Switzerland on 16 July 2017 ratified automatic exchange of financial account information with India and 40 other jurisdictions to check black money deposits. The Swiss Federal Council in a statement said the protocol will be implemented in 2018, and the first set of data will be exchanged in 2019. Switzerland, however, sought strict adherence to confidentiality and data security rules. The Swiss Federal Council, the European nation’s top governing body. According to the draft notification approved by the council today, the decision is not subject to any referendum — meaning there will be no procedural delay in implementation.
According to, the draft notification approved by the Council in its meeting on Friday, the decision is not subject to any referendum — which means there should be no further procedural delay in its implementation. The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians. The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which is in turn based on the international standard for the exchange of information developed by the Organisation for Economic Co-operation and Development (OECD).