HIGHLIGHTS:

  • · The information has been received under the automatic information exchange pact
  • · The Indian government was earlier scheduled to gather required information which will be helping it in scrutinizing tax liabilities, in September
  • · This becomes the third time when the Indian government has gathered Swiss bank account details of Indians
  • · However, this time the information includes details on real estate holdings as well

On Monday, India received the third set of Swiss Bank account specifics of its companies and nationals. The details were received under the automatic information exchange pact which India has maintained with the country. The plans to revive these details began earlier in September when the Indian government proceeded to collect data about the real estate properties which Indians own in Switzerland.

The revival of details is surely going to be an exponential act in terms of marking Indian governments’ fight against black money. The Indian government was earlier scheduled to gather detailed information regarding the apartments and flats owned by Indians in the country and the wealth generated from these assets as well, in September. Such information is expected to help the government in scrutinizing the tax liabilities associated with these holdings.

This is the first time when any information regarding the holdings of real estate is being shared by Switzerland with the Indian government. However, the Indian government has earlier gathered information about the Swiss bank accounts of the Indians, and this becomes the third time.

According to sources, the Swiss government agreed to share required information on real estate holdings with the Indian government, however, the contributions of various NGOs and similar organizations have been kept out of the automatic information exchange pact. Also, the pact doesn’t include any information about investment in digital currencies.

Himanshu, who is the Founder and the CEO of Switzerland For You SA, an organization that attracts investments from India and other countries in Switzerland, has earlier stated, “We find no valid reason for Swiss authorities to hide such information. After all, the ownership of property is not something which can be kept under wraps.”

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