This news is definitely worrying to those who involve in Black Money storage in Switzerland’s banks as the government of India going to get full information about their accounts and transactions history with some conditions.
Switzerland’s government found that, the India’s data protection and privacy law adequate for the automatic information exchange agreement. This agreement will open a new opportunity for government of India as they are able to access the account information of black money holders in Swiss banks.
In a detail notification of Swiss Governments official gazette named “automatic exchange of information relating to financial accounts with India”, Swiss authority has also point out about similar pact with other financial centers.
In the notification, published in German, also talk about the Swiss Govt looking to broader access of Indian market for business purpose, including the reinsurance sector and other financial services.
The top governing body of the European nation, The Swiss Federal Council, ratified automatic exchange of financial account information with India and 40 other nations in June. This pact will facilitate the sharing of details about suspected black money holders under the strict adherence to confidentiality and data security. Talking his decision forward, now the Swiss govt notified about the same.
The implementation for this pact is planned for and the first set of data to be exchange in 2019. Since this decision is not subject to any referendum which clearly means that there should be no further delay in its implementation.