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    Shaktisinh Gohil

    INC (Mandvi)
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    Jignesh Mevani

    IND (Vadgam (SC)
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    Alpesh Thakor

    INC (Radhanpur)
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    Nitinbhai Patel

    BJP (Mahesana)
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    Hitu Kanodiya

    BJP (Idar (SC)
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    Pradipsinh Jadeja

    BJP (Vatva)
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    Babubhai Mangukiya

    INC (Thakkarbapa Nagar)
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    Himmatsinh Patel

    INC (Bapunagar)
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    Bhupendrasinh Chudasama

    BJP (Dholka)
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    Somabhai Patel

    INC (Limbdi)
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    Indranil Rajguru

    INC (Rajkot West)
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    Vijay Rupani

    BJP (Rajkot West)
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    Lalit Vasoya

    INC (Dhoraji)
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    Raghavjibhai Patel

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    Hakubha Jadeja

    BJP (Jamnagar North)
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    Arjun Modhwadia

    INC (Porbandar)
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    Paresh Dhanani

    INC (Amreli)
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    Purshottam Solanki

    BJP (Bhavnagar Rural)
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    Jitu Vaghan

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    Ramsinh Parmar

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    CK Raulji

    BJP (Godhra)
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    Mohansinh Rathava

    INC (Chhota Udaipur (ST)
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    Siddharth Patel

    INC (Dabhoi)
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    Manisha Vakil

    BJP (Vadodara City (SC)
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    Rajendra Trivedi

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    Mahesh Vasava

    BTP (Dediapada (ST)
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    Chhotubhai Vasava

    BTP (Jhagadia (ST)
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    Tusharbhai Chaudhari

    INC (Mahuva (ST)
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    Thakur Singh Bharmouri

    INC (Bharmour (ST)
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    INC (Dalhousie)
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    INC (Nagrota)
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    INC (Dharamshala)
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    Indu Goswami

    BJP (Palampur)
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    Jai Ram Thakur

    BJP (Seraj)
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    Anil Sharma

    BJP (Mandi)
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    Champa Thakur

    INC (Mandi)
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    Prem Kumar Dhumal

    BJP (Sujanpur)
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    Satpal Singh Satti

    BJP (Una)
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    Virbhadra Singh

    INC (Arki)
  • WON

    Suresh Bhardwaj

    BJP (Shimla)
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    Vikramaditya Singh

    INC (Shimla Rural)
  • WON

    Narinder Bragta

    BJP (Jubbal Kotkhai)
»
2-min read

Switzerland to Share Black Money Info With India From 2019

Switzerland on Friday ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security.

PTI

Updated:June 16, 2017, 3:40 PM IST
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Switzerland to Share Black Money Info With India From 2019
Representative image (PTI)
Berne/New Delhi: Switzerland on Friday ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security.

Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019.

The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin.

As per the draft notification approved by the council in its meeting on Friday, the decision is not subject to any referendum -- which means there should be no further procedural delay in its implementation.

The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.

Today's decision follows hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchange of Information) on tax matters under the guidance of G20, OECD and other global organisations.

The council said the proposal to introduce AEOI with India and others "met with widespread approval from the interested parties who voiced their opinions in the consultations".

"In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal
decree within the framework of this dispatch," it added. The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which is in turn based on the international standard for the exchange of information developed by the Organisation for Economic Co-operation and Development (OECD).

The council said it will prepare a situation report before the first exchange of data, which is planned for autumn 2019.

"In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security. It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, Switzerland has introduced the AEOI with 38 states and territories, including all EU member states, and data will
start to be exchanged with them in 2018," it added.
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