As per the Swiss Federal Council, the protocol will be implemented in 2018 and the first set of data will be exchanged a year later.
Switzerland has ratified automatic exchange of financial account information with India and 40 other countries to help check black money deposits.
As per the Swiss Federal Council, the understanding will be implemented in 2018 and the first set of data will be exchanged a year later.
The council is the top governing body of the European nation.
The draft notification said the decision is not subject to any referendum, that is, there is no further procedural delay in its implementation.
Switzerland is considered safe haven for the black money and the Government of India has been asking the European nation for the information sharing with regard to those stashing illegal money.
Source: Media reports
Monday, June 19, 2017