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INDIA,SWITZERLAND sign pact to swap bank   info  :-

Now india is ready to demolish black money.India has done well to sign a pact with Switzerland for automatic exchange of information(AEOI) to access details on Indians hiddi ng their money in SWISS BANK.Both countries will adopt rules prescribed by the Organisational for economic Co-operation and development (OECD) to obtain and share financial information  ,helping established audit trails.AEOI  will be implemented based on  Multilateral Competent Authority Agreement (MCAA) which is based on the international standard for the exchange of information developed by the OEC D.
   AEOI is powerful tool to identify early  enough undesirable trends in cross-border transaction and can be helpful in identifying errant taxpayers and certain schemes to take remedial action through enforcement and policy intervention.
Switzerland  used to be known for very strong secrecy walls till a few years ago around its banking practices.A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses it’s local laws gave to the banks.Several information requests on details about Indians who had accounts in Swiss bank are pending.

All Swiss accounts are not illegitimate and holders of legitimate accounts with tax-compliant deposits should be harassed.India also has obligation to maintain confidentiality as it has made a specifi c commitment that information exchanged will only be used for tax purpose with Switzerland.
Prime minister SRI NARENDRA MODI has stared a surgical strike on black money wheather DEMONITIZATION has affected to stabilise Indian economy.  
                

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