HomeINDIAIndian funds in Swiss banks rose over ₹20,000 crore? Centre refutes claim

Indian funds in Swiss banks rose over ₹20,000 crore? Centre refutes claim

Indian funds in Swiss banks rose over ₹20,000 crore? Centre refutes claim. The government on Saturday denied reports that Indians allegedly had black money in Switzerland and said it had reached out to Swiss authorities to confirm details of deposits.

Reports quoting annual data from the Swiss central bank said deposits of Indian people and firms, including Indian branches and other financial institutions, in Swiss banks, dropped by 286 percent to more than 20,700 crore by 2020, from 6,625 crore at the end of 2019, in a sharp continuation of the safe and secure holding of similar instruments, even though customer fees fell. They said the overflow of combined Indian and Swiss banks changed the trend for two years and made the figure 13 years old.

According to reports, these figures do not include money “Indians, NRIs or others may have in Swiss banks in the names of third world organizations.”

The union’s finance ministry said in a statement that India and Switzerland had signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC). He said that both countries have also signed the Multilateral Competent Authority Agreement (MCAA), with which the Automatic Exchange of Information (AEOI) operates between the two countries by sharing the financial account information for the 2018 calendar year and beyond.

Indian funds in Swiss banks rose over ₹20,000 crore? Centre refutes claim
Indian funds in Swiss banks rose over ₹20,000 crore? Centre refutes claim

The Treasury has added that India and Switzerland will exchange financial information for their citizens in 2019 and 2020. He added saying that given the current legal system for exchanging financial information (which has a significant impact on tax exemptions for undisclosed assets abroad), there does not appear to be a significant increase in deposits in Swiss banks without disclosure of Indian citizens.

The department also said that there are five factors that could explain the increase in deposits in Switzerland, including an increase in business transactions and deposits “due to the Swiss banking business in India” and the banking cooperation between the two countries’ banks. They said that an increase in the Swiss company’s subsidy in India and an increase in debt related to derivative financial instruments.

The department said that the Swiss authorities have been asked to provide the relevant facts and their views on the possible reasons for the increase / decrease as a result of the above-mentioned media reports.

Following the reports, Congress on Friday demanded that the institution completely disclose the type of black money and names of people, which they deposited in Swiss banks. Opposition groups called on the government to provide a white paper with details of the money returned to India seven years ago.

Stay Connected

856FansLike
545FollowersFollow
2,458FollowersFollow
61,453SubscribersSubscribe

Must Read

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here