Swiss Bank shared the money deposited in the accounts of Indians and their identity, now this action will be taken against black money people
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Swiss Accounts Details: Swiss Bank (Swiss BankThose who keep their black money in ) are not well now. The Bank has signed the Annual Automatic Exchange of Information with India (AEOI) has shared the information about the accounts for the fifth time. It is being told that Swiss Bank has shared information of about 36 lakh accounts with 104 countries. It also includes information about the accounts of many Indians. Earlier, on October 11, 2022, the fourth set of account holder information was shared with India by the bank. Now the next set will be shared by the bank in September 2024. The new details shared with Indian authorities relate to hundreds of financial accounts, including some related to individuals, corporates and trusts. It is understood that after getting information about these accounts, major action can be taken by the government.
Names of account holders made public
The details shared include identity, account and financial information. This includes name, address, country of residence and tax identification number as well as information related to reporting financial institutions, account balances and capital income. Officials have not disclosed the amount involved or any other details of the information exchanged, citing confidentiality rules regarding exchange of information and its adverse effect on further investigation. He said the details would be used to investigate other wrongful acts including tax evasion, money laundering and terrorism financing. Officials said this exchange took place last month. Now such information will be shared again by Switzerland in September 2024. Based on this information, officials will be able to verify whether taxpayers have correctly declared their financial accounts in their income tax returns.
Information about account holders from Kazakhstan, Maldives and Oman also available
Financial account details were shared with 104 countries within the framework of the global standard on Automatic Exchange of Information (AEOI), according to a statement issued by the Federal Tax Administration (FTA) in Switzerland’s capital Bern on Monday. Is. This year Kazakhstan, Maldives and Oman were added to the previous list of 101 countries. The number of financial accounts has increased by about two lakhs. The exchange of information was reciprocal with 78 countries. In the case of 25 countries, Switzerland received information, but did not provide any information itself, because these countries (13) do not yet meet international requirements on privacy and data protection or those countries (12) chose not to receive the data. Option selected. This year also no information was exchanged with Russia.
The first information was received in 2018
Nearly 9,000 reporting financial institutions including banks, trusts and insurers are currently registered with the FTA. These institutions collected the details and transferred it to FTA. India received details of accounts for the first time from Switzerland under AEOL in September 2019. It was one of 75 countries to receive such information that year. Switzerland made such an exchange for the first time in late September 2018. It included 36 countries, but India was not included in the list at that time.
Why do people keep accounts in Swiss banks?
People keep accounts in Swiss banks because there can be certain quality benefits that take into account their financial plans and personal finance situation. Here are some of the reasons people might open an account with a Swiss bank:
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Financial secrecy: The level of financial secrecy and integrity of Swiss banks can be higher than that of many other banks. This helps keep information about personal finances and investments safe.
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Diverse Investment Options: Various investment options can be available in Swiss banks such as stock market, entrepreneurship, commercial and investment banking etc.
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Perks and requirements: Swiss banks may have a variety of perks to meet individual needs and financial goals.
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International trade: Swiss banks have a particularly important role in international trade, whether personal or business.
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Financial advice and services: Swiss banks may have specialist financial advice and services available to help develop personal or business finance plans.
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Fixed Financial Planning: Some people want a stable financial position to establish a reliable bank to carry out their investment plans and Swiss Bank can help in this.
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