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Swiss Bank Shared Financial Info with India

Published on October 06, 2019
Current context: India has got the first set of details from Swiss Bank of its nationals through the Automatic Information Exchange (AIE) procedure.
Swiss Bank Shared Financial Info with India 
  • Switzerland Federal Tax Administration (FTA) has exchanges information on financial accounts with 75 countries, about their nationals within the AEOI (Automatic Exchange of Information) framework.
  • The next exchange of the details would take place in September 2020.
  • The exchange on financial account include the currently active accounts as well as those accounts that were closed during 2018 (the year in which the framework agreement became effective).
  • However, the AEOI only relates to accounts that are officially in the name of Indians. The exchanged details include name, address, information concerning the financial institution, state of residence, tax identification number, capital income and account balance.
  • India has received information of about 3.1 million financial accounts.
  • In January, 2017 the AEOI framework came into force on legal basis.
  • The AEOI implementation is reviewed by the Global Forum of the Organisation for Economic Cooperation and Development.


Q.1 Swiss Bank has recently exchanged financial account details of nationals with India under the framework of?
a. Trusted Exchange Framework and Common Agreement (TEFCA)
b. Cybersecurity Information Exchange (CYBEX)
c. Automatic Exchange of Information (AEOI)
d. Secured Currency Money Transfer (SCMT)
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