India, Switzerland to have first automatic exchange of information on tax matters: Kovind

Stressing that tax evasion and money laundering have strong links with terrorism, President Ram Nath Kovind on Friday said that India and Switzerland will have the first automatic exchange of information on tax matters in the coming weeks.

"I am happy to note that India and Switzerland will have the first automatic exchange of information on tax matters in the coming weeks. It is a very positive development. Tax evasion and money laundering have strong links with terrorism," he said, addressing the Federal Council of Switzerland.

Underlining that India has been a victim of state-sponsored terror for decades, the President called on the need for global efforts to tackle the scourge.

"The scourge of terrorism is among the gravest challenges that the world faces today. India has been a victim of state-sponsored terrorism for decades. We seek your support to enhance global efforts to defeat and destroy all manifestations of terrorism," Kovind said.

India and Switzerland on Friday signed three agreements to enhance cooperation in the fields of climate change, science and technology, and people-to-people ties.

The MOUs were signed following delegation-level talks between Kovind and his Swiss counterpart Ueli Maurer.

The President is currently on a three-day visit to Switzerland.

He arrived in the country on Thursday in the second leg of his three-nation visit to Europe.