The money deposited in Swiss banks of Indian people and companies has reached Rs 20,700 crore.
Swiss Banks: Quoting data from Switzerland’s central bank, PTI had reported on June 17 that the money deposited in Swiss banks of Indian people and companies has reached a 13-year high of 2.55 billion Swiss francs or Rs 20,700 crore in 2020.
New Delhi. The Finance Ministry on Saturday asserted that deposits of Indian customers in Swiss banks have declined since 2019. The ministry said that it is seeking facts from the Swiss authorities in this regard. Along with this, information has also been sought from them about the possible reason for the change in the amount deposited by individuals and units in 2020. The ministry said in a statement on Saturday that the deposits of Indians have been reduced to half. However, the ministry did not give any data in this regard.
Quoting data from Switzerland’s central bank, PTI had reported on June 17 that the money deposited by Indian people and companies in Swiss banks has reached a 13-year high of 2.55 billion Swiss francs or Rs 20,700 crore in 2020. These include money deposited through branches and other financial institutions located in India. According to reports, there has been an increase in the deposits of Indians in Swiss banks through securities and other similar means. However, there has been a decrease in customer-deposit during this period.
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The Finance Ministry said in a statement that these figures do not indicate any black money of Indians stashed in Swiss banks. Apart from this, the data also does not include money deposited by Indians, NRIs or others as third country entities. In fact, there has been a decline in deposits of Indian consumers in Swiss banks, the ministry said. ‘The biggest growth has come in the form of bonds, securities or other financial products.’
The ministry said that there are many other reasons for the increase in the deposits of Indians. These include increasing business transactions by Indian companies, increase in deposits due to Swiss bank branches in India and increase in inter-bank transactions between Swiss and Indian banks. According to Swiss National Bank (SNB) data, the deposits of Indian customers in Swiss banks stood at 899 million Swiss francs or Rs 6,625 crore at the end of 2019. But in 2020 it increased and two years of continuous declining trend reversed.
(Disclaimer: This news has been published directly from Syndicate feed. It has not been edited by News18Hindi team.)