India Switzerland

India and Switzerland have signed an agreement for an automatic exchange of tax-related information between the two countries. (Wikipedia photo) 

NEW DELHI — In a bid to fight the menace of black money stashed in offshore accounts, India Dec. 21 entered into an agreement with Switzerland for an automatic exchange of tax-related financial information between the two countries.

According to the Central Board of Direct Taxes, the agreement was inked at the North Block here.

"With the completion of parliamentary procedure in Switzerland and signing of a mutual agreement, India and Switzerland are set for automatic exchange of information from Jan. 1 next," the CBDT said. 

Earlier, India had signed a Joint Declaration with Switzerland for the implementation of an automatic exchange of information which envisages that India will automatically receive information on accounts held by Indian residents in Switzerland.

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