India, Switzerland in talks for pact on information exchange

NEW DELHI: India is in discussion with Switzerland to enter into an agreement for implementation of Automatic Exchange of Information ( AEOI) between the two nations, Parliament was informed today.

"The government is in discussion with the government of Swiss Confederation to enter into an agreement for the implementation of AEOI between the two countries," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in Rajya Sabha.

Once this agreement is signed, it will be possible for India to receive, from 2018 onwards, financial information of accounts held by Indian residents in Switzerland on automatic basis, Gangwar added.

India has double taxation avoidance agreement ( DTAA) with Switzerland under which information is obtained in specific cases on request basis.

The minister said the government has taken several effective measures by way of policy level initiatives as well as through effective enforcement action on the ground, to address the issue of black money, particularly black money stashed abroad.