Anil Ambani’s, indicating that they had all opened accounts in Swiss banks to escape taxes. However, the Indian government is withholding the names of all those on the black money list for the time being.
Marking a significant step forward in the government’s battle against black money stored abroad, India obtained the second collection of information on Swiss bank accounts of its people and organizations in October 2020 through an automatic exchange of information programme. India is one of the 86 countries with which the Swiss Federal Tax Administration (FTA) has exchanged financial account details on AEOI, automatic exchange of information, under the global standards system. In September 2019, India received its first collection of data from Switzerland under the AEOI. There were 75 countries in the list at the time.
In September 2021, the next collection of data will be shared with India. Following the concerns raised by Swiss publication in 2015 and French news publication Mediapart in 2018 and HSBC’s leaked documents against Anil Ambani, the Indian government has now taken action against the black money hidden abroad.
