Swiss Bank Deposits Of Indians Fell By 80%

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Finance Minister Piyush Goyal found fault with the media reports last month stating deposits of Indians in Swiss Banks risen by 50 percent in 2017. He told Rajya Sabha that media has misinterpreted Swiss National Bank (SNB) data.

Piyush Goyal: ‘Indian deposits in Swiss Banks had actually declined 34.5 percent in 2017 when compared to 2016. The fall of deposits in Swiss Banks is around 80 percent since 2013’.

Deposits of Indians in Swiss Banks:

2013 – $2,648 million, 2014 – 2,234 million, 2015 – 1,447 million, 2016 – $800 million, 2017 – $524 million

Interestingly, Mr.Goyal commented all the money in Swiss Banks isn’t black money. He says, Swiss National Bank data includes Non-Deposit Liabilities, Inter-bank Transactions, Revenue of Swiss Branches located in India and Fiduciary Liability.

Finance Minister informed Swiss Government agreed to share details of Swiss Deposits of Indians. This move would help Centre levy tax on unaccounted income and assets.