India gets 5th set of Swiss bank account details under automatic info exchange framework

India has received a new set of Swiss bank account details as part of an annual automatic information exchange. Switzerland has shared details of nearly 3.6 million financial accounts with 104 countries, including India. The information includes identification, account and financial details, and will be used in investigations of suspected tax evasion, money laundering, and terror funding. The exchange of information allows tax authorities to verify taxpayers’ declarations. This is the fifth annual exchange between Switzerland and India, and the next set of information will be shared in September 2024.