Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Black Money: India-Swiss Deal Inked, Data Sharing From January 1

The policy-making body for the Income Tax Department said the agreement was signed by CBDT chairman Sushil Chandra and Swiss Ambassador to India Andreas Baum at the North Block in New Delhi.

PTI

Updated:December 22, 2017, 1:42 PM IST
facebookTwitterskypewhatsapp
Black Money: India-Swiss Deal Inked, Data Sharing From January 1
Sushil Chandra, Chairman,CBDT & Dr. Andreas Baum, Ambassador of Switzerland to India signed the mutual agreement at North Block, New Delhi. (Image: Income Tax India/Twitter)
Loading...

New Delhi: In a move aimed at combating black money stashed abroad, India signed an agreement with Switzerland on Thursday that would allow automatic sharing of tax-related information from January 1 next year, the CBDT said.

"With the completion of the parliamentary procedure in Switzerland and signing of mutual agreement, India and Switzerland are set for automatic exchange of information for the period beginning from January 1, 2018," the Central Board of Direct Taxes (CBDT) said.

The policy-making body for the Income Tax Department said the agreement was signed by CBDT chairman Sushil Chandra and Swiss Ambassador to India Andreas Baum at the North Block in New Delhi.

A joint declaration for the implementation of Automatic Exchange of Information (AEOI) was signed last month between the two sides here and it provided that both countries would start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.

While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to safeguard the confidentiality of the data.

"It will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis," the government earlier said.

Switzerland, which has always been at the centre of the debate on black money allegedly stashed by Indians abroad, used to be known for very strong secrecy walls till a few years ago around its banking practices.

A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses its local laws gave to the banks.

Official sources said that several information requests on details about Indians who had accounts in Swiss banks were still pending.

The AEOI conforms to a norm set by global economic body he Organisation for Economic Co-operation and Development (OECD) for tax transparency.

| Edited by: Huma Tabassum
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 599.75 7.97
Yes Bank 114.55 11.00
UPL 870.25 -8.42
IndusInd Bank 1,435.60 3.93
ICICI Bank 433.40 3.24
Company Price Change %Gain
Yes Bank 114.55 10.94
Indiabulls Hsg 599.95 8.02
Maruti Suzuki 6,637.20 3.17
Jet Airways 64.00 93.35
Shriram Trans 1,094.55 3.10
Top Gainers
Company Price Change %Gain
Yes Bank 114.55 11.00
Indiabulls Hsg 599.75 7.97
Sun Pharma 390.50 4.08
IndusInd Bank 1,429.00 3.45
Cipla 551.30 3.30
Company Price Change %Gain
Yes Bank 114.55 10.94
Sun Pharma 390.60 4.01
IndusInd Bank 1,435.50 3.80
Larsen 1,556.15 3.36
ICICI Bank 433.35 3.20
Top Losers
Company Price Change %Gain
UPL 870.25 -8.42
Wipro 286.95 -2.41
Adani Ports 401.20 -1.59
Britannia 2,834.05 -1.45
Tech Mahindra 725.55 -1.37
Company Price Change %Gain
HUL 1,806.85 -0.26
HDFC Bank 2,425.50 -0.16
ITC 277.15 -0.07
NTPC 134.55 -0.04

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results