The Indian government has denied the claim of increase in the deposits of Indians in Swiss banks. The Finance Ministry issued a statement saying that facts are being collected from the Swiss bank in this regard.
Government clarification on deposits of Indians in Swiss banks
The Finance Ministry has denied the increase in the deposits of Indians in Swiss banks during the Corona period. On Saturday, the ministry said that the deposits of Indian customers in Swiss banks have declined since 2019, saying these things are wrong. In such a situation, facts are being sought from the Swiss authorities regarding the increase which is coming to the fore. Apart from this, information has also been sought for the possible reason for the change in the amount deposited by individuals and units in 2020.
The Finance Ministry has denied claims that there has been a surge in alleged black money from India in Swiss banks. It is to be known that on June 17, Swiss officials had claimed that the money of Indians deposited in Swiss banks has increased by Rs 20,700 crore at the end of 2020. Not only this, it was claimed that this figure is the highest in the last 13 years.
The ministry clarified that the figures reported by banks to the Swiss National Bank (SNB) do not indicate alleged black money held by Indians. The figures do not include money held by Indians, NRIs or others in Swiss banks in the name of third country entities. The government also said that deposits by Indians in Swiss bank accounts may increase due to other reasons. Among these, increase in business transactions by Indian companies, etc., can also be a reason for the jump in deposits.
It is to be known that according to the data released by Swiss bank officials, the deposits of Indians and Indian companies in Swiss banks were about 899 million francs (Rs 6,625 crore) at the end of 2019. At the same time, by the end of the year 2020, the total deposit amount increased to Rs 20,706 crore. This amount includes customer deposits of over Rs 4,000 crore, over Rs 3,100 crore through other banks, Rs 16.5 crore through trusts and about Rs 13500 crore through bonds, securities and various other financial options.
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