India gets Details of Hundreds of Swiss Bank Accounts in 4th Tranche
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India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange
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Under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
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Officials said the new details shared with India pertain to "hundreds of financial accounts", including many cases of multiple accounts.
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They did not divulge specifics, citing the confidentiality clause of the information exchange and the adverse impact it may have on further investigations.
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But asserted that the data would be used extensively in probes of suspected tax evasion and other wrong doings including of money laundering and terror funding.
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In a statement, the FTA on Monday said that the exchange of information this year saw five new additions to the list - Albania, BruneiDarussalam, Nigeria, Peru and Turkey. The count of financial accounts increased by nearly one lakh.
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While the exchange was reciprocal with 74 countries, Switzerland received information but did not provide any in the case of 27 countries, including Russia.
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While the FTA did not disclose names and further details of all 101 countries, officials said India figured prominently among those having received the information for the fourth year.
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The exchange took place last month and the next set of information would be shared by Switzerland in September 2023, the officials added.