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Finance ministry seeks details from Switzerland on rise of Indian funds to over Rs 20,000 crores in Swiss banks

The finance ministry asserted that Indian customer deposits in Swiss banks have fallen since 2019, adding that the deposits have halved.

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Finance ministry seeks details from Switzerland on rise of Indian funds to over Rs 20,000 crores in Swiss banks
(Image Source: Reuters)
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A day after reports claiming that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore in 2020, the Finance Ministry on Saturday refuted such claims. The Finance Ministry asserted it has sought details from the authorities of Switzerland on the relevant facts along with their view on possible reasons for changes in the funds.

In an official release, the Finance Ministry stated that the figures did not indicate the 'quantum of the black money' held by Indians, stating that the biggest increase had been cited under 'Other amounts due from customers' which refers to bonds, securities, and various other financial instruments.

The finance ministry asserted that Indian customer deposits in Swiss banks have fallen since 2019, adding that the deposits have halved but did not give exact numbers.

It also stated that exchanges of Financial Account information in respect of residents of each country have taken place between both countries in 2019 and 2020 and in view of the information exchanged, 'there does not appear to be any significant possibility of the increase of deposits in the Swiss banks which is out of undeclared incomes of Indian residents'.

The Centre has asked the Swiss Authorities to provide the relevant facts along with their view on possible reasons for the increase or decrease in Indian funds as cited by the news reports.

Quoting data from Switzerland's central bank, there was a news report on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.

 

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