India received important information about its nationals accounts in Switzerland

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India received important information about its nationals accounts in Switzerland

NEW DELHI - India has received important information about its nationals accounts in Switzerland.

Switzerland on Monday confirmed that India has received information regarding the accounts held by Indian residents in the central European country.

The first list of account holders was received in September 2019 for the year 2018 under the Automatic Exchange Of Information (AEOI) on tax matters. AEOI was signed by both the countries in November 2016.

The Swiss government gave account information of the account holders which includes their names, addresses and account balance to the Indian government. India will now receive the information automatically every year.

The Swiss federal department of finance in a press release said, "Federal Tax Administration (FTA) has exchanged information on financial accounts with 75 countries."