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How will banning ₹1000 and ₹500 notes affect those who have money in Swiss bank accounts?
Can you tell me, how will banning ₹1000 and ₹500 notes affect those who have money in Swiss bank accounts?
The ban on ₹1000 and ₹500 notes in India is a measure to curb black money being hoarded in the country. As for Swiss bank accounts, the governments of India and Switzerland have signed a treaty to share financial information to prevent tax evasion. So, if someone has unaccounted money in a Swiss bank account, the ban on these high denomination notes will make it difficult for them to bring that money back into the country.