New Delhi: Concerns of those who are involved in black money in Switzerland’s banks are going to increase because the way to get the full information about their account is clear. The Government of Switzerland has told India’s data protection and privacy law adequate for the automatic information exchange agreement. The information of those who have black money in Swiss bank with this agreement will open the way for continuous access to the government.
In the detailed notification and fact sheet published in the Official Gazette ‘Automatic Sharing of Financial Accounts with India’, the Swiss government has also cited the decisions of other financial centers for a similar agreement.
It is worth noting that Switzerland had approved the arrangement for exchange of information related to financial accounts, the suspicious black money of people of India and 40 other countries with their respective countries in June this year. He has set a prerogative for the automatic exchange of black money information.
The Swiss government has notified this decision while advancing this decision. This gives the Swiss Federal Council the right to determine the date when this information exchange with India is in place. So far, it is planning to be implemented till 2018 and information will be available till 2019.