Before the introduction of information from the Swiss banks on the black money with the automatic route from Swiss banks, a panel of Swiss parliaments is going to India for discussion. The panel will seek information about data security in India next month. 40 countries, including India, have entered into an agreement that it will automatically get information of banking transactions from automatic route to associate countries. To get information on real-time banking information, the European Union has signed an agreement. This will prevent banks from keeping black money in banks.
Switzerland was going out of the agreement
The Swiss Parliament’s Committee on Economy and Royalties of the National Convention (CER-N) had considered withdrawing the agreement on August 15 and said that it should be suspended. Under this agreement, Switzerland was ready to give banking information with 40 countries, including automatic route. However, Switzerland is now trying to know how strict rules regarding data protection of all countries are not able to leak information.
Meeting will be held on September 11
According to the minutes of the last meeting of the committee, 41 AEOL member countries, on behalf of CER-N, on the basis of information on data security, on September 11, the Federal Council of Switzerland is the biggest authority to decide Switzerland.
Political parties protest in Switzerland
In Switzerland, some political parties and banking industry are opposing giving banking information without the automated route of data safeguard.
It includes the most popular political party of the Swiss People’s Party. This team is opposing the agreement to inform.