Is it possible to bring black money back from Foreign Banks? If Yes/No , then Why?
Answers
Answer:
Is it possible to bring back the black money from Swiss banks to India? If so how?
What are the new enhancements to the Confluence mobile app?
Can India get the black money back ?
A definite government PIB notice says following
(SOURCE:- a govt of India PIB notice)
India and Switzerland have in place a Double Taxation Avoidance Agreement (DTAA), which entered into force on 29th December, 1994. Protocol amending the agreement came into force on 07thOctober, 2011. Based on the provisions of DTAA, the two countries exchange information on a request basis, which is foreseeably relevant to the administration or enforcement of the domestic laws concerning taxes covered by the agreement. India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and both countries have also signed the Multilateral Competent Authority Agreement (MCAA) pursuant to which the Automatic Exchange of Information (AEOI) is activated between the two countries for sharing of financial account information effective from 01.01.2018 with first transmission in 2019. Accordingly, India will receive the information of financial accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis.