The ministry also pointed out that India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) and both countries have also signed the Multilateral Competent Authority Agreement (MCAA), and in view of the existing legal arrangement there doesn’t seem to be a significant possibility of the increase of deposits in the Swiss banks.
(Photo: AFP)
The Finance Ministry on Saturday refuted reports of alleged black money held by Indians in Switzerland.
Responding to claims 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, the ministry stated that the figures reported do not indicate the ‘quantum of much debated alleged black money’ held by Indians in Switzerland. Moreover, it also claimed that the customer deposits have actually fallen from the end of 2019.
“The funds held through fiduciaries has also more than halved from end of 2019. The biggest increase is in “Other amounts due from customers”. These are in form of bonds, securities and various other financial instruments,” the press release stated.
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The ministry also pointed out that India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) and both countries have also signed the Multilateral Competent Authority Agreement (MCAA), and in view of the existing legal arrangement there doesn’t seem to be a significant possibility of the increase of deposits in the Swiss banks.
It also pointed out that the figures do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third–country entities.
The Congress attacked the government over reports of an increase in Swiss bank deposits by Indians by 286 percent in 2020 — the highest in the last 13 years — and asked the government how much black money has been brought back and from which country in the last 7 years?
Congress demanded that the Modi government should share the names of individuals who have moved the money to Swiss banks in the last year.
The opposition party alleged that the Modi government has not acted to curb the flow of black money.
(With IANS inputs)
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