Finance Ministry Refutes News Media Reports Of Alleged Black Money Held By Indians In Switzerland

Finance Ministry Refutes News Media Reports Of Alleged Black Money Held By Indians In Switzerland
Photo courtesy: pib.gov

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 highest figure of deposits in the last 13 years.

Media reports allude to the fact that the figures reported are official figures reported by banks to Swiss National Bank (SNB) and do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third–country entities.

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Read more at: https://pib.gov.in/PressReleasePage.aspx?PRID=1728429

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  • 21 Jun 2021
  • WerIndia

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