Has the black money of Indians is in swiss banks? Finance Ministry statement revealed

New Delhi: The Union Finance Ministry has dismissed media reports of alleged black money stashed by Indians in Switzerland. According to information provided by the PIB, the Finance Ministry said that some reports were shown in the media on June 18, 2021 stating that by the end of 2020, The money of Indians in Swiss banks has increased to over Rs 20,700 crore, up from Rs 6,625 crore by the end of 2019. While in two years, there has been a decline in the wealth of Indians.

The report also says that this is the highest in terms of data on the amount deposited in the last 13 years. The Finance Ministry said media reports indicate the fact that the data reported is official data reported by banks to the Swiss National Bank (SNB). These figures do not point to the amount of alleged black money stashed by Indians in Switzerland. At the same time, these figures do not include the money that Indians, NRI or others may have in the name of third-country institutions in Swiss banks.

However, the deposits of customers have actually decreased since the end of 2019. The funding placed through trustees has also exceeded half since the end of 2019. The report points out that the biggest increase is in 'other amounts owed to customers', which are in the form of bonds, securities and different financial instruments.'

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