November 05, 2024 13:41 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
Funds of Indians in Swiss banks increased to over Rs 20,000 cr : Finance Ministry rejects claim
Swiss Banks | Indian Money
Image Credit: Pixabay

Funds of Indians in Swiss banks increased to over Rs 20,000 cr : Finance Ministry rejects claim

| @indiablooms | 19 Jun 2021, 03:19 pm

New Delhi/IBNS: The finance ministry on Saturday rejected claims that the money parked by Indians in Swiss banks has swelled to more than Rs 20,700 crore in 2020, a record jump in deposits in the last 13 years, said media reports.

The ministry said that the figures reported by banks to the Swiss National Bank (SNB) are official figures that do not reflect the quantum of much-debated black money held by Indians in Switzerland, ANI reported.

Further, the figures also do not include the money that Indians or NRIs might have in Swiss Banks in the names of third- country entities, the ministry stated.

In fact, the customer deposits have reduced since the end of 2019 and also the funds held through fiduciaries have reduced by more than half since that time.

There has been an increase in "other amounts due from customers" in the form of bonds, securities and various other financial instruments.

India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance on Tax Matters (MAAC) which allows the two countries to share financial account information annually for calendar year 2018 onwards.

Because of the legal arrangement for the exchange of information of financial accounts which acts as a major deterrent on tax evasion through undisclosed assets abroad there does not appear to be any significant possibility of rise in deposits in Swiss banks out of undeclared incomes of Indian residence, the ministry said, according to the ANI report.

The finance ministry has also asked Swiss authorities to furnish relevant facts along with their opinion on possible reasons for the increase or decrease in funds.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.