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Finance Ministry refutes news media reports of alleged black money held by Indians in Switzerland Information sought from Swiss Authorities to verify increase/decrease of deposits Certain reports have appeared in the media on 18.06.2021 stating that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore (CHF 2.55 billion) at the end of 2020 from Rs 6,625 crore (CHF 899 million) at the end of 2019, reversing a 2 year declining trend. It has also been stated that this is also the
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FAQ :
Yes, reports suggest funds rose to over Rs 20,700 crore by the end of 2020, reversing a two-year decline and reaching the highest figure in 13 years.
The Finance Ministry refutes this, stating the figures are official bank data and do not indicate the quantum of alleged black money. These statistics also exclude funds held via third-country entities.
Possible explanations include increased transactions by Indian companies, business from Swiss bank branches in India, inter-bank transactions, capital increases for subsidiaries, and liabilities from derivative financial instruments.
Yes, India and Switzerland are signatories to agreements for the Automatic Exchange of Information (AEOI), with data exchanges occurring annually since 2018.
According to the Finance Ministry's clarification, customer deposits have actually fallen from the end of 2019, as have funds held through fiduciaries.
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