SECRECY MUST FOR AUTOMATIC INFO EXCHANGE: INDIA TOLD

India will have to ensure strict confidentiality of information about its citizens’ Swiss bank accounts received through the new automatic exchange window, failing which the Alpine nation will stop sharing the data.

Switzerland and its banks will also keep a close watch on the data protection measures taken by India regarding the details received from other jurisdictions and want all other global financial centres to implement the global framework for automatic exchange of information on financial matters.

On Friday, the Swiss Federal Council ratified the AEOI with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money. The pact with India would not be subject to referendum and is planned for implementation in 2018. PTI