India to start getting Swiss Bank details of Indians from September 1

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India will start getting details of bank accounts held by its citizens in Switzerland from September 1, the Income Tax Department has said. India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This comes after a Swiss delegation arrived in Delhi and discussed bilateral exchange of information.

“India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the government’s fight against black money as the era of Swiss bank secrecy will finally be over,” the Income Tax department said in a tweet.

During the 2-day meeting in the Capital on August 29-30, both sides discussed bilateral exchange of information matters to expedite execution of tax information-sharing requests made by India in specific cases.

“Enhancing collaboration in offshore tax compliance matters were also discussed,” the department said.

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