.

Minister of State for finance, Santosh Kumar Gangwar.

In the recent past, the government has taken several steps to effectively tackle the issue of black money. Which include policy-level initiatives; more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks.

On June 6, Prime Minister Narendra Modi had met Swiss President Johann SchneiderAmmann at Geneva. They discussed the need for expeditious exchange of information for combating tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information.

swiss banks
Following the Modi government’s demonetisation of high-value currency notes earlier this month as a crackdown on domestic black money. Some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad, particularly in Swiss banks.

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Facts about Swiss Banks

The Swiss Bank Corporation was established in 1872 as the Basler Bankverein, specializing in investment banking. In an 1895 merger with Zurcher Bankverein; it became a commercial bank and changed its name to Basler and Zurcher Bankverein. In 1897, after absorbing two other banks, it became Swiss Bank Corporation.

1. The bank will never let the world know you have an account with them.

2. If something happen to your money, you’re fully compensated, no questions asked.

3. You are backed up by the safest currency in the world, the Swiss Franc.

4. Anyone can open or close an account anytime not just the wealthiest.

5. Backed up by Rock solid economy.
Moreover, Switzerland has a pretty rock solid economy which is not affected by any problems that are common to other countries. This is one place you can literally bet your money on.

Top Swiss Banks

  •  United Bank of Switzerland
  •  Credit Suisse Group
  •  Bank Julius Baer
  •  Pictet and Cie
  •  Cantonal banks

Please let us know your views/suggestions in the below comment section.

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One comment

  • But it’s highly unfortunate; how can they keep money without the prior information to respective RBI or central bank; they supposed be paying tax on wealth creation. There is flaw in the system. If ethical practices followed there is no question of treating it as black money. IMF must probe this set it right to treat this money as white. Hope someday it will happen. This means it’s not only India several other countries including highly developed economy country people also have enormous black money and it’s safe at Swiss Bank. How Sad

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