Black money is no more an issue with India says Swiss envoy

Switzerland’s ambassador to India Dr. Ralf Heckner stated that black money is no longer an issue in Switzerland-India financial relations because both parties have already exchanged several batches of information.

Ralf Heckner told https://thefreemedia.in/wp-admin/admin.php?page=googlesitekit-dashboardthat despite being the Swiss ambassador for more than two years, he had heard very little about black money.
“The issue of black money was addressed by a bilateral treaty between Switzerland and India in 2018 on the automatic exchange of bank information between Switzerland and India. We had several batches of information exchange between Switzerland and India, so the issue of black money is no longer an issue. When it comes to financial relations, there is not a single cloud in the sky,” he said.

According to some sources, Indian investment in the Swiss banking system will skyrocket in 2021. Since the signing of the agreement on automatic exchange of bank information in 2018, Switzerland has shared information about Indian account holders in four batches. Switzerland has traditionally been regarded as a safe haven for Indian businessmen, politicians, and industrialists.According to a press release from the Swiss Federal Tax Administration, it will exchange financial account information with 101 countries in 2021. The exchange took place within the framework of the global standard for automatic information exchange (AEOI). Switzerland has stated its intention to adopt the global standard for international automatic exchange of tax information.

The legal basis for AEOI implementation in Switzerland became effective on January 1, 2017. Identification, account, and financial information, such as name, address, country of residence, and tax identification number, are exchanged, as well as information about the reporting financial institution, account balance, and capital income.The information exchanged enables cantonal tax authorities to determine whether taxpayers correctly declared their financial accounts abroad in their tax returns. The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) of the OECD evaluates AEOI implementation.

The Swiss ambassador added, “I see a lot of convergence now because sustainability is very important to the honourable prime minister and the same applies to the Swiss government. Our government devised a financial centre strategy for Switzerland. The Swiss government is looking for a shift toward sustainability. We’re not talking about USD 100 billion being invested in climate mitigation or adaptation; we’re talking about trillions of US dollars being managed by Swiss banking funds, insurance companies, and banks and being invested in a sustainable manner, according to the Swiss government.”

He also discussed the opportunities for Indian investors in the long-term financial model. “What does it mean for India, for example, if you are a sustainable Indian company, you might be the company that the Swiss centre would like to invest in. You are an Indian fin-tech company with data on sustainable businesses and business models. “You could be the company of choice in Switzerland for banks, insurance companies, and pension funds to direct money flows to sustainable business solutions,” he said.

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