The Ministry of Finance has asked the Swiss authority to provide relevant facts along with their views on the possibility of increasing / decreasing Indian funds.
After the report quoted RS 20,700 crore Indian funds at the Swiss Bank, the Ministry of Finance on Friday responded to the news, denied allegations of black money increases held by Indians in Switzerland. In the official release, the Ministry of Finance stated that the numbers did not show ‘quantum of black money’ held by Indians, which stated that the biggest increase had been quoted under the other number of customers – which refers to the bonds, which Referring to bonds, securities, and various other financial instruments.
Funds at Swiss Bank have divided into two since 2019: Center
The ministry quoted the fall of customer deposits from 2019 which stated, “The funds held through Fiduciary also have more than two from the end of 2019.” It also stated that the exchange of financial account information in connection with the occupants of each country has occurred between the two countries in 2019 and 2020 and remembering the exchanged information, ‘there seems to be no significant possibility of the increase in the Swiss Banks deposit that comes out of unrenovated income from Indian residents.
This center has asked the Swiss authority to provide relevant facts along with their views on the possibility of increasing / decreasing Indian funds as quoted by news reports
Indian funds at Swiss banks with all-time reports: reports
On Thursday PTI reported that funds parked by Indian individuals and companies at Swiss Bank had risen 2.55 billion Swiss francs (more than Rs 20,700 Crore) in 2020 on a sharp surge in securities and similar instruments. Citing annual data from the Swiss Central Bank, the report stated that while customer deposits fell, there was an increase in Indian client aggregate funds with Swiss Bank. According to PTI, an increase in India funds from 899 million Swiss francs (RS 6,625 Crore) at the end of 2019, reversing a two-year drop trend and has taken numbers to the highest level in 13 years
