Switzerland cite India’s strong data security laws for exchange of banking info

245

August 6, 2017

Switzerland found India’s data security and confidentiality laws “adequate” for entering into an automatic exchange of information pact, which will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss banks.  In a detailed notification and fact sheet published in its official gazette for introduction of “automatic exchange of information relating to financial accounts with India”, the Swiss government has also cited decisions by other financial centres like Liechtenstein and Bahamas to enter into similar pacts.  Besides, Switzerland also took note of the US tax authority, the Internal Revenue Service (IRS), recognising India among the countries that provide an “adequate degree” of data protection for mutual exchange of tax information.