The Swiss authorities has given full particulars to India who keeps Black cash here. Explaining the AEOI with India, the FDF said Switzerland, as a worldwide wealth management hub, is committed to contributing to the integrity of the worldwide monetary system and to a stage enjoying discipline. Tax havens don't require that an individual reside in or a enterprise function out of that country as a way to benefit from its tax insurance policies.India ought to shortly take up applicable reforms at house that can support in curbing the black cash technology and circulation within the nation together with using bilateral and multilateral mechanisms to take care of round tripping and stashing of money outdoors the country.
The stated goal of the Black Cash Act is to deal with the menace of black money and this Act seeks to, amongst different issues, levy tax on the undisclosed assets and revenue held abroad by Indian residents and Indian-sourced revenue of non-residents invested in assets abroad.
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