Swiss bank accounts shared

INDIA has received the fourth set of Swiss bank account details of its citizens and organisations as part of an annual automatic information exchange.

Officials said the new details shared with India would be used to investigate suspected tax evasion, money laundering and terror funding.

India had received the first set of details from Switzerland under the AEOI (Automatic Exchange of Information) in September 2019. It was among 75 countries to get such information that year.

Last year, India was among 86 such partner countries.

The details include identification, account and financial information, including names, addresses, country of residence and tax identification numbers, officials added.

This is being seen as a key milestone in India’s fight against illegal money that is allegedly stashed abroad.