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India got information about hundreds of Swiss bank accounts

India has been given information about Swiss bank accounts of its citizens and organizations. This is not for all accounts, as this information has come to light only for a small percentage of accounts. Switzerland has shared details of about 34 lakh financial accounts with 101 countries. Officials said the new information shared with India pertains to hundreds of financial accounts, including several cases involving certain individuals, corporates and trusts. He did not disclose specifics, citing the confidentiality clause of the exchange of information and the adverse impact on further investigation, but emphasized that the data was used for suspected tax evasion and other misdemeanors, including money laundering and terror funding. Testing of works will be done on a large scale.

The Federal Tax Administration (FTA) said in a statement on Monday that five new countries have been added to the list this year through the exchange of information. It includes Albania, Brunei Darussalam, Nigeria, Peru and Turkey. The number of financial accounts has increased by about one lakh.

However, the FTA did not disclose the names of all 101 countries and further details. Officials said India has been a major recipient of information for the fourth year in a row and the details shared with Indian authorities pertain to a large number of individuals and organizations having accounts with Swiss financial institutions.

Earlier, India was informed about the accounts by Switzerland in 2019 as well. Switzerland had agreed to AEOI with India after a lengthy process, including a review of the necessary legal framework in India on data protection and privacy. AEOI stands for Automatic Exchange of Information.