Swiss authorities to FinMin: Bank customer deposits not necessarily located in Switzerland

Last month, the Finance Ministry had sought details from the Swiss authorities on the relevant facts along with their view on possible reasons for changes in funds parked by Indian individuals and entities in 2020.

Last month, the Finance Ministry had sought details from the Swiss authorities on the relevant facts along with their view on possible reasons for changes in funds parked by Indian individuals and entities in 2020.

The Finance Ministry has been informed by Switzerland authorities that customer deposits held in Swiss banks are not necessarily located in the country and also include deposits at their foreign branches, Minister of State for Finance Pankaj Chaudhary told Parliament on Tuesday.

As reported by PTI on June 17, according to the latest data from the Swiss National Bank (SNB), funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, rose to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020.

In reply to a written question in Rajya Sabha, Chaudhary said in respect of recent media reports, the Swiss authorities have recently, inter-alia, conveyed that SNB report provides a comprehensive picture of the Swiss banking sector and is based on the SNB’s annual banking statistics.

Story continues below this ad

“For these statistics, reporting banks provide balance sheet data on their bank office entity as well as on their foreign branches. Further, the Swiss Authorities have also conveyed that customer deposits held with Swiss banks are not necessarily located in Switzerland. Thus, the SNB annual banking statistics should not be used for analysing deposits held in Switzerland by residents of India,” Chaudhary said.

Following the PTI report, the Finance Ministry, in a statement, had said that Swiss authorities have been requested to provide the relevant facts along with their view on possible reasons.

Tags:
Swiss banks

H-1B visa fee hike, US H-1B visa policy, $100000 H-1B visa fee, India response to H-1B fee, humanitarian impact H-1B visa, Indian government on H-1B, Randhir Jaiswal H-1B statement, Indian IT companies H-1B visas, Infosys H-1B approvals, TCS H-1B visa employees, Wipro H-1B visa applications, HCL H-1B workforce, US visa restrictions 2025, H-1B visa deadline September 21, Microsoft H-1B travel advisory, Amazon H-1B visa holders, JP Morgan H-1B guidance, H-1B visa program abuse, Indian skilled workers in US, USCIS H-1B data 2023

‘I don’t know what awaits me in the US’: The lives upended by Trump’s H-1B proclamation

India5 hr ago

The recent imposition of a $100,000 fee on H-1B visas by Trump has caused chaos and uncertainty for Indian families in Dubai, leading many to rush back to the US. This has particularly affected Telugu-speaking Indians, with the Telangana IT Minister seeking intervention from the Centre.

View all shorts

Live Blog