They will not share details about accounts held before that period. The agreements, however, does not talk about exchange of information based on stolen data or pending requests from India.
"Signing of the joint declaration is a big step. The income tax department will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards," Hashmukh Adhia, Revenue Secretary, Finance Ministry of India, tweeted.
1/2 Signing of Joint Declaration for implementation of Automatic Exchange of Information (AEOI) between India and Switzerland is a big step
— Dr Hasmukh Adhia (@adhia03) 22 ноября 2016 г.
2/2 The income tax deptt will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards
— Dr Hasmukh Adhia (@adhia03) 22 ноября 2016 г.
"Switzerland is thus strengthening its network of Automatic Exchange of Information (AEOI) partner states. India meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI," said the Swiss Federal Department of Finance in a statement.
The foundation for the negotiations on the AEOI pact was laid during the June 6 meeting between Indian Prime Minister Narendra Modi and Swiss President Johann Schneider-Ammann at Geneva.
The agreement has come as a face saver for Modi Government, currently facing significant criticism for unleashing hardship by banning higher denomination currency notes in the name of curbing black money. Opposition parties and a section of the general public argued that Swiss Bank accounts should have been the primary target.
Just to remind @narendramodi, their election winning agenda was swiss bank black money #DeMonetisation
— Ashutosh (@ashutoshmohanA) 13 ноября 2016 г.
Ppl voted for u to take-out>bring back #BlackMoney stored in Swiss/Panama accounts- not take out our local #BankMoney pic.twitter.com/X5vSU1DATk
— Deepak singh (@Deepaksmg18121) 13 ноября 2016 г.
Talkin abt black money wat dis govt done with Swiss acc.holders list n Panama culprits list.? #जनता_त्रस्त_भ्रष्टाचारी_मस्त
— Marcus Fernandez (@mcfern29) 13 ноября 2016 г.
Swiss Banks have always been at the centre of Indian debate on black money. In the run up to the 2014 general elections, Narendra Modi had promised to bring back the money stashed by tax defaulters in Swiss Banks and distribute them into the accounts of the general public. Therefore, fighting the menace of black money stashed in offshore accounts has been a key priority area for the present government.
