India-Swiss sign agreement to share data from 1 Jan to combat black money

India has signed an agreement with Switzerland here recently that would allow automatic sharing of tax-related information from 1 January 2018, the CBDT said.

The agreement was signed by CBDT chairman Sushil Chandra and Swiss Ambassador to India Andreas Baum at the North Block.

The Central Board of Direct Taxes (CBDT) on Thursday said, "With the completion of the parliamentary procedure in Switzerland and signing of mutual agreement, India and Switzerland are set for automatic exchange of information for the period beginning from 1 January 2018."

While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to safeguard the confidentiality of the data.

Switzerland has always been at the centre of the debate on black money allegedly stashed by Indians abroad.

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