{"id":9879,"date":"2022-10-11T08:57:27","date_gmt":"2022-10-11T03:27:27","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=9879"},"modified":"2025-03-29T15:59:46","modified_gmt":"2025-03-29T10:29:46","slug":"automatic-exchange-of-information-aeoi","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/automatic-exchange-of-information-aeoi\/","title":{"rendered":"Automatic Exchange Of Information (AEOI)"},"content":{"rendered":"<h2><strong>About:<\/strong><\/h2>\n<ul>\n<li>This is the fourth tranche of information that India has received from Switzerland since the two countries entered into an Automatic Exchange Of Information (AEOI) agreement in January 2018.<\/li>\n<li>The first such exchange with India took place in 2019.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Automatic Exchange Of Information (AEOI):<\/strong><\/h2>\n<ul>\n<li>AEOI 2022 exchange exercise aims to bring in transparency and restrict money laundering.<\/li>\n<li>Some countries which have been added to the Swiss AEOI list for the first time are Turkey, Peru and Nigeria.<\/li>\n<li>The guidelines and parameters for the AEOI are set by the Paris-based international body, the Organisation for Economic Co-operation and Development (OECD).<\/li>\n<li>The annual exercise of AEOI exchange, such as the current Swiss bonanza of banking details, is strictly meant for \u201ctax only\u201d purposes and in India, kept in the custody of and for action by the Central Board of Direct Taxes (CBDT).<\/li>\n<li>Under the OECD\u2019s guidelines, no details of the quantum of funds or the names of account holders are to be publicised.<\/li>\n<li>In 2014, the OECD developed the Common Reporting Standard (CRS) which allows every country to obtain data from Financial Institutions (FIs) and \u201cautomatically\u201d exchange it with countries with which AEOI agreements are in order every year.<\/li>\n<li>Under the OECD umbrella of AEOI, India presently shares bulk financial and banking information with 78 countries and receives the same from 107 countries.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Source :\u00a0<\/strong><a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-economics\/india-gets-4th-set-of-swiss-bank-account-details-significance-what-happens-next-8201032\/\" target=\"_blank\" rel=\"nofollow noopener\">Indian Express<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Automatic Exchange of Information is the systematic and periodic collection and transmission of \u201cbulk\u201d<\/p>\n","protected":false},"author":5,"featured_media":9880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-9879","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/9879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=9879"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/9879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/9880"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=9879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=9879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=9879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}