No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry
The Hindu
It says it has sought info from Switzerland and many factors could have increased deposits
NEW DELHI 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 ministry, reacting to reports of Indians stashing away more funds in Swiss banks through 2020, claimed customer deposits have actually fallen from the end of 2019. However, it cited several factors that could ‘potentially explain the increase in deposits,’ such as Indian companies holding more funds in Switzerland due to increased business transactions.
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