India to get Swiss bank accounts data from 2018

They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019. The ‘Joint Declaration’ for implementation of AEOI signed on Tuesday between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards. While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to safeguard the confidentiality of the data. 

“It will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis,” said a Finance Ministry statement.