Indians' black money increased in Swiss banks? Check what Centre has to say

The Finance Ministry noted that other factors could have resulted in the increase of deposits by Indians in Swiss bank accounts.

New Delhi: The Finance Ministry has refuted claims that India’s alleged black money in Swiss bank has jumped. On Friday (June 18), Swiss Authorities have claimed that funds of Indians parked in Swiss banks grew to over Rs 20,700 crore (CHF 2.55 billion) at the end of 2020 from Rs 6,625 crore (CHF 899 million) at the end of 2019.  Indians’ fund in Swiss accounts were reported to be the highest in 13 years. However, the Finance Ministry said that refuted all reports of alleged black money held by Indians in Switzerland. Also Read: Brace yourselves 'Jamtara' scamsters! National helpline launched to trace online frauds, check details In a statement, the ministry clarified that the “official figures reported by banks to Swiss National Bank (SNB) do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland.”