Swiss Bank Black Money held by Indians Ministry of Finance rejects Swiss claim

The Dunkirk Foundry Agreement provides a window into GFG's complex financing web

  Pointing out the biggest increase is in “Other amounts due from customers”, the Finance Ministry said these are in form of bonds, securities and various other financial instruments. The Finance Ministry informed India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC), adding both nations have also signed the Multilateral Competent Authority Agreement (MCAA) pursuant to which, the Automatic Exchange of Information (AEOI) is activated for sharing of financial account information annually from 2018 onwards.

“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,” the ministry added in a release. ALSO READ | Gautam Adani Loses More Money Than Any Other Billionaire Globally, Investors Suffer

Stating the customer deposits have, however, actually fallen from 2019 end, the Finance Ministry said the funds held through fiduciaries has also more than halved from end of the same year. The Finance Ministry said the 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 the Indians in Switzerland.

The increase in inter- bank transactions between Swiss and Indian banks, a capital increase for a subsidiary of a Swiss company in India and increase in the liabilities connected with the outstanding derivative financial instruments were the other factors mentioned by the ministry. The Finance Ministry further listed five factors, including increase in the deposits held by Indian companies in Switzerland owing to increased business transactions and increase in deposits owing to the business of Swiss Bank branches located in India, that could potentially explain the increase in deposits.

Highlighting exchanges of financial account information in respect of residents of each country have taken place between both sides in 2019 as well as 2020, the Finance Ministry said there does not appear to be any significant possibility of the increase of deposits in the Swiss banks which is out of undeclared incomes of Indian residents in view of the existing legal arrangement for exchange of information of financial accounts. ALSO READ | Indians’ Funds In Swiss Banks Surge To More Than Rs 20,000 Crore, Highest In 13 Years

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