Customer deposits held in Swiss banks not necessarily located in Switzerland: Swiss authorities tell govt

NEW DELHI: Swiss authorities have conveyed to the finance ministry that customer deposits held in Swiss banks are not necessarily located in Switzerland and also include deposits at their foreign branches, minister of state for finance Pankaj Chaudhary said on Tuesday.
As per 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, jumped 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.
Last month, the finance ministry had sought details from the…

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