The Loans Deposits by Indians in Swiss banks down 34.05 percent in 2017

The Loans Deposits by Indians in Swiss banks down 34.05 percent  in 2017

Highlight

  1. Swiss banks diminished by 34.05 percent in 2017 as compared with the previous year
  2. 80.02 percent between in the year 2013 and 2017
  3. Valuable in tracing unaccounted income and resources of Indian residents in Switzerland and bringing the same to tax
  4. Utilization and revelation of the information received are governed by the confidentiality provisions of the India-Switzerland tax treaty

The Loans and deposits of non-bank Indians in Swiss banks diminished by 34.05 percent in 2017 as compared with the previous year Parliament was Announced 8 Jan 2019. There was a critical decrease in Swiss non-bank loans and deposits of Indians by as much as 80.02 percent between in the year 2013 and 2017, The state minister for Finance Shiv Pratap Shukla said in a written answer to a question in the Rajya Sabha.

As per Minister of State for Finance Shiv Pratap Shukla

"The information gathered by Swiss National Bank in a joint effort with Bank for International Settlements (BIS) demonstrates that the loans and deposits of Indians, other than banks, in the Swiss banks diminished by 34.05 percent in the year 2017 as compared to 2016,"

"The fundamental legal arrangements have been set up and from September 2019 onwards, India will get every year, information of financial accounts held by Indian residents in Switzerland for the calendar year 2018 and consequent years. This will be valuable in tracing unaccounted income and resources of Indian residents in Switzerland and bringing the same to tax," Shukla said.

Alluding to the treaty signed among India and Switzerland for automatic sharing of data, the minister said the legislature would begin accepting information from September 2019 which will enable the track to black money held in Swiss banks.

The utilization and revelation of the information received are governed by the confidentiality provisions of the India-Switzerland tax treaty, he added.