Business / Indian funds in Swiss banks rose over rs 20000 crore Centre refutes claim

Zoom News : Jun 19, 2021, 01:56 PM
New delhi: The Indian government has categorically rejected the reports, which claim that the money deposited by Indians in the banks of Switzerland has crossed 20 thousand crores. In fact, the government on Saturday denied reports that Indians were allegedly holding black money in Switzerland and said it had contacted Swiss authorities to verify the details of the money deposited and provided information. has demanded.

In fact, according to the annual data released by Switzerland's central bank on Thursday, the deposits of Indian citizens and institutions and companies in Swiss banks increased to more than 2.55 billion Swiss francs (about Rs 20,700 crore) during the year 2020. The money deposited in Swiss banks in 2019 was Rs 6628 crore. That is, in the year 2020, the total deposits in Swiss banks increased to 286 percent compared to the year 2019. The total deposits are the highest in 13 years, the highest level since 2007.

However, the Congress on Friday targeted the Center over the personal money of Indian citizens deposited in Swiss banks and the money of companies increasing to more than Rs 20,700 crore in 2020 and said that the government should bring a white paper and tell the countrymen whose money is. And what steps are being taken to bring back the black money stashed in foreign banks? Party spokesperson Gaurav Vallabh alleged that before coming to power, the BJP had promised to bring black money and deposit Rs 15 lakh in people's accounts, but despite a lapse of seven years, it failed to fulfill its promise. Have done nothing.

According to reports, these figures do not include money that Indians, NRIs or others may have in Swiss banks in the name of third country entities.

On the report, the Union Finance Ministry said in a statement that India and Switzerland have signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC). The two countries have also signed the Multilateral Competent Authorization Agreement (MCA), according to which, automatic exchange of information is taking place between the two countries for annual financial account information sharing for the calendar year 2018.

The ministry further said that India and Switzerland have also exchanged financial account information in respect of residents of the two countries in the years 2019 and 2020. Looking at the existing legal regime for exchange of financial account information (which has a significant deterrent effect on tax evasion through undeclared assets abroad) deposits in Swiss banks do not appear to have any significant potential for growth.

Significantly, the personal money of Indians in Swiss banks and the money of companies increased to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020. This growth has come from holdings held through securities, bonds and other financial products, not in the form of cash deposits. However, during this period the deposit amount of the customers has come down. This information was obtained from the annual data released by Switzerland's central bank on Thursday.