NEW DELHI/BERNE, Sept 12: India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland and this will include for the first time the data about real estate properties owned by Indians there, officials said today.
Marking a key milestone in the Indian Government’s fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
The move assumes significance on the part of Switzerland as well as the European Alpine nation is trying hard to reposition itself as a key global financial centre while warding off the long-persisting perception about the Swiss banking system being an alleged safe haven for black money.
While it would be the third time that India will get details about bank accounts and other financial assets held by Indians in Switzerland, it will be the first time that the information being shared with India would include information about the real estate assets.
While the Swiss government has agreed to share details of real estate assets, the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from the automatic exchange of information framework, officials said.
Experts and those engaged in the business of attracting investments to Switzerland said the move would help clear misconceptions about all fund inflows into Swiss assets being illicit and would go a long way in establishing Switzerland as a preferred investment destination, including for real estate properties. (PTI)
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