India and Switzerland strike tax deal
India has joined a list of select countries with which Switzerland will commit to an annual exchange of all financial information automatically on a reciprocal basis.
India has been lobbying hard to be a part of this initiative in a bid to prevent its citizens from stashing undeclared funds in Swiss banks.
It finally managed to convince the Swiss authorities that it will respect the tradition of banking secrecy by respecting confidentiality of account holders and using the data for tax purposes only.
It is expected that India and Switzerland will begin collecting data from 2018 and exchange information from 2019.