Global Economy

Indians' funds in Swiss banks: FinMin refutes news reports, seeks details from Switzerland authorities

The Finance Ministry on Saturday refuted claims that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore in 2020, the highest figure of deposits in the last 13 years. The ministry said that the media reports allude to the fact that the figures reported are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland. 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.


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