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Naveen Kapoor
New Delhi [India]Jan 9 (ANI): Swiss Ambassador to India Dr Ralph Herkner said black money is no longer an issue in financial relations between Switzerland and India as the two sides have exchanged several batches of information.
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In an interview with ANI, Ralf Heckner explained that he had been ambassador to Switzerland for more than two years, but he had heard hardly anything about black money.
“The black money issue has been dealt with by the bilateral treaty signed by Switzerland and India in 2018 on the automatic exchange of banking information between Switzerland and India. We have had several batches of information exchanges between Switzerland and India, so the black money issue isn’t anymore That issue. In terms of financial relations, there is not even a cloud over bilateral relations,” he said.
There are reports that Indian investments in the Swiss banking system will rise sharply in 2021. Switzerland has shared information on Indian account holders in four tranches since signing the automatic exchange of bank information agreement in 2018. Switzerland has traditionally been seen as a safe tax haven for Indian businessmen, politicians and industrialists.
In 2021, it exchanged financial account information with 101 countries, according to information released by the Swiss Federal Tax Office. The exchange takes place within the framework of the global standard Automatic Exchange of Information (AEOI). Switzerland said it had committed to adopting global standards for the automatic exchange of international tax information.
The legal basis for the implementation of the AEOI in Switzerland came into effect on January 1, 2017. Exchange identity, account and financial information, including name, address, country of residence and tax identification number, as well as information about reporting financial institutions, account balances and capital income.
The information exchanged allows state tax authorities to verify that taxpayers have correctly declared their foreign financial accounts in their tax returns. The OECD’s Global Forum on Tax Transparency and Exchange of Information (Global Forum) reviewed the implementation of the AEOI.
The Swiss Ambassador further stated: “I see a lot of convergence now because sustainable development is very important to the Honorable Prime Minister, and the same applies to the Swiss government. Our government has a strategy for the financial center of Switzerland. Switzerland The government wants to see a shift to sustainable development. We’re not talking $100 billion invested in climate mitigation or climate adaptation, we’re talking trillions of dollars managed by Swiss bank funds, insurance and banks, according to the Swiss government , these funds will be invested in a sustainable manner”
He also elaborated on the opportunities for Indian investors in sustainable finance models.
“What does this mean for India, for example, if you are a sustainable Indian company, you may be a company that the Swiss center wants to invest in. You are an Indian fintech company, you have data and data on sustainable companies. Sustained business model. You may be the company of choice for Swiss bancassurance and pension funds, funneling money into sustainable business solutions,” he said. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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