Deposit by Indians in Swiss banks cannot be assumed as black money: Finance Minister Piyush Goyal
6 years, 6 months ago

Deposit by Indians in Swiss banks cannot be assumed as black money: Finance Minister Piyush Goyal

India TV News  

Finance Minister Piyush Goyal on Friday said that the deposits by Indians in Swiss banks cannot be assumed to be black money. Commenting on the data report, Finance Minister Piyush Goyal said that the money cannot be termed as illegal transaction or black money. Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there. In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to data released by the Swiss National Bank, the central banking authority of the Alpine nation.

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History of this topic

‘Almost nothing…': Swiss ambassador says black money isn't an issue anymore
2 years ago

‘Almost nothing…': Swiss ambassador says black money isn't an issue anymore

Hindustan Times  

Swiss ambassador to India Ralf Heckner on Monday said that he “almost heard nothing” on matters related to black money in his last two years of tenure and that the issue was dealt between India and Switzerland through bilateral treaties in 2018. Swiss ambassador to India Ralf Heckner said he "almost heard nothing" on matters related to black money. He …

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM
2 years, 5 months ago

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM

Live Mint  

Finance Minister Nirmala Sitharaman in a written reply to Lok Sabha on Monday said the government raised a tax demand of ₹14,820 crore as of May 2022, after completing an assessment of 368 cases under the Black Money law for undisclosed foreign income and assets. The FM said there is no official estimate of the amount of money deposited by …

Swiss bank details about real estate properties owned by Indians to be revealed this month | 7 points
3 years, 4 months ago

Swiss bank details about real estate properties owned by Indians to be revealed this month | 7 points

India TV News  

The third set of Swiss bank account details of Indians under an automatic exchange of information pact with Switzerland will be revealed this month, officials told news agency PTI. Even though it is for the third time that India will get details about bank accounts and other financial assets held by Indians in Switzerland, it will be the first time …

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland
3 years, 6 months ago

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland

India TV News  

The Union Finance Ministry on Saturday said that increase in deposits of Indians in Swiss Banks could be on account of increase in business of Swiss bank branches located in India and raised Inter-bank transactions, rather than due to an increase in alleged black money held by Indians in Switzerland. "Reports allude to the fact that the figures reported are …

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities
3 years, 6 months ago

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities

India TV News  

The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. Quoting data from Switzerland's central bank, PTI had reported on June …

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry
3 years, 6 months ago

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry

The Hindu  

The Finance Ministry has asserted that ‘there does not appear to be any significant possibility’ of an increase in Swiss bank deposits from undeclared incomes of Indians, but has requested Swiss authorities to provide the ‘relevant facts’ and ‘possible reasons’ for changes in deposit numbers. “The Swiss authorities have been requested to provide the relevant facts along with their view …

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings
3 years, 6 months ago

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings

India TV News  

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The total amount of CHF 2,554.7 million, described by the …

Finance ministry declines to share Swiss bank account details of Indians in response to RTI, cites 'confidentiality provisions' of tax treaty
5 years ago

Finance ministry declines to share Swiss bank account details of Indians in response to RTI, cites 'confidentiality provisions' of tax treaty

Firstpost  

New Delhi: The finance ministry has declined to share Swiss bank account details of Indians saying it is covered under “confidentiality provisions” of a tax treaty signed between India and Switzerland. It was also asked to provide the details of information received from foreign countries on black money, including details of such cases shared with India. India had in September …

Finance Ministry declines to share Swiss bank accounts details of Indians citing confidentiality
5 years ago

Finance Ministry declines to share Swiss bank accounts details of Indians citing confidentiality

The Hindu  

The Finance Ministry has declined to share Swiss bank accounts details of Indians saying it is covered under “confidentiality provisions” of a tax treaty signed between India and Switzerland. It was also asked to provide the details of information received from foreign countries on black money, including details of such cases shared with India. India had in September got the …

Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL
5 years, 3 months ago

Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL

India TV News  

The Enforcement Directorate has attached immovable properties worth Rs 4,025.23 crore of Bhushan Power and Steel Limited in a money laundering case against the firm for siphoning off funds obtained as loans from various banks and financial institutions, the agency said on Saturday. "The quantification of the Rs 4,025.23 crore attached assets is interim as of now and investigations to …

Black money: India gets first tranche of Swiss bank account details under automatic exchange framework
5 years, 3 months ago

Black money: India gets first tranche of Swiss bank account details under automatic exchange framework

Firstpost  

India has received first tranche of details about financial accounts of its residents in Swiss banks under a new automatic exchange of information framework between the two countries, marking a significant milestone in the fight against black money suspected to be stashed abroad New Delhi/Berne: India has received the first tranche of details about financial accounts of its residents in …

War on black money: India gets first tranche of Swiss bank account details
5 years, 3 months ago

War on black money: India gets first tranche of Swiss bank account details

India TV News  

India has received first tranche of details about financial accounts of its residents in Swiss banks. Switzerland handed over the first tranche to India under a new automatic exchange of infomation framework between the two countries, marking a significant milestone in the fight against black money stashed abroad. India figures among 75 countries with which Switzerland's Federal Tax Administration has …

Era of Swiss bank secrecy over, details of Indians to come from today
5 years, 4 months ago

Era of Swiss bank secrecy over, details of Indians to come from today

India TV News  

In a major boost to Modi government's fight against the menace of black money, Switzerland will send details of bank accounts of Indian citizens in Swiss banks from today. The details to be shared by Switzerland with the Indian tax authorities under the Automatic Exchange of Information framework would include account numbers, credit balance and all kinds of financial income …

Money in Swiss banks: India slips to 74th place, UK remains on top
5 years, 6 months ago

Money in Swiss banks: India slips to 74th place, UK remains on top

India TV News  

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation. An analysis of the latest annual banking statistics released by the Swiss National Bank shows that India …

Indians’ Money in Swiss Banks at Second-Lowest Level in 2 Decades
5 years, 6 months ago

Indians’ Money in Swiss Banks at Second-Lowest Level in 2 Decades

The Quint  

Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 percent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National Bank data showed on Thursday, 27 June. Aggregate funds of all foreign clients of Swiss banks also fell by over 4 percent to …

Indians' money in Swiss banks falls, hits second-lowest level in two decades
5 years, 6 months ago

Indians' money in Swiss banks falls, hits second-lowest level in two decades

India TV News  

Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 per cent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National Bank data showed Thursday. According to the SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account …

Indians' money in Swiss banks falls by nearly 6%, hits second-lowest level in over two decades
5 years, 6 months ago

Indians' money in Swiss banks falls by nearly 6%, hits second-lowest level in over two decades

Firstpost  

Aggregate funds of all foreign clients of Swiss banks also fell by over 4 percent to CHF 1.4 trillion in 2018 Zurich/New Delhi: Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 percent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National …

Switzerland shares details of 50 Indians, mostly businessmen, suspected of amassing illicit wealth at Swiss banks
5 years, 6 months ago

Switzerland shares details of 50 Indians, mostly businessmen, suspected of amassing illicit wealth at Swiss banks

Firstpost  

Authorities are in process of sharing details of at least 50 Indian nationals having Swiss bank accounts, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth Berne: Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and …

As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details
5 years, 7 months ago

As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details

Op India  

In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians holding Swiss bank accounts. The notice sent by Swiss authorities to Indian clients of Switzerland-based banks last week notifies that they have been given one last chance to appeal against sharing of their details with India. According to data published by …

Finance Ministry says it has no estimation of amount of black money
5 years, 7 months ago

Finance Ministry says it has no estimation of amount of black money

The Hindu  

The government has declined to share information on black money cases received from Switzerland, citing confidentiality. Replying to an RTI query, the Finance Ministry said India and Switzerland share information on black money on a case-to-case basis as per the investigations being carried out. “The information shared by Switzerland on black money cases is governed by confidentiality provisions,” it said …

Modi government’s surgical strike(s) on Black Money: A multi-pronged, systematic approach that has been cleansing corruption effectively
5 years, 8 months ago

Modi government’s surgical strike(s) on Black Money: A multi-pronged, systematic approach that has been cleansing corruption effectively

Op India  

“Everybody was so focused on magician’s right hand, that no one noticed him slipping the coin in his pocket with his left hand. At least now each and every conversation about Black Money would not end with Swiss Banks. This even by opposition’s claim means Demonetization killed black money of worth more than twice of what is deposited in Swiss …

Black money: India, Switzerland discuss automatic exchange of information
6 years, 5 months ago

Black money: India, Switzerland discuss automatic exchange of information

Firstpost  

Black money has been a major issue in India and banks in Switzerland have long been perceived as one of the safest havens to park such funds due to their famed secrecy walls for years. New Delhi: India and Switzerland on Friday discussed the activation of automatic exchange of information relating to black money stashed by Indians in secret accounts …

Indians' Swiss bank deposits have been falling from 2006 peak, but that doesn't mean all is well
6 years, 5 months ago

Indians' Swiss bank deposits have been falling from 2006 peak, but that doesn't mean all is well

Firstpost  

if Indian money deposits have dipped in Swiss banks and if we assume this was all black money, where did all this money go, On Tuesday, in a reply to Parliament, Union Finance Minister Piyush Goyal said between 2014 and 2017, there was an 80 percent decline in the total deposits by Indians in Swiss banks, adding media was misinterpreting …

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014
6 years, 5 months ago

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014

Firstpost  

Piyush Goyal said that contrary to Congress President Rahul Gandhi’s assertion that deposits by Indian nationals in Swiss Banks had increased by 50 percent, the actual Indian deposits had gone down by 34 percent New Delhi: Finance Minister Piyush Goyal on Tuesday dismissed the allegations of a 50 percent jump in deposits by Indians in Swiss banks as “baseless” and …

Monsoon Session of Parliament: RS adjourned following TMC protests over black money stashed in Swiss banks
6 years, 5 months ago

Monsoon Session of Parliament: RS adjourned following TMC protests over black money stashed in Swiss banks

Firstpost  

The Rajya Sabha was on Tuesday adjourned for about 90 minutes following noisy protests by members of the Trinamool Congress, who stormed the Well demanding that black money stashed by Indians in Swiss Banks be brought back. New Delhi: The Rajya Sabha was on Tuesday adjourned for about 90 minutes following noisy protests by members of the Trinamool Congress, who …

No claimants for Rs 300 crore lying in India-linked dormant Swiss bank accounts for third year in a row
6 years, 5 months ago

No claimants for Rs 300 crore lying in India-linked dormant Swiss bank accounts for third year in a row

Firstpost  

As per the latest data released by the Swiss National Bank, funds parked by Indians with Swiss banks rose 50 percent to CHF 1.01 billion in 2017. Zurich/New Delhi: It is the third year since Swiss banks made public a list of accounts lying dormant without any trace of owners and no claimant has come forward for those with Indian …

Money in Swiss banks: India moves to 73rd place, UK remains on top
6 years, 6 months ago

Money in Swiss banks: India moves to 73rd place, UK remains on top

Live Mint  

Zurich/New Delhi: India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top. The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum …

Arun Jaitley says Indians with illegal Swiss bank deposits will face harsh penal proceedings under black money law
6 years, 6 months ago

Arun Jaitley says Indians with illegal Swiss bank deposits will face harsh penal proceedings under black money law

Firstpost  

Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosure New Delhi: Union Minister Arun Jaitley on Friday warned that Indians having illegal deposits in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts real-time sharing of details of accounts …

Rahul Gandhi takes on Modi, asks if the '50% increase in Swiss bank deposit by Indians' is white?
6 years, 6 months ago

Rahul Gandhi takes on Modi, asks if the '50% increase in Swiss bank deposit by Indians' is white?

ABP News  

2014, HE said: I will bring back all the "BLACK" money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. pic.twitter.com/7AIgT529ST — Rahul Gandhi June 29, 2018 Annual banking statistics, 2017 https://t.co/7dFNkvG2l7 — Swiss National Bank June 28, 2018 New Delhi: Congress president Rahul Gandhi on Friday took on Bharatiya Janta Party government over 50% increase in …

Indian money stashed in Swiss banks swells by 50%: Strong action will be taken against illicit deposits, says Piyush Goyal
6 years, 6 months ago

Indian money stashed in Swiss banks swells by 50%: Strong action will be taken against illicit deposits, says Piyush Goyal

Firstpost  

India would start getting details of bank accounts from Switzerland under a bilateral treaty, finance minister Piyush Goyal said New Delhi: With deposits by Indians in Swiss banks surging, finance minister Piyush Goyal on Friday wondered how all of it can be assumed to be black money, but said strong action would be taken against anyone found guilty of wrongdoing. …

Pakistani money in Swiss banks down by 21% to Rs 7,700 cr but remains above Indian funds
6 years, 6 months ago

Pakistani money in Swiss banks down by 21% to Rs 7,700 cr but remains above Indian funds

Firstpost  

The surge in Indian money held with Swiss banks comes as a surprise given India’s continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years. Zurich/New Delhi: Money kept by Pakistani nationals in Swiss banks fell by over 21 percent to a record low of …

Indian money stashed away in Swiss banks rise 50% to Rs 7,000 cr in 2017, according to official data
6 years, 6 months ago

Indian money stashed away in Swiss banks rise 50% to Rs 7,000 cr in 2017, according to official data

Firstpost  

The surge in Indian money held with Swiss banks comes as a surprise given India’s continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years. Zurich/New Delhi: Money parked by Indians in Swiss banks rose over 50 percent to CHF 1.01 billion in 2017, reversing …

Master Stroke: 50% rise in money held by Indians in Swiss banks, says recent report
6 years, 6 months ago

Master Stroke: 50% rise in money held by Indians in Swiss banks, says recent report

ABP News  

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in …

After 3-year downward trend, money parked by Indians in Swiss banks rises over 50% to Rs 7,000 crore
6 years, 6 months ago

After 3-year downward trend, money parked by Indians in Swiss banks rises over 50% to Rs 7,000 crore

India TV News  

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there. The total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, …

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