new delhiberne india has received the first tranche of details about financial accounts of its residents in swiss banks under a new automatic exchange of information framework between the two countries marking a significant milestone in the fight against black money suspected to be stashed abroadindia figures among 75 countries with which switzerlands federal tax administration fta has exchanged information on financial accounts within the framework of global standards on aeoi an fta spokesperson told ptiread alsoindias swiss black money probe reaches software firm in andheri bylaneindian tax authorities have sought the swiss govts assistance in its probe against motech software pvt ltd based in a village lane in andheri area of mumbai the company has allegedly deposited millions of dollars in switzerland through offshore entities switzerlands fta has issued a notice tothis is the first time that india has received details from switzerland under the aeoi framework which provides for exchange of information on financial accounts that are currently active as well as those accounts that were closed during 2018the next exchange would take place in september 2020 the spokesperson addedhowever the exchange is governed by strict confidentiality clauses and the fta officials refused to disclose specific details on the number of accounts or about the quantum of financial assets associated with the accounts of indian clients of swiss banksoverall the fta has sent information on around 31 million financial accounts to the partner states and received information on around 24 million from themthe exchanged information include identification account and financial information these include name address state of residence and tax identification number as well information concerning the financial institution account balance and capital incomeseparately the switzerland government said in a statement the number of countries with which the aeoi automatic exchange of information took place has risen to 75 this year out of which it was reciprocal with 63 countriesin the case of 12 countries switzerland received information but did not provide any either because those countries do not yet meet the international requirements on confidentiality and data security belize bulgaria costa rica curaao montserrat romania saint vincent and the grenadines cyprus or because they chose not to receive data bermuda british virgin islands cayman islands turks and caicos islandsthe data was collected by the fta from around 7500 institutions including banks trusts and insurersthe largest exchange was with germany in both directions as was the case in the previous year the fta cannot provide any information on the amount of financial assets the statement addedasked about specific details relating to india the fta spokesperson said the communication of statistical data is subject to the confidentiality clauses as wellto another query on the next exchange of information with india the spokesperson said according to the international agreement in place the exchanges have to take place within nine months after the end of the respective calendar year this means the exchange takes place in september except for correctionsthe swiss government said switzerland has committed itself to adopting the global