Swiss Banks: 80% dip in Indian money contrary to misleading media headlines

By Team MynationFirst Published 24, Jul 2018, 6:23 PM IST
Highlights

The sources said that the Swiss banks' data, which was made public earlier, has been ‘misinterpreted’ by a section of the media as it includes 'non-deposit liabilities', 'business of Swiss branches located in India', 'inter-bank transaction' and 'fiduciary liability'

Contrary to reports in a section of the media, it has been found that there is a dip in Indian money in Swiss Banks. According to government sources, Swiss non-bank loans and deposits have reduced by a significant 80.2% under the NDA government between 2013 and 2017.

The sources said that the Swiss banks' data, which were made public earlier, had been ‘misinterpreted’ by a section of the media as it includes 'non-deposit liabilities', 'business of Swiss branches located in India', 'inter-bank transaction' and 'fiduciary liability'.

Sources said further that data from BIS show non-bank loans and deposits (which really constitute the individual and corporate deposits used as black money haven in the past and exclude inter-bank transactions) have fallen by 34.5% in 2017 compared to 2016 ($524 million in 2017 vs $800 million in 2016).

India signed an agreement with Switzerland on December 21, 2017. Both the countries started collecting data in accordance with global standards on January 1 and would start the exchange of data from September 2019 on a yearly basis. This makes relevant information available in India which eliminates the threat of black money and action can be taken against any entity indulging in such activities.

                                               

 

Last Updated 24, Jul 2018, 7:37 PM IST