Black Money – Domestic and International Efforts

Black money: India-Swiss data sharing from Jan. 1


Mains Paper 2: IR | Bilateral, regional & global groupings & agreements involving India &/or affecting India’s interests

From UPSC perspective, the following things are important:

Prelims level: Global standards for Automatic Exchange of Information

Mains level: Measures being undertaken to combat black money

Combating black money stashed abroad

  1. India signed an agreement with Switzerland that would allow automatic sharing of tax-related information from January 1 next year
  2. A joint declaration for the implementation of Automatic Exchange of Information was signed last month between the two sides

About the data exchange

  1. Both countries would start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards

Read background of the issue here

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