Finally, Swiss Bank agreed to automatically share Information of Indian’s Swiss bank accounts. The financial information of the accounts held from September 2018 would be shared with India automatically from September 2019.
Switzerland has been holding the title of the reservoir for big people to hide their unaccounted capital. This brought up the global pressure of maintaining the confidentiality of its users. The Presumably first step towards this exchange of information was taken by Modi on 6th of June where he met Swiss president about the same.
People were excited to hear this Automatic exchange of Information (AEOI), but to everyone’s disappointment, Swiss wouldn’t share any such information of accounts held before that period, before September 2018 to be specific.
People are tweeting counter comments on the same that duration till 2019 would be long enough for the corrupted to shift their black money to other countries and secure it.
