India, Switzerland ink agreement on tax information exchange

New Delhi, Dec 21 (IANS) In a bid to fight the menace of black money stashed in offshore accounts, India on Thursday entered into an agreement with Switzerland for automatic exchange of tax-related financial information between the two countries.

According to the Central Board of Direct Taxes (CBDT), the agreement was inked at the North Block here.

"With the completion of parliamentary procedure in Switzerland and signing of a mutual agreement, India and Switzerland are set for automatic exchange of information from January 1 next," the CBDT said.

Earlier, India had signed a Joint Declaration with Switzerland for the implementation of automatic exchange of information which envisages that India will receive information on accounts held by Indian residents in Switzerland automatically.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)