Home Tags Swiss banks
Topic: Swiss banks
According to the latest Swiss National Bank data, funds parked by Indian individuals and enterprises in Swiss banks fell by 5.8 per cent in 2019.
India had in September received the first tranche of Swiss bank account details of Indian nationals under a new automatic information exchange pact.
The information, provided under the new automatic information exchange pact, includes details of currently active accounts as well as those closed in 2018.
As India has ranked 74th in terms of money stashed by its residents in Swiss banks, ThePrint takes a look at the different legitimate ways of transferring funds overseas.
Banking statistics by the Swiss National Bank (SNB) show that India accounts for about 0.07 per cent of aggregate funds parked by all foreign clients of Swiss banks.
Enforcement agencies of both Switzerland and India are tightening their noose on individuals suspected to have amassed illicit wealth.
The fight against black money needs more reform, reasonable taxes, and wider but simpler regulations.
PTI had earlier reported Indian money in Swiss banks had risen to Rs 7,000 crore in 2017, after falling for three consecutive years.
The best cartoons of the day, chosen by editors at ThePrint.
Referring to reports of 50% rise in deposits made by Indians in 2017, he said the government will take action if someone is found guilty.