After demonitizing the higher currency notes, the government of India has given yet another powerful blow to the black money holders in the country. Indian government has signed an agreement with Switzerland for an automatic share of information of Indian account holders as of September 2018 and onwards. The details prior to that will not be shared. First such exchage will happen in September 2019.
The Finance Ministry has released the press note regarding this pact. It stated that bringing down all the black money stashed by Indians in foreign countries, is one of the biggest priorities of the government. With this mutual agreement, Switzerland conformed to the global standars of automatic exchange of the information and India has promised to safeguard the confidentiality. various Economists termed this as a historic deal and opined that it will help government to unveil the black money statshed in Swiss bank.